| 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         | X      |
|-------------------------|--------|--------|---------------------------|--------|
|                    |   |   |                      |   |
| Non-accelerated filer   |   |   | Smaller reporting company |   |

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

| PART I.  FINANCIAL INFORMATION                                                                            | PAGE NO. |
|---------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                |     |
| Item 1.   Financial Statements                                                                            |     |
|                                                                                                                |     |
| Consolidated Balance Sheets(Unaudited) January 31, 2010 and April 30, 2009                                          |  1  |
|                                                                                                                |     |
| Consolidated Statements of Operations and Retained Earnings(Unaudited) Three Months Ended January 31, 2010 and 2009 |  2  |
|                                                                                                                |     |
| Consolidated Statements of Operations and Retained Earnings(Unaudited) Nine Months Ended January 31, 2010 and 2009  |  3  |
|                                                                                                                |     |
| Consolidated Statements of Cash Flows(Unaudited) Nine Months Ended January 31, 2010 and 2009                        |  4  |
|                                                                                                                |     |
| Notes to Consolidated Financial Statements (Unaudited)                                                              | 5        |
|                                                                                                                |     |
| Item 2.  Management’s Discussion and Analysis of Financial Conditionand Results of Operations       | 12       |
|                                                                                                                |     |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk                                       | 19       |
|                                                                                                                |     |
| Item 4.  Controls and Procedures                                                                          | 19       |
|                                                                                                                |     |
| PART II.  OTHER INFORMATION                                                                               | 20       |
|                                                                                                                |     |
| Item 6.  Exhibits                                                                                         | 20       |
|                                                                                                                |     |
| SIGNATURE                                                                                                           | 21       |
|                                                                                                                |     |
| EXHIBIT INDEX                                                                                                       | 22       |

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

|                                                                                        |   |                  |                      |                |                |   |
|---------------------------------------------------------------------------------------------|--------|-----------------------|---------------------------|---------------------|---------------------|--------|
|                                                                                        |   | January 31, 2010 |                      |                | April 30, 2009 |   |
|                                                                                        |   |                  |                      |                |                |   |
| ASSETS:                                                                                     |   |                  |                      |                |                |   |
| Cash and cash equivalents                                                                   |   | $                     | 26,433               |                |                | $      | 29,018    |   |
| Receivables, net:                                                                           |   |                  |                      |                |                |   |   |   |
|  Real estate operations                                                                |   |                  | 1,142      |                |                |   |  3,367    |   |
|  Media services and other operations                                                   |   |                  | 39,870     |                |                |   | 34,614    |   |
|                                                                                        |   |                  | 41,012     |           |                |   |  37,981    |   |
|                                                                                        |   |                  |                      |                |                |   |   |   |
| Income taxes receivable                                                                     |   |                  | 4,037      |           |                |   | 3,009    |   |
| Real estate inventory                                                                       |   |                  | 82,794     |                |                |   | 81,561    |   |
| Investment assets, net                                                                      |   |                  | 12,479     |                |                |   | 11,389    |   |
| Property, plant and equipment, net                                                          |   |                  | 30,982     |      |                |   | 34,656    |   |
| Intangible and other assets, net                                                            |   |                  | 22,542     |                |                |   | 26,145    |   |
| Goodwill                                                                                    |   |                  | 3,893      |                |                |   | 3,893    |   |
|     TOTAL ASSETS                                                             |   | $                     | 224,172    |                |                | $      | 227,652    |   |
|                                                                                        |   |                  |                      |                |                |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY:                                                       |   |                  |                      |                |                |   |   |   |
| LIABILITIES:                                                                                |   |                  |                      |                |                |   |   |   |
| Accounts payable, net and accrued expenses                                                  |   | $                     | 85,995     |                |                | $      | 79,429    |   |
| Notes payable:                                                                              |   |                  |                      |                |                |   |   |   |
|  Amounts due within one year                                                           |   |                  | 24,276     |                |                |   | 25,770    |   |
|  Amounts subsequently due                                                              |   |                  | 4,591      |                |                |   | 12,166    |   |
|                                                                                        |   |                  | 28,867     |                |                |   | 37,936    |   |
|                                                                                        |   |                  |                      |                |                |   |   |   |
| Deferred income taxes and other long-term liabilities                                       |   |                  | 4,367      |                |                |   | 3,341    |   |
| Accrued pension cost                                                                        |   |                  | 11,424     |                |                |   | 10,665    |   |
|  TOTAL LIABILITIES                                                                     |   |                  | 130,653    |                |                |   | 131,371    |   |
|                                                                                        |   |                  |                      |                |                |   |   |   |
| SHAREHOLDERS’ EQUITY:                                                                 |   |                  |                      |                |                |   |   |   |
| Common stock, $.10 par value;                                                               |   |                  |                      |                |                |   |   |   |
|       Sharesauthorized – 20,000,000; 7,420,704 shares issued |   |                  | 742        |                |                |   | 742    |   |
| Capital contributed in excess of par value                                                  |   |                  | 46,100     |                |                |   | 46,100    |   |
| Retained earnings                                                                           |   |                  | 82,180     |                |                |   | 84,942    |   |
| Accumulated other comprehensive loss, net                                                   |   |                  |  (8,846)   |           |                |   | (8,846)   |   |
| Treasury stock, at cost; 1,424,492 shares                                                   |   |                  | (26,657)        |                |                |   | (26,657)   |   |
|     TOTAL SHAREHOLDERS’ EQUITY                                    |   |                  | 93,519     |                |                |   | 96,281    |   |
|     TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                    |   | $                     | 224,172    |                |                | $      | 227,652    |   |
|                                                                                        |   |                  |                      |                |                |   |   |   |

| AMREP CORPORATION AND SUBSIDIARIES                                      |   |
|-------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited) |   |
| Three Months Ended January 31, 2010 and 2009                            |   |
| (Thousands, except per share amounts)                                   |   |
|                                                                    |   |   |   |   |   |   |
|                                                                    |   | 2010 |   |   | 2009 |   |
| REVENUES:                                                               |   |   |   |   |   |   |
| Real estate land sales                                                  |   | $ | 479    |   |   | $ | 521    |   |
| Media services and other operations                                     |   |   | 28,412    |   |   |   | 35,051    |   |
| Interest and other                                                      |   |   | 25    |   |   |   | 148    |   |
|                                                                    |   |   | 28,916    |   |   |   | 35,720    |   |
| COSTS AND EXPENSES:                                                     |   |   |   |   |   |   |   |   |
| Real estate land sales                                                  |   |   | 564    |   |   |   | 333    |   |
| Operating expenses:                                                     |   |   |   |   |   |   |   |   |
|       Media services and other operations      |   |   | 24,765    |   |   |   | 30,874    |          |
|       Real estate commissions and selling      |   |   | 89    |   |   |   | 79    |   |
|       Restructuring and fire recovery costs    |   |   | 1,247    |   |   |   | (83)   |     |
|       Other                                    |   |   | 601    |   |   |   | 465    |   |
| General and administrative:                                             |   |   |   |   |   |   |   |   |
| Media services and other operations                                     |   |   | 2,891    |   |   |   | 3,545    |   |
| Real estate operations and corporate                                    |   |   | 1,105    |   |   |   | 1,182    |   |
| Interest expense, net of capitalized amounts                            |   |   | 499    |   |   |   | 222    |   |
|                                                                    |   |   | 31,761    |   |   |   | 36,617    |   |
| LOSS BEFORE INCOME TAXES                                                |   |   | (2,845)   |   |   |   | (897)   |   |
|                                                                    |   |   |   |   |   |   |   |   |
| BENEFIT FOR INCOME TAXES                                                |   |   | (2,124)   |   |   |   | (797)   |   |
| NET LOSS                                                                |   |   | (721)   |   |   |   | (100)   |   |
|                                                                    |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                  |   |   | 82,901    |   |   |   | 131,374    |   |
| RETAINED EARNINGS, end of period                                        |   | $ | 82,180    |   |   | $ | 131,274    |   |
|                                                                    |   |   |   |   |   |   |   |   |
| LOSS PER SHARE – BASIC AND DILUTED                                |   | $ | (0.12)   |   |   | $ | (0.02)   |   |
|                                                                    |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER OF COMMON                                       |   |   |   |   |   |   |   |   |
| SHARES OUTSTANDING                                                      |   |   | 5,996    |   |   |   | 5,996    |   |
|                                                                    |   |

| AMREP CORPORATION AND SUBSIDIARIES                                      |   |
|-------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited) |   |
| Nine Months Ended January 31, 2010 and 2009                             |   |
| (Thousands, except per share amounts)                                   |   |
|                                                                    |   |   |   |   |   |   |
|                                                                    |   | 2010 |   |   | 2009 |   |
| REVENUES:                                                               |   |   |   |   |   |   |
| Real estate land sales                                                  |   | $ | 3,634    |   |   | $ | 6,594    |   |
| Media services and other operations                                     |   |   | 89,805    |   |   |   | 104,328    |   |
| Interest and other                                                      |   |   | 267    |   |   |   | 658    |   |
|                                                                    |   |   | 93,706    |   |   |   | 111,580    |   |
| COSTS AND EXPENSES:                                                     |   |   |   |   |   |   |   |   |
| Cost of sales - real estate land sales                                  |   |   | 2,211    |   |   |   | 853    |   |
| Operating expenses:                                                     |   |   |   |   |   |   |   |   |
| Media services and other operations                                     |   |   | 79,038    |   |   |   | 91,324    |   |
| Real estate commissions and selling                                     |   |   | 254    |   |   |   | 248    |   |
| Restructuring and fire recovery costs                                   |   |   | 3,000    |   |   |   | 629    |   |
| Other                                                                   |   |   | 1,952    |   |   |   | 999    |   |
| General and administrative:                                             |   |   |   |   |   |   |   |   |
| Media services and other operations                                     |   |   | 8,730    |   |   |   | 9,825    |   |
| Real estate operations and corporate                                    |   |   | 3,259    |   |   |   | 3,257    |   |
| Interest expense, net of capitalized amounts                            |   |   | 1,108    |   |   |   | 481    |   |
|                                                                    |   |   | 99,552    |   |   |   | 107,616    |   |
| INCOME (LOSS) BEFORE INCOME TAXES                                       |   |   | (5,846)   |   |   |   | 3,964    |   |
|                                                                    |   |   |   |   |   |   |   |   |
| PROVISION (BENEFIT) FOR INCOME TAXES                                    |   |   | (3,084)   |   |   |   | 1,098    |      |
| NET INCOME (LOSS)                                                       |   |   | (2,762)   |   |   |   | 2,866    |      |
|                                                                    |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                  |   |   | 84,942    |   |   |   | 128,408    |   |
| RETAINED EARNINGS, end of period                                        |   | $ | 82,180    |   |   | $ | 131,274    |   |
|                                                                    |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED                     |   | $ | (0.46)   |   |   | $ | 0.48    |   |
|                                                                    |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER OF COMMON                                       |   |   |   |   |   |   |   |   |
| SHARES OUTSTANDING                                                      |   |   | 5,996    |   |   |   | 5,996    |   |

| AMREP CORPORATION AND SUBSIDIARIES                                                                                                      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Cash Flows (Unaudited)                                                                                       |   |
| Nine Months Ended January 31, 2010 and 2009                                                                                             |   |
| (Thousands)                                                                                                                             |   |
|                                                                                                                                    |   | 2010 |   |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                                   |   |   |   |   |
| Net income (loss)                                                                                                                       |   | $ | (2,762)    |   |   | $ | 2,866    |   |
| Adjustments to reconcile net income (loss) to net cash        provided by (used in) operating activities: |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                           |   |   | 7,810    |   |   |   | 7,644    |   |
| Non-cash credits and charges:                                                                                                           |   |   |   |   |   |   |   |   |
|              Pension accrual (benefit)                                      |   |   | 759    |   |   |   | (35)   |     |
|              Provision for doubtful accounts                                |   |   | (746)   |   |   |   | 190    |   |
| Gain on disposition of assets, net                                                                                                      |   |   | 15    |   |   |   | 59    |   |
| Changes in assets and liabilities:                                                                                                      |   |   |   |   |   |   |   |   |
| Receivables                                                                                                                             |   |   | (4,442)   |   |   |   | (1,459)   |   |
| Income taxes                                                                                                                            |   |   | (1,028)   |    |   |   | (5,020)   |   |
| Real estate inventory and investment assets                                                                                             |   |   | (178)   |   |   |   | (196)   |   |
| Intangible and other assets                                                                                                             |   |   | 468    |   |   |   | (21,369)   |   |
| Accounts payable and accrued expenses                                                                                                   |   |   | 6,566    |   |   |   | (2,467)   |   |
| Deferred income taxes and other long-term liabilities                                                                                   |   |   | 1,026    |   |   |   | 2,295    |   |
|              Total adjustments                                         |   |   | 10,250    |   |   |   | (20,358)   |   |
|              Net cash provided by (used in) operating activities            |   |   | 7,488    |   |   |   | (17,492)   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                                   |   |   |   |   |   |   |   |   |
| Capital expenditures - property, plant and equipment                                                                                    |   |   | (1,004)   |   |   |   | (1,521)   |   |
| Acquisition, net of cash acquired                                                                                                       |   |   | -    |    |   |   | (3,075)   |   |
| Restricted cash                                                                                                                         |   |   | -    |   |   |   | (3,856)   |   |
|              Net cash used in investing activities                     |   |   | (1,004)   |   |   |   | (8,452)   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                                   |   |   |   |   |   |   |   |   |
| Exercise of stock options                                                                                                               |   |   | -    |   |   |   | 15    |   |
| Proceeds from debt financing                                                                                                            |   |   | 21,106    |   |   |   | 51,137    |   |
| Principal debt payments                                                                                                                 |   |   | (30,175)   |   |   |   | (39,469)   |   |
|              Net cash provided by (used in) financing activities            |   |   | (9,069)   |      |   |   | 11,683    |   |
| DECREASE IN CASH AND CASH EQUIVALENTS                                                                                                   |   |   | (2,585)   |   |   |   | (14,261)   |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                                                                     |   |   | 29,018    |   |   |   | 32,608    |   |
| CASH AND CASH EQUIVALENTS, end of period                                                                                           |   | $ | 26,433    |   |   | $ | 18,347    |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION:                                                                                                     |   |   |   |   |   |   |   |   |
| Interest paid – net of amounts capitalized                                                                                        |   | $ | 1,064    |   |   | $ | 458    |   |
| Income taxes paid (refunded), net                                                                                                       |   | $ | (83)   |   |   | $ | 1,834    |   |
| Non-cash transactions:                                                                                                                  |   |   |   |   |   |   |   |   |
| Repossession of real estate inventory                                                                                                   |   | $ | 1,040    |   |   | $ | 6,530    |   |
| Repossession of real estate investment assets                                                                                           |   | $ | 1,117    |   |   | $ | 1,125    |   |

|                                                    |   | January 31, 2010 |                    |   | April 30, 2009 |   |
|---------------------------------------------------------|--------|-----------------------|-------------------------|--------|---------------------|--------|
| Real estate operations:                                 |   |                  |                    |   |                |   |
|     Mortgage notes and other receivables |   | $                     | 1,179    |   |                | $      | 3,457    |   |
|     Less allowance for doubtful accounts |   |                  | (37)          |   |                |   | (90)   |   |
|                                                    |   | $                     | 1,142    |   |                | $      | 3,367    |   |

| Media services and other operations:                     |   |   |                           |   |   |   |
|----------------------------------------------------------|--------|--------|--------------------------------|--------|--------|--------|
| Subscription Fulfillment Services                        |   | $      | 22,791          |   |   | $      | 24,711    |   |
| Newsstand Distribution Services,net of estimated returns |   |   |  15,904    |   |   |   |  8,970    |   |
| Product Services and Other                               |   |   | 1,916           |   |   |   | 1,863    |   |
|                                                     |   |   | 40,611          |   |   |   | 35,544    |   |
| Less allowance for doubtful accounts                     |   |   | (741)                |   |   |   | (930)   |   |
|                                                     |   | $      | 39,870          |   |   | $      | 34,614    |   |

| Investment assets, net consist of the following (in thousands): |   |             |                     |
|-----------------------------------------------------------------|--------|------------------|--------------------------|
|                                                            |   | January 31, 2010 |                     |   | April 30, 2009 |   |
| Land held for long-term investment                              |   | $                | 11,982    |   |   | $ | 10,879    |   |
|                                                            |   |             |                     |   |   |   |   |   |
| Other                                                           |   |             | 794       |   |   |   | 794    |   |
| Less accumulated depreciation                                   |   |             | (297)          |   |   |   | (284)   |   |
|                                                            |   |             | 497       |   |   |   | 510    |   |
|                                                            |   | $                | 12,479    |   |   | $ | 11,389   |   |

|                             |   | January 31, |                     |   | April 30, |   |
|----------------------------------|--------|-------------|--------------------------|--------|-----------|--------|
|                             |   | 2010        |                     |   | 2009      |   |
| Land, buildings and improvements |   | $           | 27,942         |   |      | $      | 27,397    |   |
| Furniture, equipment and other   |   |        | 42,055         |   |      |   | 41,950    |   |
|                             |   |        | 69,997    |   |      |   | 69,347    |   |
| Less accumulated depreciation    |   |        | (39,015)            |   |      |   | (34,691)   |   |
|                             |   | $           | 30,982    |   |      | $      | 34,656    |   |

|                                 |   | January 31, 2010 |                     |   | April 30, 2009           |   |
|--------------------------------------|--------|------------------|--------------------------|--------|--------------------------|--------|
|                                 |   | Cost             |                     |   | Accumulated Amortization |   |   | Cost |   |   | Accumulated Amortization |   |
| Software development costs           |   | $                | 10,056    |   |                     | $      | 8,089    |   |   | $ | 10,056    |   |   | $ | 6,156    |   |
| Deferred order entry costs           |   |             | 3,327     |   |                     |   | -     |   |   |   | 4,835    |   |   |   | -     |   |
| Prepaid expenses                     |   |             | 4,712     |   |                     |   | -     |   |   |   | 3,681    |   |   |   | -     |   |
| Customer contracts and relationships |   |             | 15,000    |   |                     |   | 3,800    |   |   |   | 15,000    |   |   |   | 2,863    |   |
| Other                                |   |             | 2,763     |   |                     |   | 1,427    |   |   |   | 2,775    |   |   |   | 1,183    |   |
|                                 |   | $                | 35,858    |   |                     | $      | 13,316    |   |   | $ | 36,347    |   |   | $ | 10,202    |   |

|                    |   | January 31, 2010 |                     |   | April 30,2009 |   |
|-------------------------|--------|-----------------------|--------------------------|--------|---------------|--------|
| Publisher payables, net |   | $                     | 70,282    |   |          | $      | 63,074    |   |
| Accrued expenses        |   |                  | 5,625     |   |          |   | 4,473    |   |
| Trade payables          |   |                  | 3,316     |   |          |   | 3,772    |   |
| Other                   |   |                  | 6,772     |   |          |   | 8,110    |   |
|                    |   | $                     | 85,995    |   |          | $      | 79,429    |   |
|                    |   |                  |                     |   |          |   |   |   |

|                                                       |   | January 31,2010 |                           |   | April 30,2009 |   |
|------------------------------------------------------------|--------|-----------------|--------------------------------|--------|---------------|--------|
| Notes payable:                                             |   |            |                           |   |          |   |
| Line-of-credit borrowings:Real estate operations and other |   | $               |  22,500    |   |          | $      |  24,000    |   |
| Media services and other operations                        |   |            | 1,547           |   |          |   | 8,866    |   |
| Other notes payable                                        |   |            | 4,820           |   |          |   | 5,070    |   |
|                                                       |   | $               | 28,867          |   |          | $      | 37,936    |   |

| (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 |                |   |   Other |                          |         |   Consolidated |   |
|--------------------------------------|--------|-----------------------------|---------------------------|--------|---------------------------------|--------|--------------------------------|--------------------------------|--------|--------|---------------------------------|---------------------|--------|-------------------|-------------------------------|--------------|--------------------------|--------|
| Three months ended January 31, 2010: |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |
| Revenues                             |   | $                           | 563        |   |                            | $      | 23,114          |                           |   | $      | 3,141       |                |   | $                 | 2,158     |         |                     | $      |     (60)   |   |   | $ | 28,916    |   |
|                                 |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |      |   |   |   |   |   |
| Net income (loss)                    |   |                        | (76)            |   |                            |   | (1,688)         |                           |   |   | 879         |                |   |              | (63)           |         |                     |   | 227    |   |   |   | (721)   |   |
| Provision (benefit) for income taxes |   |                        | (1,528)         |   |                            |   | (921)           |                           |   |   | 235         |                |   |              | (37)           |    |                     |   | 127    |   |   |   | (2,124)   |    |
| Interest expense (income), net (a)   |   |                        | 310        |   |                            |   | 683        |                           |   |   | (333)            |           |   |              | 24        |    |                     |   | (185)   |   |   |   | 499    |   |
| Depreciation and amortization        |   |                        | 26         |   |                            |   | 2,512      |                 |   |   | 138         |      |   |              | 56        |         |                     |   |  37    |    |   |   | 2,769    |   |
| EBITDA (b)                           |   | $                           | (1,268)         |   |                            | $      | 586        |                           |   | $      | 919         |      |   | $                 | (20)           |    |                     | $      | 206    |   |   | $ | 423    |   |
|                                 |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |   |   |   |   |   |   |
| Capital expenditures                 |   | $                           | -     |   |                            | $      | 306        |                           |   | $      | -           |           |   | $                 | 54        |         |                     | $      | -     |   |   | $ | 360    |     |
|                                 |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |   |   |   |   |   |   |
| Three months ended January 31, 2009: |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |   |   |   |   |   |   |
| Revenues                             |   | $                           | 656        |   |                            | $      | 28,998     |                           |   | $      | 2,923       |                |   | $                 | 3,130     |         |                     | $      | 13    |   |   | $ | 35,720    |    |
|                                 |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |   |   |   |   |   |   |
| Net income (loss)                    |   |                        | 96         |   |                            |   | (540)                |                 |   |   | 29          |                |   |              | 140       |         |                     |   | 175    |   |   |   | (100)   |   |
| Provision (benefit) for income taxes |   |                        | (1,026)         |   |                            |   | (40)                 |                           |   |   | 32          |                |   |              | 74        |         |                     |   | 163    |   |   |   | (797)   |   |
| Interest expense (income), net (a)   |   |                        | 24         |   |                            |   | 619        |                           |   |   | (223)            |      |   |              | 16        |         |                     |   | (214)   |     |   |   | 222    |   |
| Depreciation and amortization        |   |                        | 10         |   |                            |   | 2,610      |                           |   |   | 149         |                |   |              | 19        |         |                     |   | 37    |   |   |   | 2,825    |   |
| EBITDA (b)                           |   | $                           | (896)           |   |                            | $      | 2,649           |                      |   | $      | (13)             |                |   | $                 | 249       |         |                     | $      | 161    |   |   | $ | 2,150    |   |
|                                 |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |   |   |   |   |   |   |
| Capital expenditures                 |   | $                           | -     |   |                            | $      | 730             |                           |   | $      | -      |                |   | $                 | 134       |         |                     | $      | 6,498    |   |   | $ | 7,362    |   |
|                                 |   |                        |                      |   |                            |   |                           |                           |   |   |                            |                |   |              |                          |         |                     |   |   |   |   |   |   |   |

|                                 |   |  Real EstateOperations |                      |                | SubscriptionFulfillmentServices |   |                           | NewsstandDistribution Services |   |   | Product Services and Other |         |   |   Other |                          |   |   Consolidated |   |
|--------------------------------------|--------|-----------------------------|---------------------------|---------------------|---------------------------------|--------|--------------------------------|--------------------------------|--------|--------|---------------------------------|--------------|--------|-------------------|-------------------------------|--------|--------------------------|--------|
| Nine months ended January 31, 2010:  |   |                        |                      |                |                            |   |                           |                           |   |   |                            |         |   |              |                          |   |                     |   |
| Revenues                             |   | $                           | 4,074           |           |                            | $      | 72,471     |                           |   | $      | 9,941       |         |   | $                 | 7,393     |   |                     | $      | (173)   |     |   | $ | 93,706    |   |
|                                 |   |                        |                      |                |                            |   |                           |                           |   |   |                            |         |   |              |                          |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                    |   |                        | (872)           |                |                            |   | (4,428)              |            |   |   | 1,754            |         |   |              | 27        |   |                     |   | 757    |   |   |   | (2,762)   |   |
| Provision (benefit) for income taxes |   |                        | (1,871)         |                |                            |   | (2,446)              |                           |   |   | 818              |         |   |              | 18        |   |                     |   | 397    |   |   |   | (3,084)   |    |
| Interest expense (income), net (a)   |   |                        | 559        |                |                            |   | 1,932           |                           |   |   | (894)            |         |   |              | 65        |   |                     |   | (554)   |   |   |   | 1,108    |   |
| Depreciation and amortization        |   |                        | 78         |                |                            |   | 7,039           |                 |   |   | 415         |         |   |              | 166       |   |                     |   | 112    |   |   |   | 7,810    |   |
| EBITDA (b)                           |   | $                           | (2,106)         |                |                            | $      | 2,097           |                           |   | $      | 2,093       |    |   | $                 | 276       |   |                     | $      | 712    |   |   | $ | 3,072    |   |
|                                 |   |                        |                      |                |                            |   |                           |                           |   |   |                            |         |   |              |                          |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                 |   | $                           | -          |           |                            | $      | 915        |                           |   | $      | 15          |         |   | $                 | 65        |   |                     | $      | 9    |   |   | $ | 1,004    |   |
|                                 |   |                        |                      |                |                            |   |                           |                           |   |   |                            |         |   |              |                          |   |                     |   |   |   |   |   |   |   |
| Nine months ended January 31, 2009:  |   |                        |                      |                |                            |   |                           |                           |   |   |                            |         |   |              |                          |   |                     |   |   |   |   |   |   |   |
| Revenues                             |   | $                           | 7,186      |           |                            | $      | 90,175          |                           |   | $      | 9,374       |    |   | $                 | 4,779     |   |                     | $      | 66    |   |   | $ | 111,580    |   |
|                                 |   |                        |                      |                |                            |   |                           |                           |   |   |                            |         |   |              |                          |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                    |   |                        | 2,556      |                |                            |   | (1,349)              |                           |   |   | 609         |         |   |              | 226       |   |                     |   | 824    |   |   |   | 2,866    |   |
| Provision (benefit) for income taxes |   |                        | 566        |                |                            |   | (515)                |                           |   |   | 445         |         |   |              | 124       |   |                     |   | 478    |   |   |   | 1,098    |   |
| Interest expense (income), net (a)   |   |                        | 24         |                |                            |   | 2,300           |                           |   |   | (841)            |         |   |              | 16        |   |                     |   | (1,018)   |    |   |   | 481    |   |
| Depreciation and amortization        |   |                        | 30         |                |                            |   | 7,103           |                           |   |   | 434         |         |   |              | 37        |   |                     |   | 40    |   |   |   | 7,644    |   |
| EBITDA (b)                           |   | $                           | 3,176      |      |                            | $      | 7,539           |                           |   | $      | 647         |         |   | $                 | 403       |   |                     | $      | 324    |   |   | $ | 12,089    |   |
|                                 |   |                        |                      |                |                            |   |                           |                           |   |   |                            |         |   |              |                          |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                 |   | $                           | 8     |                |                            | $      | 1,371           |                           |   | $      | 10          |         |   | $                 | 134       |   |                     | $      | 6,499    |   |   | $ | 8,022    |   |

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

| (b)   | 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 2010 |        | Fiscal 2009 |   |
|            |   | Acres Sold  |        |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   | Acres Sold |   |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   |
| Three months:   |   |        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Developed       |   |        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential     |   |        | 0.4         |   |   | $ | 99     |   |   | $ | 248    |   |   |   1.5 |   |   | $ | 361    |   |   | $ | 241    |   |
| Commercial      |   |        | -           |   |   |   | -      |      |   |   | -    |   |   |   - |   |   |   | -    |   |   |   | -    |   |
| Total Developed |   |        | 0.4         |   |   |   | 99     |   |   |   | 248    |   |   |    1.5 |   |   |   | 361    |   |   |   | 241    |   |
| Undeveloped     |   |        | 4.4         |   |   |   | 380     |   |   |   | 86    |   |   |    2.5 |   |   |   | 160    |   |   |   | 64    |   |
| Total           |   |        | 4.8         |   |   | $ | 479     |   |   | $ | 100    |   |   |    4.0 |   |   | $ | 521    |   |   | $ | 130    |   |
|            |   |        |        |
| Nine months:    |   |        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Developed       |   |        |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential     |   |        | 5.6         |   |   | $ | 1,544     |   |   | $ | 276    |   |   |     3.2 |   |   | $ | 789    |   |   | $ | 247    |   |
| Commercial      |   |        | 1.7         |   |   |   | 895     |   |   |   | 526    |   |   |     1.0 |   |   |   | 126    |   |   |   | 126    |   |
| Total Developed |   |        | 7.3         |   |   |   | 2,439     |   |   |   | 334    |   |   |     4.2 |   |   |   | 915    |   |   |   | 218    |   |
| Undeveloped     |   |        | 30.4   |        |   |   | 1,195     |   |   |   | 39    |   |   | 134.4 |   |   |   | 5,679    |   |   |   | 42    |   |
| Total           |   |        | 37.7   |   |   | $ | 3,634     |   |   | $ | 96    |   |   | 138.6 |   |   | $ | 6,594    |   |   | $ | 48    |   |

| ·   | Revenues from Subscription Fulfillment Services operations decreased from $28,998,000 and $90,175,000 for the third quarter and first nine months of 2009 to $23,114,000 and $72,471,000 for the same periods of 2010, primarily due to the industry factors noted above which were partly offset by revenues from new and some existing clients. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Revenues from Newsstand Distribution Services operations increased from $2,923,000 and $9,374,000 for the third quarter and first nine months of 2009 to $3,141,000 and $9,941,000 for the same periods of 2010 as a result of changes in product mix and some magazine cover price increases. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Revenues from Product Services and Other operations, which includes product repackaging and fulfillment businesses and a temporary staffing business, decreased from $3,130,000 for the third quarter of 2009 to $2,158,000 for the same period in 2010.  This decrease was due to lower demand for services from existing customers and the loss of several customers.  Revenues for the nine month period increased to $7,393,000 this year from $4,779,000 in 2009, reflecting the revenues of two businesses acquired in the third quarter of 2009. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Contractual Obligations |   | Total  |                           |   | Less than1 year |   |                     | 1 – 3years |   |   | 3 – 5years        |   |   | More than5 years |                    |
|-------------------------------|--------|--------|--------------------------------|--------|-----------------|--------|--------------------------|------------------|--------|--------|-------------------------|--------|--------|------------------|-------------------------|
|                          |   |   |                           |   |            |   |                     |             |   |   |                    |   |   |             |                    |
| Notes payable                 |   | $      | 28,867          |   |            | $      | 24,276    |             |   | $      | 243      |   |   | $                | 229      |   |   | $ | 4,119    |   |
| Operating leases and other    |   |   | 9,110      |   |            |   | 2,880     |             |   |   | 5,080    |   |   |             | 775      |   |   |   | 375    |   |
| Total                         |   | $      | 37,977     |   |            | $      | 27,156    |             |   | $      | 5,323    |   |   | $                | 1,004    |   |   | $ | 4,494    |   |

| 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.                                                                                                                                                                                                        |
| 32          | Certification required pursuant to 18 U.S.C. Section 1350.                                                                                                                                                                                                                                 |

| Date:  March 10, 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.                                                                                                                                                                                                                                                         |
| 32          | Certification required pursuant to 18 U.S.C. Section 1350 – Filed herewith.                                                                                                                                                                                                                                                                                  |