AMREP Corporation

AMREP Corporation reported revenues of $6.1 million for the first quarter of fiscal 2027, down 66.1% from $17.9 million a year earlier, with net income of $276,000, or 5 cents per share, versus $4.7 million, or 87 cents per share. Land sale revenues fell 97.7% to $173,000 and home sale revenues declined 48.9% to $4.9 million, while other revenues rose 26.7% to $997,000. Within the segments, land development revenues were $1.8 million against $9.7 million a year earlier and the segment posted a loss of $167,000 versus a profit of $4.8 million, while homebuilding revenues were $4.2 million compared with $8.2 million and segment profit fell to $490,000 from $1.8 million. AMREP sold 12 homes in the quarter compared with 22 a year earlier, at an average selling price of $407,000 versus $434,000, and home sale gross margin narrowed to 23% from 25%. The company said it expects significantly reduced revenues from sales of developed residential land during fiscal 2027, citing fewer active land development projects, delays in certain new projects and its increased focus on homebuilding.

Shares of AMREP Corporation have fallen 10.5% since the company reported a sharp decline in net income for its fiscal fourth quarter ended April 30, 2026. Revenue slipped to $11 million from $11.2 million a year earlier, while net income dropped to $1.3 million from $3.9 million, and earnings per share fell to $0.24 from $0.73. For the full fiscal year, revenue rose 6.3% to $52.8 million, but net income declined 19.1% to $10.3 million, with diluted EPS down 19.4% to $1.91. The homebuilding segment drove growth, with home sale revenues up 35% to $28.7 million on 65 homes sold at an average price of $441,000, while land sale revenues fell 20% to $20.6 million as developed residential acreage sold declined to 16.8 acres from 28.6 acres. Management cited municipal approval delays, elevated construction costs, and higher mortgage rates as headwinds, and indicated that revenues from developed residential land sales are expected to decline in fiscal 2027.

AMREP Corporation reported net income of $10,288,000, or $1.91 per diluted share, for its fiscal year ended April 30, 2026, down from $12,716,000, or $2.37 per diluted share, in the prior year. Revenues rose to $52,847,000 from $49,694,000. The company filed its Form 10-K with the Securities and Exchange Commission today. AMREP is a landholder, real estate developer, and homebuilder in New Mexico.