X0306 4 2016-12-31 0 0000006207 AMREP CORP. AXR 0000947227 RUSSO ALBERT C/O AMREP CORPORATION 300 ALEXANDER PARK, SUITE 204 PRINCETON NJ 08540 1 0 0 0 Deferred Stock Units 0 2016-12-31 4 A 0 2021.56 0 A Common stock, $.10 par value 2021.56 2021.56 D These deferred stock units vest immediately upon grant. Each deferred stock unit represents the right to receive one share of the Issuer's common stock, which will be distributed within 30 days after the first day of the month to follow the grantee's termination of service as a director of the Issuer. /s/ Christopher V. Vitale, as attorney-in-fact for Albert Russo 2017-01-04