Exhibit 99.1

FOR:	AMREP Corporation
	620 West Germantown Pike, Suite 175
	Plymouth Meeting, Pennsylvania 19462
CONTACT:	Adrienne M. Uleau
	Vice President, Finance and Accounting
	(610) 487-0907

AMREP REPORTS FISCAL 2020 RESULTS 

Plymouth Meeting, Pennsylvania, July 27, 2020 – AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.

Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Company’s fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

FINANCIAL HIGHLIGHTS

	Twelve Months Ended April 30,
	2020			2019
Revenues	$	18,783,000		$	12,754,000
Net income (loss) from continuing operations	$	(5,903,000	)	$	(2,465,000	)
Net income from discontinued operations		-		$	3,992,000
Net income (loss)	$	(5,903,000	)	$	1,527,000
(Loss) per share from continuing operations – Basic and Diluted	$	(0.73	)	$	(0.30	)
Income per share from discontinued operations – Basic and Diluted	$	-		$	0.49
(Loss) income per share – Basic and Diluted	$	(0.73	)	$	0.19
Weighted average number of common shares outstanding - basic		8,134,000			8,099,000
Weighted average number of common shares outstanding - diluted		8,134,000			8,145,000

AMREP Corporation’s financial statements on Form 10-K have been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).