| AMREP Corporation                                      |
|--------------------------------------------------------|
| (Exact name of Registrant as specified in its charter) |

| Oklahoma                        |   | 59-0936128          |
|---------------------------------|--------|---------------------|
| (State or other jurisdiction of |   | (IRS Employer       |
| incorporation or organization)  |   | Identification No.) |

| 300 Alexander Park, Suite 204, Princeton, New Jersey | 08540      |
|------------------------------------------------------|------------|
| (Address of principal executive offices)             | (Zip Code) |

| Not Applicable                                                |
|---------------------------------------------------------------|
| (Former name or former address, if changed since last report) |

| Yes | X | No |   |
|-----|---|----|--------|

| Yes |   | No |   |
|-----|--------|----|--------|

| Large accelerated filer                       |   |   | Accelerated filer         |    |
|-----------------------------------------------|--------|--------|---------------------------|---------|
|                                          |   |   |                      |    |
| Non-accelerated filer                         |   |   | Smaller reporting company |  X |
| (Do not check if a smaller reporting company) |   |

| Yes |   | No | X |
|-----|--------|----|---|

| PART I.  FINANCIAL INFORMATION                                                                                                                                                          | PAGE NO. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                                                                                              |     |
| Item 1.  Financial Statements                                                                                                                                                           |     |
|                                                                                                                                                                                              |     |
|  Consolidated Balance Sheets (Unaudited)  October 31, 2010 and April 30, 2010                                                                                                      |  1  |
|                                                                                                                                                                                              |     |
|  Consolidated Statements of Operations and Retained Earnings  (Unaudited) Three Months Ended October 31, 2010 and 2009                                                             |  2  |
|                                                                                                                                                                                              |     |
|  Consolidated Statements of Operations and Retained Earnings  (Unaudited) Six Months Ended October 31, 2010 and 2009                                                               |  3  |
|                                                                                                                                                                                              |     |
|              Consolidated Statements of Cash Flows (Unaudited)  Six Months Ended October 31, 2010 and 2009                  |  4  |
|                                                                                                                                                                                              |     |
|  Notes to Consolidated Financial Statements                                                                                                                                                  | 5        |
|                                                                                                                                                                                              |     |
| Item 2.  Management’s Discussion and Analysis of Financial Condition              and Results of Operations |  11 |
|                                                                                                                                                                                              |     |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk                                                                                                                     | 18       |
|                                                                                                                                                                                              |     |
| Item 4.  Controls and Procedures                                                                                                                                                        | 19       |
|                                                                                                                                                                                              |     |
| PART II.  OTHER INFORMATION                                                                                                                                                             |     |
|                                                                                                                                                                                              |     |
| Item 1.  Legal Proceedings                                                                                                                                                                   | 19       |
|                                                                                                                                                                                              |     |
| Item 6.  Exhibits                                                                                                                                                                       | 20       |
|                                                                                                                                                                                              |     |
| SIGNATURE                                                                                                                                                                                         | 21       |
|                                                                                                                                                                                              |     |
| EXHIBIT INDEX                                                                                                                                                                                     | 22       |

| Item 1.    Financial Statements |
|-----------------------------------------------------|

|                                                                                  |   |                  |    |   |                |   |
|---------------------------------------------------------------------------------------|--------|-----------------------|---------|--------|---------------------|--------|
|                                                                                  |   | October 31, 2010 |    |   | April 30, 2010 |   |
|                                                                                  |   |                  |    |   |                |   |
| ASSETS:                                                                               |   |                  |    |   |                |   |
| Cash and cash equivalents                                                             |   | $                     | 37,065  |   |                | $      | 25,531 |   |
| Receivables, net:                                                                     |   |                  |    |   |                |   |   |   |
|   Real estate operations and corporate                                      |   |                  | 1,239   |   |                |   | 1,195 |   |
|   Media services operations                                                 |   |                  | 27,790  |   |                |   | 33,175 |   |
|                                                                                  |   |                  | 29,029  |   |                |   | 34,370 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| Income taxes receivable                                                               |   |                  | 1,986   |   |                |   | 2,126 |   |
| Real estate inventory                                                                 |   |                  | 80,000  |   |                |   | 80,375 |   |
| Investment assets, net                                                                |   |                  | 12,504  |   |                |   | 12,474 |   |
| Property, plant and equipment, net                                                    |   |                  | 29,379  |   |                |   | 31,174 |   |
| Intangible and other assets, net                                                      |   |                  | 17,224  |   |                |   | 18,953 |   |
| Deferred income taxes                                                                 |   |                  | 2,756   |   |                |   | 2,613 |   |
| Goodwill                                                                              |   |                  | 3,893   |   |                |   | 3,893 |   |
|      TOTAL ASSETS                                            |   | $                     | 213,836 |   |                | $      | 211,509 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY:                                                 |   |                  |    |   |                |   |   |   |
| LIABILITIES:                                                                          |   |                  |    |   |                |   |   |   |
| Accounts payable, net and accrued expenses                                            |   | $                     | 76,035  |   |                | $      | 79,969 |   |
| Notes payable:                                                                        |   |                  |    |   |                |   |   |   |
|  Amounts due within one year                                                     |   |                  | 22,657  |   |                |   | 24,052 |   |
|  Amounts subsequently due                                                        |   |                  | 11,586  |   |                |   | 4,602 |   |
|                                                                                  |   |                  | 34,243  |   |                |   | 28,654 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| Other long-term liabilities                                                           |   |                  | 4,314   |   |                |   | 4,244 |   |
| Accrued pension cost                                                                  |   |                  | 12,444  |   |                |   | 12,075 |   |
|     TOTAL LIABILITIES                                             |   |                  | 127,036 |   |                |   | 124,942 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| SHAREHOLDERS’ EQUITY:                                                           |   |                  |    |   |                |   |   |   |
| Common stock, $.10 par value;                                                         |   |                  |    |   |                |   |   |   |
|     Shares authorized – 20,000,000; 7,420,704 shares issued |   |                  | 742     |   |                |   | 742 |   |
| Capital contributed in excess of par value                                            |   |                  | 46,100  |   |                |   | 46,100 |   |
| Retained earnings                                                                     |   |                  | 75,695  |   |                |   | 75,462 |   |
| Accumulated other comprehensive loss, net                                             |   |                  | (9,080  | )      |                |   | (9,080 | ) |
| Treasury stock, at cost; 1,424,492 shares                                             |   |                  | (26,657 | )      |                |   | (26,657 | ) |
|      TOTAL SHAREHOLDERS’ EQUITY                        |   |                  | 86,800  |   |                |   | 86,567 |   |
|      TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY        |   | $                     | 213,836 |   |                | $      | 211,509 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |

| AMREP CORPORATION AND SUBSIDIARIES                                      |   |
|-------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited) |   |
| Three Months Ended October 31, 2010 and 2009                            |   |
| (Thousands, except per share amounts)                                   |   |
|                                                                    |   |   |   |   |   |   |
|                                                                    |   | 2010 |   |   | 2009 |   |
| REVENUES:                                                               |   |   |   |   |   |   |
| Real estate land sales                                                  |   | $ | 489 |   |   | $ | 1,670 |   |
| Media services operations                                               |   |   | 25,293 |   |   |   | 30,625 |   |
| Interest and other                                                      |   |   | 34 |   |   |   | 38 |   |
|                                                                    |   |   | 25,816 |   |   |   | 32,333 |   |
| COSTS AND EXPENSES:                                                     |   |   |   |   |   |   |   |   |
| Real estate land sales                                                  |   |   | 408 |   |   |   | 1,005 |   |
| Operating expenses:                                                     |   |   |   |   |   |   |   |   |
|       Media services operations                |   |   | 19,552 |   |   |   | 26,327 |   |
|       Real estate commissions and selling      |   |   | 68 |   |   |   | 84 |   |
|       Restructuring and fire recovery costs, net    |   |   | (15 | ) |   |   | 1,087 |   |
|       Other                                    |   |   | 627 |   |   |   | 912 |   |
| General and administrative:                                             |   |   |   |   |   |   |   |   |
| Media services operations                                               |   |   | 2,289 |   |   |   | 2,867 |   |
| Real estate operations and corporate                                    |   |   | 1,203 |   |   |   | 1,033 |   |
| Interest expense                                                        |   |   | 470 |   |   |   | 407 |   |
|                                                                    |   |   | 24,602 |   |   |   | 33,722 |   |
| INCOME (LOSS) BEFORE INCOME TAXES                                       |   |   | 1,214 |   |   |   | (1,389 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
| PROVISION (BENEFIT) FOR INCOME TAXES                                    |   |   | 483 |   |   |   | (404 | ) |
| NET INCOME (LOSS)                                                       |   |   | 731 |   |   |   | (985 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                  |   |   | 74,964 |   |   |   | 83,886 |   |
| RETAINED EARNINGS, end of period                                        |   |   | 75,695 |   |   |   | 82,901 |   |
|                                                                    |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED                     |   | $ | 0.12 |   |   | $ | (0.16 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER OF COMMON                                       |   |   |   |   |   |   |   |   |
| SHARES OUTSTANDING                                                      |   |   | 5,996 |   |   |   | 5,996 |   |
|                                                                    |   |

| AMREP CORPORATION AND SUBSIDIARIES                                             |   |
|--------------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited)        |   |
| Six Months Ended October 31, 2010 and 2009                                     |   |
| (Thousands, except per share amounts)                                          |   |
|                                                                           |   |   |   |   |   |   |
|                                                                           |   | 2010 |   |   | 2009 |   |
| REVENUES:                                                                      |   |   |   |   |   |   |
| Real estate land sales                                                         |   | $ | 1,313 |   |   | $ | 3,155 |   |
| Media services operations                                                      |   |   | 49,529 |   |   |   | 61,393 |   |
| Interest and other                                                             |   |   | 61 |   |   |   | 242 |   |
|                                                                           |   |   | 50,903 |   |   |   | 64,790 |   |
| COSTS AND EXPENSES:                                                            |   |   |   |   |   |   |   |   |
| Real estate land sales                                                         |   |   | 807 |   |   |   | 1,647 |   |
| Operating expenses:                                                            |   |   |   |   |   |   |   |   |
|       Media services operations                  |   |   | 40,218 |   |   |   | 54,273 |   |
|       Real estate commissions and selling        |   |   | 148 |   |   |   | 165 |   |
|       Restructuring and fire recovery costs, net |   |   | 301 |   |   |   | 1,753 |   |
|       Other                                      |   |   | 1,251 |   |   |   | 1,351 |   |
| General and administrative:                                                    |   |   |   |   |   |   |   |   |
| Media services operations                                                      |   |   | 4,625 |   |   |   | 5,839 |   |
| Real estate operations and corporate                                           |   |   | 2,193 |   |   |   | 2,154 |   |
| Interest expense                                                               |   |   | 893 |   |   |   | 609 |   |
|                                                                           |   |   | 50,436 |   |   |   | 67,791 |   |
| INCOME (LOSS) BEFORE INCOME TAXES                                              |   |   | 467 |   |   |   | (3,001 | ) |
|                                                                           |   |   |   |   |   |   |   |   |
| PROVISION (BENEFIT) FOR INCOME TAXES                                           |   |   | 234 |   |   |   | (960 | ) |
| NET INCOME (LOSS)                                                              |   |   | 233 |   |   |   | (2,041 | ) |
|                                                                           |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                         |   |   | 75,462 |   |   |   | 84,942 |   |
| RETAINED EARNINGS, end of period                                               |   |   | 75,695 |   |   |   | 82,901 |   |
|                                                                           |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED                            |   | $ | 0.04 |   |   | $ | (0.34 | ) |
|                                                                           |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER OF COMMON                                              |   |   |   |   |   |   |   |   |
| SHARES OUTSTANDING                                                             |   |   | 5,996 |   |   |   | 5,996 |   |
|                                                                           |   |

| AMREP CORPORATION AND SUBSIDIARIES                                                                             |   |
|----------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Cash Flows (Unaudited)                                                              |   |
| Six Months Ended October 31, 2010 and 2009                                                                     |   |
| (Thousands)                                                                                                    |   |
|                                                                                                           |   | 2010 |   |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                          |   |   |   |   |
|   Net income (loss)                                                                                  |   | $ | 233 |   |   | $ | (2,041 | ) |
|   Adjustments to reconcile net income (loss) to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
|  Depreciation and amortization                                                                            |   |   | 3,096 |   |   |   | 5,041 |   |
|  Non-cash credits and charges:                                                                            |   |   |   |   |   |   |   |   |
|   Pension accrual                                                                                    |   |   | 369 |   |   |   | 266 |   |
|   Provision for (recoveries of) doubtful accounts                                                    |   |   | (236 | ) |   |   | (18 | ) |
|   Loss on disposition of assets, net                                                                 |   |   | 8 |   |   |   | 15 |   |
| Changes in assets and liabilities:                                                                             |   |   |   |   |   |   |   |   |
|    Receivables                                                                                  |   |   | 5,577 |   |   |   | (6,962 | ) |
|    Income taxes receivable                                                                      |   |   | 140 |   |   |   | (551 | ) |
|    Real estate inventory and investment assets                                                  |   |   | 345 |   |   |   | (405 | ) |
|    Intangible and other assets                                                                  |   |   | 718 |   |   |   | (26 | ) |
|    Accounts payable and accrued expenses                                                        |   |   | (3,934 | ) |   |   | 14,398 |   |
|    Deferred income taxes and other long-term liabilities                                        |   |   | (73 | ) |   |   | (583 | ) |
|     Total adjustments                                                                      |   |   | 6,010 |   |   |   | 11,175 |   |
|     Net cash provided by operating activities                                              |   |   | 6,243 |   |   |   | 9,134 |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                          |   |   |   |   |   |   |   |   |
| Capital expenditures - property, plant and equipment                                                           |   |   | (298 | ) |   |   | (645 | ) |
|    Net cash used in investing activities                                                        |   |   | (298 | ) |   |   | (645 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                          |   |   |   |   |   |   |   |   |
| Proceeds from debt financing                                                                                   |   |   | 17,938 |   |   |   | 13,491 |   |
| Principal debt payments                                                                                        |   |   | (12,349 | ) |   |   | (20,617 | ) |
| Proceeds from the State of Florida                                                                             |   |   | - |   |   |   | 3,000 |   |
|     Net cash provided by (used in) financing activities                                    |   |   | 5,589 |   |   |   | (4,126 | ) |
| INCREASE IN CASH AND CASH EQUIVALENTS                                                                          |   |   | 11,534 |   |   |   | 4,363 |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                                            |   |   | 25,531 |   |   |   | 29,018 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                                                  |   | $ | 37,065 |   |   | $ | 33,381 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION:                                                                            |   |   |   |   |   |   |   |   |
| Interest paid – net of amounts capitalized                                                               |   | $ | 957 |   |   | $ | 565 |   |
| Income taxes paid – net of refunds                                                                       |   | $ | 165 |   |   | $ | 72 |   |
| Non-cash transactions:                                                                                         |   |   |   |   |   |   |   |   |
| Transfer to real estate inventory from receivables                                                             |   | $ | - |   |   | $ | 1,040 |   |
| Transfer to real estate investment assets from receivables                                                     |   | $ | - |   |   | $ | 1,117 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |

|                                                                                    |   | October 31, 2010 |   |   | April 30, 2010 |   |
|-----------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|---------------------|--------|
| Real estate operations and corporate:                                                   |   |                  |   |   |                |   |
|      Mortgage notes and other receivables                      |   | $                     | 1,276  |   |                | $      | 1,266 |   |
|      Less allowance for doubtful accounts                      |   |                  | (37    | )      |                |   | (71 | ) |
|                                                                                    |   | $                     | 1,239  |   |                | $      | 1,195 |   |
| Media services operations:                                                              |   |                  |   |   |                |   |   |   |
|      Subscription Fulfillment Services                         |   | $                     | 16,928 |   |                | $      | 17,727 |   |
|      Newsstand Distribution Services, net of estimated returns |   |                  | 9,068  |   |                |   | 14,112 |   |
|      Product Services and Other                                |   |                  | 2,324  |   |                |   | 2,165 |   |
|                                                                                    |   |                  | 28,320 |   |                |   | 34,004 |   |
|      Less allowance for doubtful accounts                      |   |                  | (530   | )      |                |   | (829 | ) |
|                                                                                    |   | $                     | 27,790 |   |                | $      | 33,175 |   |

| (3)   | Investment Assets, Net |
|-----------------|------------------------|

|                               |   | October 31, 2010 |   |   | April 30, 2010 |   |
|------------------------------------|--------|------------------|--------|--------|----------------|--------|
| Land held for long-term investment |   | $                | 12,011 |   |           | $      | 11,981 |   |
|                               |   |             |   |   |           |   |   |   |
| Other                              |   |             | 753    |   |           |   | 794 |   |
| Less accumulated depreciation      |   |             | (260   | )      |           |   | (301 | ) |
|                               |   |             | 493    |   |           |   | 493 |   |
|                               |   | $                | 12,504 |   |           | $      | 12,474 |   |

|                             |   | October 31, |    |   | April 30, |   |
|----------------------------------|--------|-------------|---------|--------|-----------|--------|
|                             |   | 2010        |    |   | 2010      |   |
| Land, buildings and improvements |   | $           | 29,023  |   |      | $      | 29,144 |   |
| Furniture and equipment          |   |        | 30,984  |   |      |   | 40,567 |   |
|                             |   |        | 60,007  |   |      |   | 69,711 |   |
| Less accumulated depreciation    |   |        | (30,628 | )      |      |   | (38,537 | ) |
|                             |   | $           | 29,379  |   |      | $      | 31,174 |   |

|                                 |   | October 31, 2010 |   |   | April 30, 2010           |   |
|--------------------------------------|--------|------------------|--------|--------|--------------------------|--------|
|                                 |   | Cost             |   |   | Accumulated Amortization |   |   | Cost |   |   | Accumulated Amortization |   |
|                                 |   |             |   |   |                     |   |   |   |   |   |   |   |
| Software development costs           |   | $                | 1,666  |   |                     | $      | 1,547 |   |   | $ | 1,666 |   |   | $ | 1,356 |   |
| Deferred order entry costs           |   |             | 2,072  |   |                     |   | - |   |   |   | 2,772 |   |   |   | - |   |
| Prepaid expenses                     |   |             | 3,374  |   |                     |   | - |   |   |   | 3,661 |   |   |   | - |   |
| Customer contracts and relationships |   |             | 15,000 |   |                     |   | 4,736 |   |   |   | 15,000 |   |   |   | 4,112 |   |
| Other                                |   |             | 2,060  |   |                     |   | 665 |   |   |   | 2,042 |   |   |   | 720 |   |
|                                 |   | $                | 24,172 |   |                     | $      | 6,948 |   |   | $ | 25,141 |   |   | $ | 6,188 |   |

|                    |   | October 31, 2010 |   |   | April 30,2010 |   |
|-------------------------|--------|-----------------------|--------|--------|---------------|--------|
| Publisher payables, net |   | $                     | 64,239 |   |          | $      | 64,803 |   |
| Accrued expenses        |   |                  | 4,327  |   |          |   | 5,643 |   |
| Trade payables          |   |                  | 2,847  |   |          |   | 3,311 |   |
| Other                   |   |                  | 4,622  |   |          |   | 6,212 |   |
|                    |   | $                     | 76,035 |   |          | $      | 79,969 |   |

|                                               |   | October 31,2010 |         |   | April 30,2010 |   |
|----------------------------------------------------|--------|-----------------|--------------|--------|---------------|--------|
| Notes payable:                                     |   |            |         |   |          |   |
| Credit facilities:Real estate operations and other |   | $               |  22,500 |   |          | $      |  22,500 |   |
| Media services operations                          |   |            | 7,020        |   |          |   | 1,354 |   |
|    Other notes payable              |   |            | 4,723        |   |          |   | 4,800 |   |
|                                               |   | $               | 34,243       |   |          | $      | 28,654 |   |

| (8) | Taxes |
|-----|-------|

| (9) | Fair Value Measurements |
|-----|-------------------------|

| (11) | Information About the Company’s Operations in Different Industry Segments |
|------|---------------------------------------------------------------------------------|

|                                     |   |  Real EstateOperations |   |   | SubscriptionFulfillmentServices |   |   | NewsstandDistribution Services |   |   | Product Services and Other (Kable) |   |   | Corporate andOther |   |   |   Consolidated |   |
|------------------------------------------|--------|-----------------------------|--------|--------|---------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------------------|--------|--------|--------------------|--------|--------|--------------------------|--------|
| Three months ended October 31, 2010 (a): |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |
| Revenues                                 |   | $                           | 586    |   |                            | $      | 19,572 |                           |   | $      | 2,886                                   |   |   | $                  | 2,835  |   |                     | $      | (63 | ) |   | $ | 25,816 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                        |   |                        | (894   | )      |                            |   | 1,237  |                           |   |   | 165                                     |   |   |               | 119    |   |                     |   | 104 |   |   |   | 731 |   |
| Provision (benefit) for income taxes     |   |                        | (448   | )      |                            |   | 663    |                           |   |   | 147                                     |   |   |               | 69     |   |                     |   | 52 |   |   |   | 483 |   |
| Interest expense (income), net (b)       |   |                        | 335    |   |                            |   | 568    |                           |   |   | (271                                    | )      |   |               | 23     |   |                     |   | (185 | ) |   |   | 470 |   |
| Depreciation and amortization            |   |                        | 21     |   |                            |   | 1,246  |                           |   |   | 182                                     |   |   |               | 66     |   |                     |   | 37 |   |   |   | 1,552 |   |
| EBITDA (c)                               |   | $                           | (986   | )      |                            | $      | 3,714  |                           |   | $      | 223                                     |   |   | $                  | 277    |   |                     | $      | 8 |   |   | $ | 3,236 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 150    |                           |   | $      | -                                       |   |   | $                  | 13     |   |                     | $      | - |   |   | $ | 163 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |

|                                     |   |  Real EstateOperations |   |   | SubscriptionFulfillmentServices |   |   | NewsstandDistribution Services |   |   | Product Services and Other (Kable) |   |   | Corporate andOther |   |   |   Consolidated |   |
|------------------------------------------|--------|-----------------------------|--------|--------|---------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------------------|--------|--------|--------------------|--------|--------|--------------------------|--------|
| Three months ended October 31, 2009 (a): |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Revenues                                 |   | $                           | 1,765  |   |                            | $      | 24,230 |                           |   | $      | 3,595                                   |   |   | $                  | 2,799  |   |                     | $      | (56 | ) |   | $ | 32,333 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
|  NNet income (loss)                 |   |                        | (716   | )      |                            |   | (1,261 | )                              |   |   | 615                                     |   |   |               | 86     |   |                     |   | 291 |   |   |   | (985 | ) |
| Provision (benefit) for income taxes     |   |                        | (330   | )      |                            |   | (657   | )                              |   |   | 392                                     |   |   |               | 53     |   |                     |   | 138 |   |   |   | (404 | ) |
| Interest expense (income), net (b)       |   |                        | 207    |   |                            |   | 691    |                           |   |   | (332                                    | )      |   |               | 25     |   |                     |   | (184 | ) |   |   | 407 |   |
| Depreciation and amortization            |   |                        | 26     |   |                            |   | 2,225  |                           |   |   | 149                                     |   |   |               | 56     |   |                     |   | 38 |   |   |   | 2,494 |   |
| EBITDA (c)                               |   | $                           | (813   | )      |                            | $      | 998    |                           |   | $      | 824                                     |   |   | $                  | 220    |   |                     | $      | 283 |   |   | $ | 1,512 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 130    |                           |   | $      | -                                       |   |   | $                  | -      |   |                     | $      | - |   |   | $ | 130 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Six months ended October 31, 2010 (a):   |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Revenues                                 |   | $                           | 1,499  |   |                            | $      | 38,423 |                           |   | $      | 6,000                                   |   |   | $                  | 5,105  |   |                     | $      | (124 | ) |   | $ | 50,903 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                        |   |                        | (1,566 | )      |                            |   | 758    |                           |   |   | 585                                     |   |   |               | 88     |   |                     |   | 368 |   |   |   | 233 |   |
| Provision (benefit) for income taxes     |   |                        | (822   | )      |                            |   | 381    |                           |   |   | 429                                     |   |   |               | 51     |   |                     |   | 195 |   |   |   | 234 |   |
| Interest expense (income), net (b)       |   |                        | 667    |   |                            |   | 1,184  |                           |   |   | (631                                    | )      |   |               | 46     |   |                     |   | (373 | ) |   |   | 893 |   |
| Depreciation and amortization            |   |                        | 42     |   |                            |   | 2,534  |                           |   |   | 325                                     |   |   |               | 120    |   |                     |   | 75 |   |   |   | 3,096 |   |
| EBITDA (c)                               |   | $                           | (1,679 | )      |                            | $      | 4,857  |                           |   | $      | 708                                     |   |   | $                  | 305    |   |                     | $      | 265 |   |   | $ | 4,456 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 285    |                           |   | $      | -                                       |   |   | $                  | 13     |   |                     | $      | - |   |   | $ | 298 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Six months ended October 31, 2009 (a):   |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Revenues                                 |   | $                           | 3,511  |   |                            | $      | 49,357 |                           |   | $      | 6,800                                   |   |   | $                  | 5,235  |   |                     | $      | (113 | ) |   | $ | 64,790 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
|     Net income (loss)     |   |                        | (796   | )      |                            |   | (2,739 | )                              |   |   | 875                                     |   |   |               | 90     |   |                     |   | 529 |   |   |   | (2,041 | ) |
| Provision (benefit) for income taxes     |   |                        | (343   | )      |                            |   | (1,525 | )                              |   |   | 583                                     |   |   |               | 55     |   |                     |   | 270 |   |   |   | (960 | ) |
| Interest expense (income), net (b)       |   |                        | 249    |   |                            |   | 1,249  |                           |   |   | (561                                    | )      |   |               | 41     |   |                     |   | (369 | ) |   |   | 609 |   |
| Depreciation and amortization            |   |                        | 52     |   |                            |   | 4,526  |                           |   |   | 278                                     |   |   |               | 110    |   |                     |   | 75 |   |   |   | 5,041 |   |
| EBITDA (c)                               |   | $                           | (838   | )      |                            | $      | 1,511  |                           |   | $      | 1,175                                   |   |   | $                  | 296    |   |                     | $      | 505 |   |   | $ | 2,649 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 609    |                           |   | $      | 15                                      |   |   | $                  | 11     |   |                     | $      | 10 |   |   | $ | 645 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |

| (a)   | Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Interest expense (income), net includes inter-segment interest income that is eliminated in consolidation. |
|-----------------|------------------------------------------------------------------------------------------------------------|

| (c)   | The Company uses EBITDA (which the Company defines as income before interest expense, net, income taxes and depreciation and amortization) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  |   | Fiscal 2011 |   | Fiscal 2010 |              |
|-------------------------------------------------------|--------|-------------|--------|-------------|-------------------|
|                                                  |   | Acres Sold  |   |        | Revenues(in 000s) |   |   |   |   | RevenuesPer Acre(in 000s) |   | Acres Sold |   |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   |
| Three months:                                         |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Developed                                 |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Residential |   |        | 1.4    |        |              | $ | 429 |   |   |   |   | $ | 306 |   |   | 2.4 |   |   | $ | 775 |   |   | $ | 323 |   |
|        Commercial  |   |        | -      |        |              |   | 35 |   | [a | ] |   |   | - |   |   | 1.7 |   |   |   | 895 |   |   |   | 526 |   |
|   Total Developed                           |   |        | 1.4    |        |              |   | 464 |   |   |   |   |   | 306 |   |   | 4.1 |   |   |   | 1,670 |   |   |   | 407 |   |
|   Undeveloped                               |   |        | 0.8    |        |              |   | 25 |   |   |   |   |   | 31 |   |   | - |   |   |   | - |   |   |   | - |   |
|       Total             |   |        | 2.2    |        |              | $ | 489 |   |   |   |   | $ | 222 |   |   | 4.1 |   |   | $ | 1,670 |   |   | $ | 407 |   |
| Six months:                                           |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Developed                                 |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Residential |   |        | 2.4    |        |              | $ | 806 |   |   |   |   | $ | 336 |   |   | 5.2 |   |   | $ | 1,445 |   |   | $ | 278 |   |
|        Commercial  |   |        | -      |        |              |   | 35 |   | [a | ] |   |   | - |   |   | 1.7 |   |   |   | 895 |   |   |   | 526 |   |
|   Total Developed                           |   |        | 2.4    |        |              |   | 841 |   |   |   |   |   | 336 |   |   | 6.9 |   |   |   | 2,340 |   |   |   | 339 |   |
|   Undeveloped                               |   |        | 11.7   |        |              |   | 472 |   |   |   |   |   | 40 |   |   | 26.0 |   |   |   | 815 |   |   |   | 31 |   |
|       Total             |   |        | 14.1   |        |              | $ | 1,313 |   |   |   |   | $ | 91 |   |   | 32.9 |   |   | $ | 3,155 |   |   | $ | 96 |   |

|  Contractual Obligations |   | Total  |   |   | Less than1 year |   |   | 1 – 3years |   |   | 3 – 5years |   |   | More than5 years |   |
|-------------------------------|--------|--------|--------|--------|-----------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|
|                          |   |   |   |   |            |   |   |             |   |   |             |   |   |             |   |
| Notes payable                 |   | $      | 34,243 |   |            | $      | 22,657 |             |   | $      | 7,305            |   |   | $                | 256    |   |   | $ | 4,025 |   |
| Operating leases and other    |   |   | 7,101  |   |            |   | 2,251  |             |   |   | 4,099            |   |   |             | 601    |   |   |   | 150 |   |
| Total                         |   | $      | 41,344 |   |            | $      | 24,908 |             |   | $      | 11,404           |   |   | $                | 857    |   |   | $ | 4,175 |   |

| Exhibit No. | Description                                                                         |
|-------------|-------------------------------------------------------------------------------------|
| 31.1        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
| 31.2        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
| 31.3        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
| 31.4        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
| 32          | Certification required pursuant to 18 U.S.C. Section 1350.                          |

| Date:  December 9, 2010 | AMREP CORPORATION(Registrant)                                                                                                                                                                                                                                                                                         |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              | By:  /s/  Peter M. Pizza                                              |
|                              | Peter M. PizzaVice President and Chief Financial Officer(Principal Financial and Accounting Officer)                                                                                                                                                                                                                       |

| Exhibit No. | Description                                                                                                |
|-------------|------------------------------------------------------------------------------------------------------------|
| 31.1        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith. |
| 31.2        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith. |
| 31.3        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith. |
| 31.4        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith. |
| 32          | Certification required pursuant to 18 U.S.C. Section 1350 – Filed herewith.                          |