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 SECOND QUARTER FISCAL 2023 RESULTS

Havertown, Pennsylvania, December 12, 2022 – AMREP Corporation (NYSE:AXR) today reported net income of $3,621,000, or $0.68 per diluted share, for its 2023 fiscal second quarter ended October 31, 2022 compared to net income of $3,326,000, or $0.45 per diluted share, for the same period of the prior year. For the first six months of 2023, AMREP had net income of $5,533,000, or $1.04 per diluted share, compared to net income of $4,963,000, or $0.67 per diluted share, for the same period of 2022. Revenues were $16,149,000 and $26,856,000 for the second quarter and first six months of 2023 and $16,112,000 and $26,098,000 for the second quarter and first six months 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 October 31,
	2022		2021
Revenues	$	16,149,000	$	16,112,000
Net income	$	3,621,000	$	3,326,000
Income per share – basic	$	0.69	$	0.45
Income per share – diluted	$	0.68	$	0.45
Weighted average number of common shares outstanding – basic		5,281,000		7,361,000
Weighted average number of common shares outstanding – diluted		5,307,000		7,383,000

	Six Months Ended October 31,
	2022		2021
Revenues	$	26,856,000	$	26,098,000
Net income	$	5,533,000	$	4,963,000
Income per share – basic	$	1.05	$	0.67
Income per share – diluted	$	1.04	$	0.67
Weighted average number of common shares outstanding – basic		5,277,000		7,354,000
Weighted average number of common shares outstanding – diluted		5,302,000		7,378,000