Page 1

FOR : CONTACT : AMREP Corporation 850 West Chester Pike , Suite 205 Havertown , PA 19083 Adrienne M. Uleau Vice President , Finance and Accounting ( 610 ) 487-0907 Exhibit 99.1 AMREP REPORTS SECOND QUARTER FISCAL 2022 RESULTS Havertown , Pennsylvania , December 8 , 2021 - AMREP Corporation ( NYSE : AXR ) today reported net income of $ 3,326,000 , or $ 0.45 per diluted share , for its 2022 fiscal second quarter ended October 31 , 2021 compared to net income of $ 798,000 , or $ 0.10 per diluted share , for the same period of the prior year . For the first six months of 2022 , AMREP had net income of $ 4,963,000 , or $ 0.67 per diluted share , compared to net income of $ 1,391,000 , or $ 0.17 per diluted share , for the same period of 2021. Revenues were $ 16,236,000 and $ 26,743,000 for the second quarter and first six months of 2022 and $ 9,256,000 and $ 13,462,000 for the second quarter and first six months of 2021 . 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 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 October 31 , 2021 2020 $ 16,236,000 $ SASSA $ 3,326,000 $ 9,256,000 798,000 $ 0.45 $ 0.10 $ 0.45 $ 0.10 7,361,000 7,383,000 8,122,000 8,152,000 Six Months Ended October 31 , 2021 SASASASA $ 26,743,000 $ $ $ 4,963,000 $ 0.67 $ 2020 13,462,000 1,391,000 0.17 $ 0.67 $ 0.17 7,354,000 8,136,000 7,378,000 8,168,000