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FOR : CONTACT : AMREP Corporation 620 West Germantown Pike , Suite 175 Plymouth Meeting , Pennsylvania 19462 Adrienne M. Uleau Vice President , Finance and Accounting ( 610 ) 487-0907 Exhibit 99.1 AMREP REPORTS THIRD QUARTER FISCAL 2021 RESULTS Plymouth Meeting , Pennsylvania , March 11 , 2021 - AMREP Corporation ( NYSE : AXR ) today reported net income of $ 2,093,000 , or $ 0.29 per share , for its 2021 fiscal third quarter ended January 31 , 2021 compared to net income of $ 338,000 , or $ 0.04 per share , for the same period of the prior year . For the first nine months of 2021 , AMREP had net income of $ 3,484,000 , or $ 0.44 per share , compared to a net loss of $ 2,027,000 , or $ 0.25 per share , for the same period of 2020 . AMREP Corporation , through its subsidiaries , is a major holder of land and leading developer of real estate in New Mexico . FINANCIAL HIGHLIGHTS Revenues Net income ( loss ) Income ( loss ) per share - basic Income ( loss ) per share - diluted Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted Revenues Net income ( loss ) Income ( loss ) per share - basic Income ( loss ) per share - diluted Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted Three Months Ended January 31 , 2021 2020 SA $ 7,864,000 $ 5,287,000 $ 2,093,000 $ 338,000 $ 0.29 $ 0.04 $ 0.28 $ 0.04 7,343,000 7,372,000 8,138,000 8,174,000 Nine Months Ended January 31 , 2021 2020 $ 21,326,000 $ 14,014,000 $ 3,484,000 $ ( 2,027,000 ) $ 0.44 $ ( 0.25 ) $ 0.44 $ ( 0.25 ) 7,872,000 7,903,000 8,129,000 8,129,000 AMREP Corporation's financial statements on Form 10 - Q are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREP's website ( www.amrepcorp.com/sec-filings/ ) .