Exhibit 99.1

FOR:	AMREP Corporation
	850 West Chester Pike, Suite 205
	Havertown, PA 19083
CONTACT:	Adrienne M. Uleau
	Vice President, Finance and Accounting
	(610) 487-0907

AMREP REPORTS FIRST QUARTER FISCAL 2023 RESULTS

Havertown, Pennsylvania, September 7, 2022 – AMREP Corporation (NYSE:AXR) today reported net income of $1,912,000, or $0.36 per diluted share, for its 2023 fiscal first quarter ended July 31, 2022 compared to net income of $1,637,000, or $0.22 per diluted share, for the same period of the prior year. Revenues were $11,232,000 for the first quarter of 2023 and $10,507,000 for the first quarter of 2022.

More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).

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

FINANCIAL HIGHLIGHTS

	Three Months Ended July 31,
	2022		2021
Revenues	$	11,232,000	$	10,507,000
Net income (loss)	$	1,912,000	$	1,637,000
Income (loss) per share – basic	$	0.36	$	0.22
Income (loss) per share – diluted	$	0.36	$	0.22
Weighted average number of common shares outstanding – basic		5,274,000		7,346,000
Weighted average number of common shares outstanding – diluted		5,296,000		7,373,000