AMREP CORP.

AMREP CORP. is a real estate development company operating exclusively within the United States, with a substantial portion of its business concentrated in Rio Rancho, New Mexico, and surrounding areas of Sandoval County, New Mexico. Rio Rancho is New Mexico's third-largest city, with a population of approximately 114,000. As of April 30, 2026, the company owned approximately 16,200 acres in Sandoval County, New Mexico. AMREP CORP. develops both residential lots and sites for commercial and industrial use based on demand. It sells both developed and undeveloped real property to its internal homebuilder, as well as to national, regional, and local homebuilders, commercial and industrial property developers, and other buyers. The company's activities include land and site planning, obtaining governmental and environmental approvals (entitlements), installing utilities and storm drains, ensuring water service availability, building or improving necessary roads for land development, and constructing community amenities. Engineering work is performed by both company employees and outside firms, while development work is generally handled by outside contractors. AMREP CORP. also provides landscaping services, primarily to homebuilders. Land is marketed for sale or lease directly and through brokers. For residential development, the company focuses its third-party sales efforts on a limited number of homebuilders; 100% of its 2026 developed residential land sales were made to three homebuilders. New construction single-family residential starts in Rio Rancho by the company, its customers, and other builders totaled 805 in 2026 and 973 in 2025. The company opportunistically acquires land, primarily in New Mexico, after conducting market research, soil tests, environmental studies, engineering work, zoning reviews, discussions with prospective end-users, and financial analysis.