SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


            [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended   July 31 , 2002
                               -------------------------------------------------

                                       OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to
                               ---------------------      ----------------------

                          Commission File Number 1-4702
                                                --------

                                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.)


641 Lexington Avenue, Sixth Floor, New York, New York               10022
--------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip Code)


Registrant's telephone number, including area code        (212) 705-4700
                                                   -----------------------------
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                   Yes X  No
                                      ---   ---
Number of Shares of Common Stock, par value $.10 per share,  outstanding at July
31, 2002 - 6,577,612.
<PAGE>


                                    FORM 10-Q
                       AMREP CORPORATION AND SUBSIDIARIES

                                      INDEX
                                      -----



PART I.  FINANCIAL INFORMATION                                         PAGE NO.
------                                                                 -------
Item 1.  Consolidated Financial Statements:

         Balance Sheets
            July 31, 2002 and April 30, 2002                              1

         Statements of Operations and Retained Earnings
            Three Months Ended July 31, 2002 and 2001                     2

         Statements of Cash Flows
            Three Months Ended July 31, 2002 and 2001                     3

         Notes to Consolidated Financial Statements                       4

Item 2. Managements Discussion and Analysis                             5 - 7

Item 3. Quantitative and Qualitative Disclosures about Market Risk        7

Item 4. Controls and Procedures                                           8

PART II.  OTHER INFORMATION
-------
Item 6. Exhibits and Reports on Form 8-K                                  9

SIGNATURES                                                                10

CERTIFICATIONS                                                         11 - 13

EXHIBIT INDEX                                                             14




<PAGE>




                          PART 1. FINANCIAL INFORMATION
Item 1.  Financial Statements
-------  --------------------


                       AMREP CORPORATION AND SUBSIDIARIES
                           Consolidated Balance Sheets
               (Thousands, except par value and number of shares)

                                                     July 31,         April 30,
                                                      2002              2002
                                                 --------------   --------------
                                                   (Unaudited)        (Audited)
ASSETS
------
Cash and cash equivalents                       $     15,041    $      15,744
Receivables, net:
   Real estate operations                              7,005            6,630
   Magazine circulation operations                    35,789           34,849
Real estate inventory                                 62,899           62,296
Property, plant and equipment, at cost,
    net of accumulated depreciation
    and amortization of $14,913 at July 31,
    2002 and $14,499 at April 30, 2002                 9,801            9,890
Assets held for sale - net                             5,747            5,853
Other assets                                           9,142            9,235
Excess of cost of subsidiary
   over net assets acquired                            5,191            5,191
                                                ---------------   --------------
                                                $    150,615      $    149,688
                                                ===============   ==============

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Accounts payable                                $     21,548      $    26,349
Accrued expenses                                       6,694            7,518
Notes payable:
   Amounts due within one year                         9,592            3,383
   Amounts subsequently due                           12,174           13,236
                                                ---------------   --------------

                                                      21,766           16,619

Taxes payable                                          1,711            1,127
Deferred income taxes                                  4,596            4,596
                                                ---------------   --------------
                                                      56,315           56,209
                                                ---------------   --------------

Commitments and contingencies

Shareholders' equity:
  Common stock, $.10 par value;
    shares authorized - 20,000,000; shares
    issued -7,403,704 at July 31, 2002
    and 7,399,704 at April 30, 2002                      740              740
  Capital contributed in excess of par value          44,961           44,935
  Retained earnings                                   54,308           53,513
  Treasury stock, at cost; 826,092 shares at
    July 31, 2002 and April 30, 2002                 ( 5,709)          (5,709)
                                                ---------------   --------------
                                                      94,300           93,479
                                                ---------------   --------------
                                                $    150,615      $   149,688
                                                ===============   ==============

                See notes to consolidated financial statements.


                                       1
<PAGE>



                       AMREP CORPORATION AND SUBSIDIARIES
     Consolidated Statements of Operations and Retained Earnings (Unaudited)
                    Three Months Ended July 31, 2002 and 2001
                      (Thousands, except per share amounts)

                                                      2002              2001
                                                ---------------   --------------
REVENUES
--------
Magazine circulation operations                 $     12,166      $    11,598

Real estate operations                                 2,493            7,266

Interest and other operations                          1,351              786
                                                ---------------   --------------
                                                      16,010           19,650
                                                ---------------   --------------

COSTS AND EXPENSES
------------------
Magazine circulation operating expenses                9,872            9,722

Real estate cost of sales                              1,433            6,495

Real estate commissions and selling                      130              150

Other operations                                         671              619

General and administrative:
   Magazine circulation operations                     1,732            1,770
   Real estate operations and corporate                  714              986

Interest expense, net                                    133              516
                                                ---------------   --------------
                                                      14,685           20,258
                                                ---------------   --------------
      Income (loss) before income taxes                1,325             (608)

PROVISION (BENEFIT) FOR  INCOME TAXES                    530             (243)
                                                ---------------   -------------
NET INCOME ( LOSS )                                      795             (365)

RETAINED EARNINGS, beginning of period                53,513           49,815
                                                ---------------   --------------
RETAINED EARNINGS, end of period                $     54,308      $    49,450
                                                ===============   ==============
NET INCOME PER SHARE -
    BASIC AND DILUTED                           $       0.12      $     (0.06)
                                                ===============   ==============
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING                                     6,576            6,574
                                                ===============   ==============

                See notes to consolidated financial statements.

                                       2
<PAGE>


                       AMREP CORPORATION AND SUBSIDIARIES
                Consolidated Statements of Cash Flows (Unaudited)
                    Three Months Ended July 31, 2002 and 2001
                                   (Thousands)


                                                      2002              2001
                                                ---------------   --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ( Loss )                             $        795      $      (365)
                                                ---------------   --------------
Adjustments to reconcile net income
(loss) to net cash provided (used)
by operating activities -
 Depreciation and amortization                           740              650
 Non-cash credits and charges:
   Pension benefit accrual                                (4)             (96)
   Bad debt reserve                                       16               74
 Changes in assets and liabilities -
   Receivables                                        (1,365)          (5,028)
   Real estate inventory                                (603)           3,810
   Other assets                                          (26)            (248)
   Accounts payable and accrued
    expenses                                          (5,629)           1,934
   Taxes payable                                         584             (297)
                                                ---------------   --------------
      Total adjustments                               (6,287)             799
                                                ---------------   --------------
      Net cash provided (used)
       by operating activities                        (5,492)             434
                                                ---------------   --------------
CASH FLOWS FROM INVESTING ACTIVITIES:

   Capital expenditures                                 (384)            (144)
                                                ---------------   --------------
      Net cash used
       by investing activities                          (384)            (144)
                                                ---------------   --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from debt financing                        7,745            6,813
   Principal debt payments                            (2,598)         (12,635)
   Proceeds from exercise of stock options                26                -
                                                ---------------   --------------
      Net cash provided (used)
       by financing activities                         5,173           (5,822)
                                                ---------------   --------------
   Decrease in cash and cash equivalents                (703)          (5,532)

CASH AND CASH EQUIVALENTS,
   beginning of period                                15,744           15,941
                                                ---------------   --------------

CASH AND CASH EQUIVALENTS,
   end of period                                $     15,041      $    10,409
                                                ===============   ==============


SUPPLEMENTAL CASH FLOW INFORMATION:
   Interest paid - net
     of amounts capitalized                     $        133      $       516
                                                ===============   ==============
   Income taxes paid - net of refunds           $        (54)     $        54
                                                ===============   ==============

                See notes to consolidated financial statements.

                                       3
<PAGE>


                       AMREP CORPORATION AND SUBSIDIARIES
             Notes to Consolidated Financial Statements (Unaudited)
                    Three Months Ended July 31, 2002 and 2001

(1)      BASIS OF PRESENTATION
         ---------------------
The  accompanying  unaudited  financial  statements  included  herein  have been
prepared by the Company  pursuant to the rules and regulations of the Securities
and Exchange  Commission for interim financial  information.  The April 30, 2002
balance  sheet  amounts  have  been  derived  from the April  30,  2002  audited
financial  statements of the  Registrant.  Since the  accompanying  consolidated
financial  statements do not include all the information and footnotes  required
by accounting  principles  generally  accepted in the United States for complete
financial statements,  it is suggested that they be read in conjunction with the
audited  consolidated  financial  statements  and notes thereto  included in the
Registrant's 2002 Annual Report on Form 10-K. In the opinion of management,  the
accompanying  unaudited financial statements include all adjustments,  which are
of a normal recurring  nature,  necessary to reflect a fair  presentation of the
results for the interim  periods  presented.  The results of operations for such
interim periods are not necessarily indicative of the results to be expected for
the full fiscal year.

(2)      INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT
         -------------------------------------------------------
         INDUSTRY SEGMENTS
         -----------------
The following tables set forth summarized data relative to the industry segments
in which the Company  operates for the three month  periods  ended July 31, 2002
and 2001.  Certain  amounts  included in "Interest and other  operations" on the
Consolidated  Statements  of  Operations  are  classified  below within the land
operations  and  homebuilding  segments,  depending  upon the nature of business
activity.  In  addition,  certain  prior year  amounts with respect to corporate
allocations  have been  reclassified  to  conform to the 2002  presentation  and
methodology of allocations.

<Table>
THREE MONTHS                           Land        Home                                 Corporate
                                    Operations   Building   Distribution  Fulfillment   and Other   Consolidated
<S>                               <C>            <C>         <C>            <C>          <C>          <C>
July 2002 (Thousands):
   Revenues                       $     2,829    $     -     $    3,492     $  8,674     $  1,015      $  16,010
   Expenses(excluding interest)         2,271          -          2,959        8,820          502         14,552
   Interest expense, net                    -          -             64           10           59            133
                                  -------------  ----------  ------------   ----------   ----------    -----------
   Pretax income (loss)
    contribution                  $       558    $     -     $      469     $   (156)    $    454      $   1,325
                                  =============  ==========  ============   ==========   ==========    ===========
   Identifiable Assets            $    73,408    $     -     $   36,337     $ 22,429     $ 18,441      $ 150,615
------------------------------------------------------------------------------------------------------------------

July 2001 (Thousands):
   Revenues                       $     7,509    $    16     $    3,567     $  8,031     $    527      $  19,650
   Expenses(excluding interest)         7,464        164          3,283        8,209          622         19,742
   Interest expense, net                   45          -            351           83           37            516
                                  -------------  ----------  ------------   ----------   ----------    -----------
   Pretax income (loss)
     contribution                 $         -    $  (148)    $      (67)    $   (261)    $   (132)     $    (608)
                                  =============  ==========  ============   ==========   ==========    ===========
   Identifiable Assets            $    81,747    $ 2,208     $   43,651     $ 20,436     $ 12,252      $ 160,294

</TABLE>
                                       4
<PAGE>

                       AMREP CORPORATION AND SUBSIDIARIES

Item 2.     Management's Discussion and Analysis of Financial Condition
-------     -----------------------------------------------------------
            and Results of Operations
            -------------------------
RESULTS OF OPERATIONS
---------------------
Three Months ended July 31, 2002 Compared to the Three Months ended July 31,2001
--------------------------------------------------------------------------------

Total revenues from magazine circulation  operations of the Company's Kable News
Company  ("Kable")  subsidiary  were $12.2  million  for its  fiscal  2003 first
quarter  ended July 31, 2002  compared to $11.6  million in the first quarter of
the prior  fiscal year.  Revenues  from Kable's  Fulfillment  Services  business
increased  8%, from $8.0 million in the first quarter of 2002 to $8.7 million in
the first  quarter of 2003,  primarily as a result of revenue  contributed  from
several new clients.  Revenues  from Kable's  Newsstand  Distribution  Services'
business  decreased 2% in the first  quarter of fiscal  2003,  from $3.6 million
last year to $3.5 million in the current year, as the result of a modest decline
in magazine sales for existing  customers.  The operating margin  contributed by
Kable improved as operating expenses  increased  approximately  1.5%,  primarily
because of variable  cost  increases of  fulfillment  activities  related to new
business, which increases were offset in part by the elimination or reduction of
certain costs in newsstand  operations  that had been incurred in the prior year
in connection with the start-up of internet and other activities.

Revenues  from land sales  decreased  from $7.3  million in fiscal  2002's first
quarter to $2.5 million in the same quarter this year,  as the result of a large
land sale in California  made last year as part of the  Company's  restructuring
program to dispose of all assets in markets outside of New Mexico. Although this
sale generated  revenue of approximately $5 million,  it contributed very modest
profits  and,  as a result,  gross  profits  from real  estate  operations  were
approximately  $290,000  higher in the current fiscal year even though  revenues
were lower. The gross profit on land sales in the Company's  principal market of
Rio Rancho,  New Mexico was 44% in the first  quarter of 2003 compared to 35% in
the same period last year.  Revenues and related  gross  profits from land sales
can vary from period to period as a result of many factors, including the nature
and timing of specific transactions,  and thus prior results are not necessarily
an indication of amounts that may be expected to occur in future periods.

Real estate  commissions  and selling  expenses  are  primarily  related to land
sales, and decreased from $150,000 in the first quarter last year to $130,000 in
the first  quarter  of fiscal  2003.  These  costs can vary  depending  upon the
specific parcels and tracts of land sold. Real estate and corporate  general and
administrative  expenses  also  decreased  from $986,000 in the first quarter of
2002 to  $714,000  in the first  quarter  of 2003 as a result of the  continuing
effects of the Company's  downsizing of  administrative  functions.  General and
administrative costs of magazine circulation operations decreased  approximately
2%, from $1.8 million in the first  quarter of 2002 to $1.7 million in the first

                                       5
<PAGE>

quarter of the  current  year,  which  reflected  continuing  benefits of a cost
reduction  program  implemented   throughout  Kable,   particularly  within  the
Distribution  Services business, as well as the elimination of costs incurred in
the prior year in connection with the start-up of internet-related and other new
business opportunities.

Revenues  associated with interest and other operations  increased from $786,000
in the first quarter last year to $1,351,000 in the first quarter of the current
fiscal  year,  primarily as the result of the receipt of interest of $344,000 in
connection  with a tax refund claim  settled  during the  quarter.  In addition,
revenues in the Company's water utility subsidiary  increased by $125,000 as the
result of an increase in rates, and the real estate subsidiary  concluded a sale
of certain impact fee credits  associated  with its  development  activities for
$194,000.  The  related  costs of these other  operations  also  increased  from
$619,000 in 2002 to $671,000 this year,  principally due to additional operating
costs of the water utility.

Interest expense net of amounts capitalized decreased from $516,000 in the first
quarter of fiscal  2002 to  $133,000  in the first  quarter of fiscal  2003 as a
result  of lower  average  borrowing  levels in both real  estate  and  magazine
circulation operations and a decrease in average interest rates.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
During the past several  years,  the Company has financed  its  operations  from
internally generated funds from land sales and magazine circulation  operations,
and from  borrowings  under its various  lines-of  credit and  development  loan
agreements.

Cash Flows From Financing Activities
------------------------------------
The  Company's  subsidiaries  have  line of  credit  arrangements  with  several
financial  institutions which are  collateralized by various assets.  Based upon
collateral  availability,  the Company's subsidiaries had an aggregate borrowing
availability  of $33.2  million at July 31, 2002 against which $19.2 million had
been borrowed.

Kable News  Company  has an  agreement  with a bank which  allows the Company to
borrow up to $20 million based upon a prescribed percentage of eligible accounts
receivable,  as defined.  This line of credit bears interest at the bank's prime
rate (4.75% at July 31, 2002) plus .75%, and is  collateralized by substantially
all of Kable's  assets.  At July 31, 2002,  Kable had borrowing  availability of
$17.9 million, against which borrowings of $8.4 million were outstanding. During
the quarter ended July 31, 2002,  Kable  entered into an additional  arrangement
with a bank for a $4.6 million credit line to be used for and  collateralized by
specific  capital  expenditures.  At July 31,  2002,  the Company  had  borrowed
approximately  $3.6 million under this agreement at an average  interest rate of
5.6%, with principal payments due over a three to four year term.

The Company  also has several  loans to support  real estate  operations  in New
Mexico.  These loans bear  interest at the bank's  prime rate (4.75% at July 31,



                                       6
<PAGE>

2002) and are collateralized by certain real estate assets. At July 31, 2002 the
maximum  available  under real estate  lines-of-credit  totaled  $10.7  million,
against which borrowings of $7.2 million were outstanding.

Cash Flows From Operating Activities
------------------------------------
Real estate  inventory  amounted to $62.3  million at April 30, 2002 compared to
$62.9  million at July 31,  2002.  This  change is the net result of  additional
development  work  at  Rio  Rancho,   New  Mexico.   Receivables  from  magazine
circulation  operations  increased from $34.8 million at April 30, 2002 to $35.8
million at July 31, 2002,  primarily as the result of the timing of distribution
billings.  Accounts  payable  decreased  from $26.3 million at April 30, 2002 to
$21.5  million  at July 31,  2002  primarily  due to the  timing  of  month  end
payments.

Application of Critical Accounting Policies
-------------------------------------------
The  preparation  of  consolidated   financial  statements  in  conformity  with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the amounts reported in
the financial  statements.  The significant  estimates that affect the financial
statements of the Company include,  but are not limited to, inventory  valuation
judgments  for real estate  operations,  sales  percentage  and magazine  return
estimates  for  magazine  circulation  operations,  and  the  recoverability  of
long-term assets and amortization  periods for all business  operations.  Actual
results could differ from those estimates.  There has been no significant effect
on the  financial  condition or results of  operations as a result of changes in
policies or estimates.

Statement of Forward-Looking Information
----------------------------------------
Certain information included herein and in other statements, reports and filings
with the  Securities  and  Exchange  Commission  is  forward-looking  within the
meaning of the Private Securities Litigation Reform Act of 1995. Refer to Item 7
of the Company's  Annual Report on Form 10-K for the fiscal year ended April 30,
2002 for a discussion of the assumptions  and factors on which these  statements
are based.  Any changes in the actual outcome of these  assumptions  and factors
could produce significantly different results;  accordingly, all forward-looking
statements  should  be  evaluated  with  the  understanding  of  their  inherent
uncertainty.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk
-------  ----------------------------------------------------------
There have been no material  changes to the Company's  market risk for the three
month  period ended July 31, 2002.  Refer to Item 7(A) of the  Company's  Annual
Report on Form 10-K for the fiscal  year  ended  April 30,  2002 for  additional
information  regarding  quantitative  and qualitative  disclosures  about market
risk.

                                       7
<PAGE>

Item 4.   Controls and Procedures
-------   -----------------------
 (a)      Not applicable.

 (b)      Internal controls were most recently evaluated in connection with the
          audit of the Company's financial  statements for the fiscal year ended
          April 30,  2002,  and there  have been no  significant  changes in the
          internal controls or in other factors that could significantly  affect
          these controls since that time.


                                       8
<PAGE>





                                     PART II
                                     -------
                                Other Information
                                -----------------


Item 6.   Exhibits and Reports on Form 8-K
-------   --------------------------------
  (a)     Exhibits
          --------

          99.1  Certification  Pursuant to 18 U.S.C.  Section 1350 as enacted by
          Section 906 of the Sarbanes-Oxley Act of 2002.


  (b)     Reports on Form 8-K
          -------------------

          No  reports on Form 8-K were filed by  Registrant  during the  quarter
          ended July 31, 2002.




                                       9
<PAGE>


                                    FORM 10-Q

                       AMREP CORPORATION AND SUBSIDIARIES

                                   SIGNATURES
                                   ----------


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
     Registrant  duly  caused  this  report to be  signed  on its  behalf by the
     undersigned thereunto duly authorized.




                                                         AMREP CORPORATION
                                                            (Registrant)






     Dated:    September 13, 2002                    By:     /s/  Peter M. Pizza
                                                             -------------------
                                                             Peter M. Pizza
                                                             Chief Financial
                                                             Officer (Principal
                                                             Financial and
                                                             Accounting Officer)




                                       10
<PAGE>


CERTIFICATIONS
--------------
I, Peter M. Pizza, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of AMREP Corporation;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report.


Dated:  September 13, 2002



/s/ Peter M. Pizza
--------------------------------
Peter M. Pizza
Title:   Chief Financial Officer





                                       11
<PAGE>


CERTIFICATIONS
--------------
I, James Wall, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of AMREP Corporation;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report.


Dated:  September 13, 2002


/s/ James Wall
--------------------------------
James Wall
Title:  *


_______________________
* The Company is a holding company which does  substantially all of its business
through  two  wholly-owned   subsidiaries   (and  their   subsidiaries).   Those
wholly-owned  subsidiaries  are AMREP  Southwest  Inc.  ("ASW")  and Kable  News
Company, Inc. ("Kable"). Mr. Wall is the principal executive officer of ASW, and
Mr. Duloc is the principal  executive officer of Kable. The Company has no chief
executive  officer and its only  executive  officers are James Wall and Peter M.
Pizza.  Mr. Wall is a Vice  President  of the  Company  and Mr.  Pizza is a Vice
President and Chief Financial Officer of the Company.



                                       12
<PAGE>


CERTIFICATIONS
--------------
I, Michael P. Duloc, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of AMREP Corporation;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report.


Dated:  September 13, 2002

/s/ Michael P. Duloc
--------------------------------
Michael P. Duloc
Title:  *



_______________________
* The Company is a holding company which does  substantially all of its business
through  two  wholly-owned   subsidiaries   (and  their   subsidiaries).   Those
wholly-owned  subsidiaries  are AMREP  Southwest  Inc.  ("ASW")  and Kable  News
Company, Inc. ("Kable"). Mr. Wall is the principal executive officer of ASW, and
Mr. Duloc is the principal  executive officer of Kable. The Company has no chief
executive  officer and its only  executive  officers are James Wall and Peter M.
Pizza.  Mr. Wall is a Vice  President  of the  Company  and Mr.  Pizza is a Vice
President and Chief Financial Officer of the Company.







                                       13
<PAGE>






                       AMREP CORPORATION AND SUBSIDIARIES



                                  EXHIBIT INDEX
                                  -------------


         Exhibit No.                      Description
         ----------     --------------------------------------------------------
           99.1         Certification  Pursuant to 18 U.S.C. Section 1350 as
                        enacted by Section 906 of the Sarbanes-Oxley Act of 2002



                                       14