AMREP CORP.

The Company is a real estate development firm operating exclusively within the United States, primarily 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 112,500. As of April 30, 2025, the Company owned approximately 16,600 acres in Sandoval County, New Mexico. The Company sells both developed and undeveloped real estate to national, regional, and local homebuilders, as well as commercial and industrial property developers. Its activities include land and site planning, securing governmental and environmental approvals (entitlements), installing utilities and storm drains, ensuring water service availability, building or improving necessary roads, and constructing community amenities. The Company develops residential lots and sites for commercial and and industrial use based on demand. While engineering work is performed by both company employees and outside firms, development work is generally handled by outside contractors. The Company also provides landscaping services, mainly to homebuilders. Land is marketed for sale or lease directly and through brokers. For residential development, sales efforts focus on a limited number of homebuilders, with 100% of 2025 developed residential land sales made to three homebuilders. New construction single-family residential starts in Rio Rancho by the Company, its customers, and other builders totaled 973 in 2025 and 1,007 in 2024. The Company acquires land opportunistically, primarily in New Mexico, conducting market research, soil tests, environmental studies, and financial analysis before large acquisitions.