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

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

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

|                                                                           |                                                                    |                                      | AMREP CORPORATION AND SUBSIDIARIES |   |   |   |
|--------------------------------------------------------------------------------|-------------------------------------------------------------------------|-------------------------------------------|------------------------------------|--------|--------|--------|
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
|                                                                           |                                                                    |                                      |                               | INDEX  |   |   |   |   |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| PART I.  FINANCIAL INFORMATION                                       |                                                                    |                                      | PAGE NO.                           |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| Item 1.  Financial Statements                                        |                                                                    |                                      |                               |   |   |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
|                                                                           | Consolidated Balance Sheets (Unaudited)                                 |                                      |                               |   |
|                                                                           |                                                                    | July 31, 2012 and April 30, 2012          |                               |   | 1      |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
|                                                                           | Consolidated Statements of Operations and Retained Earnings (Unaudited) |                                      |
|                                                                           |                                                                    | Three Months Ended July 31, 2012 and 2011 | 2                                  |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
|                                                                           | Consolidated Statements of Cash Flows (Unaudited)                       |                                      |                               |
|                                                                           |                                                                    | Three Months Ended July 31, 2012 and 2011 |                               | 3      |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
|                                                                           | Notes to Consolidated Financial Statements                              |                                      | 4                                  |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| Item 2.  Management's Discussion and Analysis of Financial Condition |                                                                    |
|                                                                           |                                                                    | and Results of Operations                 |                               |   |   | 10     |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| Item 4.  Controls and Procedures                                     |                                                                    |                                      |                               | 16     |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| PART II.  OTHER INFORMATION                                          |                                                                    |                                      |                               |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| Item 1.  Legal Proceedings                                                |                                                                    |                                      |                               |   | 17     |
|                                                                           |                                                                    |                                      |                               |   |   |   |
| Item 6.  Exhibits                                                    |                                                                    |                                      |                               |   |   | 17     |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| SIGNATURE                                                                      |                                                                    |                                      |                               |   |   | 18     |
|                                                                           |                                                                    |                                      |                               |   |   |   |   |   |
| EXHIBIT INDEX                                                                  |                                                                    |                                      |                               |   | 19     |

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

|                                                                                  |   |               |    |   |                |   |
|---------------------------------------------------------------------------------------|--------|--------------------|---------|--------|---------------------|--------|
|                                                                                  |   | July 31, 2012 |    |   | April 30, 2012 |   |
|                                                                                  |   |               |    |   |                |   |
| ASSETS:                                                                               |   |               |    |   |                |   |
| Cash and cash equivalents                                                             |   | $                  | 22,006  |   |                | $      | 27,847 |   |
| Receivables, net:                                                                     |   |               |    |   |                |   |   |   |
|   Media Services operations                                                 |   |               | 47,760  |   |                |   | 40,544 |   |
|   Real estate operations and corporate                                      |   |               | 55      |   |                |   | 55 |   |
|                                                                                  |   |               | 47,815  |   |                |   | 40,599 |   |
|                                                                                  |   |               |    |   |                |   |   |   |
| Real estate inventory                                                                 |   |               | 75,479  |   |                |   | 75,401 |   |
| Investment assets, net                                                                |   |               | 11,093  |   |                |   | 11,262 |   |
| Property, plant and equipment, net                                                    |   |               | 25,422  |   |                |   | 25,924 |   |
| Intangible and other assets, net                                                      |   |               | 13,211  |   |                |   | 13,980 |   |
| Deferred income taxes                                                                 |   |               | 8,393   |   |                |   | 8,026 |   |
|      TOTAL ASSETS                                            |   | $                  | 203,419 |   |                | $      | 203,039 |   |
|                                                                                  |   |               |    |   |                |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY:                                                 |   |               |    |   |                |   |   |   |
| LIABILITIES:                                                                          |   |               |    |   |                |   |   |   |
| Accounts payable, net and accrued expenses                                            |   | $                  | 85,222  |   |                | $      | 85,720 |   |
| Notes payable:                                                                        |   |               |    |   |                |   |   |   |
|  Amounts due within one year                                                     |   |               | 18,791  |   |                |   | 16,974 |   |
|  Amounts subsequently due                                                        |   |               | 4,316   |   |                |   | 4,351 |   |
|                                                                                  |   |               | 23,107  |   |                |   | 21,325 |   |
|                                                                                  |   |               |    |   |                |   |   |   |
| Taxes payable                                                                         |   |               | 363     |   |                |   | 435 |   |
| Other liabilities                                                                     |   |               | 3,253   |   |                |   | 3,237 |   |
| Accrued pension cost                                                                  |   |               | 17,437  |   |                |   | 17,677 |   |
|     TOTAL LIABILITIES                                             |   |               | 129,382 |   |                |   | 128,394 |   |
|                                                                                  |   |               |    |   |                |   |   |   |
| SHAREHOLDERS’ EQUITY:                                                           |   |               |    |   |                |   |   |   |
| Common stock, $.10 par value;                                                         |   |               |    |   |                |   |   |   |
|     Shares authorized – 20,000,000; 7,420,704 shares issued |   |               | 742     |   |                |   | 742 |   |
| Capital contributed in excess of par value                                            |   |               | 46,100  |   |                |   | 46,100 |   |
| Retained earnings                                                                     |   |               | 66,150  |   |                |   | 66,758 |   |
| Accumulated other comprehensive loss, net                                             |   |               | (12,298 | )      |                |   | (12,298 | ) |
| Treasury stock, at cost; 1,424,492 shares                                             |   |               | (26,657 | )      |                |   | (26,657 | ) |
|      TOTAL SHAREHOLDERS’ EQUITY                        |   |               | 74,037  |   |                |   | 74,645 |   |
|      TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY        |   | $                  | 203,419 |   |                | $      | 203,039 |   |
|                                                                                  |   |               |    |   |                |   |   |   |

| AMREP CORPORATION AND SUBSIDIARIES                                       |   |
|--------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited)  |   |
| Three Months Ended July 31, 2012 and 2011                                |   |
| (Thousands, except per share amounts)                                    |   |
|                                                                     |   |   |   |   |   |   |
|                                                                     |   | 2012 |   |   | 2011 |   |
| REVENUES:                                                                |   |   |   |   |   |   |
| Media Services operations                                                |   | $ | 19,588 |   |   | $ | 21,377 |   |
| Real estate land sales                                                   |   |   | -   |   |   |   | 108 |   |
| Interest and other                                                       |   |   | 8 |   |   |   | 8 |   |
|                                                                     |   |   | 19,596 |   |   |   | 21,493 |   |
| COSTS AND EXPENSES:                                                      |   |   |   |   |   |   |   |   |
| Real estate land sales (including indirect costs)                        |   |   | 74 |   |   |   | 74 |   |
| Operating expenses:                                                      |   |   |   |   |   |   |   |   |
|       Media Services operations            |   |   | 16,367 |   |   |   | 17,816 |   |
|       Real estate selling and commissions  |   |   | 54 |   |   |   | 59 |   |
|       Other                                |   |   | 403 |   |   |   | 349 |   |
| General and administrative:                                              |   |   |   |   |   |   |   |   |
|       Media Services operations            |   |   | 2,089 |   |   |   | 2,201 |   |
|       Real estate operations and corporate |   |   | 1,072 |   |   |   | 1,036 |   |
| Impairment of assets                                                     |   |   | 169 |   |   |   | -   |   |
| Interest expense                                                         |   |   | 327 |   |   |   | 385 |   |
|                                                                     |   |   | 20,555 |   |   |   | 21,920 |   |
| LOSS BEFORE INCOME TAXES                                                 |   |   | (959 | ) |   |   | (427 | ) |
|                                                                     |   |   |   |   |   |   |   |   |
| BENEFIT FOR INCOME TAXES                                                 |   |   | (351 | ) |   |   | (148 | ) |
| NET LOSS                                                                 |   |   | (608 | ) |   |   | (279 | ) |
|                                                                     |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                   |   |   | 66,758 |   |   |   | 67,901 |   |
| RETAINED EARNINGS, end of period                                         |   | $ | 66,150 |   |   | $ | 67,622 |   |
|                                                                     |   |   |   |   |   |   |   |   |
| LOSS PER SHARE – BASIC AND DILUTED                                 |   | $ | (0.10 | ) |   | $ | (0.05 | ) |
|                                                                     |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER OF COMMON                                        |   |   |   |   |   |   |   |   |
| SHARES OUTSTANDING                                                       |   |   | 5,996 |   |   |   | 5,996 |   |
|                                                                     |   |

| AMREP CORPORATION AND SUBSIDIARIES                                                               |   |
|--------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Cash Flows (Unaudited)                                                |   |
| Three Months Ended July 31, 2012 and 2011                                                        |   |
| (Thousands)                                                                                      |   |
|                                                                                             |   | 2012 |   |   | 2011 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                            |   |   |   |   |
|   Net loss                                                                        |   | $ | (608 | ) |   | $ | (279 | ) |
|   Adjustments to reconcile net loss to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
|     Impairment of assets                                                          |   |   | 169 |   |   |   | -   |   |
|  Depreciation and amortization                                                              |   |   | 956 |   |   |   | 1,365 |   |
|  Non-cash credits and charges:                                                              |   |   |   |   |   |   |   |   |
| Pension accrual                                                                                  |   |   | (240 | ) |   |   | (17 | ) |
| Provision for doubtful accounts                                                             |   |   | 19 |   |   |   | 2 |   |
| Loss on disposition of assets, net                                                               |   |   |   -   |   |   |   | 118 |   |
|  Changes in assets and liabilities:                                                         |   |   |   |   |   |   |   |   |
|    Receivables                                                                    |   |   | (7,235 | ) |   |   | 1,409 |   |
|    Real estate inventory and investment assets                                    |   |   | (78 | ) |   |   | (126 | ) |
|    Intangible and other assets                                                    |   |   | 345 |   |   |   | 408 |   |
|    Accounts payable and accrued expenses                                          |   |   | (498 | ) |   |   | (48 | ) |
|          Taxes payable                                   |   |   | (72 | ) |   |   | (496 | ) |
|    Deferred income taxes and other long-term liabilities                          |   |   | (351 | ) |   |   | 293 |   |
|     Total adjustments                                                        |   |   | (6,985 | ) |   |   | 2,908 |   |
|     Net cash provided by (used in) operating activities                      |   |   | (7,593 | ) |   |   | 2,629 |   |
|  CASH FLOWS FROM INVESTING ACTIVITIES:                                                      |   |   |   |   |   |   |   |   |
|     Capital expenditures - property, plant and equipment                          |   |   | (30 | ) |   |   | (528 | ) |
|     Proceeds from the disposition of assets                                  |   |   | -  |   |   |   | 96 |   |
|     Net cash used in investing activities                                    |   |   | (30 | ) |   |   | (432 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                            |   |   |   |   |   |   |   |   |
|  Proceeds from debt financing                                                               |   |   | 2,439 |   |   |   | 3,370 |   |
|     Principal debt payments                                                  |   |   | (657 | ) |   |   | (4,035 | ) |
|     Net cash provided by (used in) financing activities                      |   |   | 1,782 |   |   |   | (665 | ) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                 |   |   | (5,841 | ) |   |   | 1,532 |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                              |   |   | 27,847 |   |   |   | 25,756 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                                    |   | $ | 22,006 |   |   | $ | 27,288 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                                                               |   |   |   |   |   |   |   |   |
| Interest paid – net of amounts capitalized                                                 |   | $ | 456 |   |   | $ | 373 |   |
| Income taxes paid – net of refunds                                                         |   | $ | 72 |   |   | $ | 54 |   |
|                                                                                             |   |   |   |   |   |   |   |   |

|                                                                                    |   | July 31, 2012 |   |   | April 30, 2012 |   |
|-----------------------------------------------------------------------------------------|--------|--------------------|--------|--------|---------------------|--------|
| Media Services operations:                                                              |   |               |   |   |                |   |
|      Subscription Fulfillment Services                         |   | $                  | 12,190 |   |                | $      | 11,989 |   |
|      Newsstand Distribution Services, net of estimated returns |   |               | 33,235 |   |                |   | 26,438 |   |
|      Product Services and Other                                |   |               | 2,753  |   |                |   | 2,698 |   |
|                                                                                    |   |               | 48,178 |   |                |   | 41,125 |   |
|      Less allowance for doubtful accounts                      |   |               | (418   | )      |                |   | (581 | ) |
|                                                                                    |   | $                  | 47,760 |   |                | $      | 40,544 |   |
|                                                                                    |   |               |   |   |                |   |   |   |
| Real estate operations and corporate:                                                   |   |               |   |   |                |   |   |   |
|      Mortgage notes and other receivables                      |   | $                  | 55     |   |                | $      | 55 |   |
|      Less allowance for doubtful accounts                      |   |               | -      |   |                |   | - |   |
|                                                                                    |   | $                  | 55     |   |                | $      | 55 |   |

|                                       |   | July 31,2012 |   |   | April 30,2012 |   |
|--------------------------------------------|--------|--------------|--------|--------|---------------|--------|
| Land held for long-term investment         |   | $            | 10,769 |   |          | $      | 10,769 |   |
|                                       |   |         |   |   |          |   |   |   |
| Other                                      |   |         | 753    |   |          |   | 753 |   |
| Less accumulated depreciation and reserves |   |         | (429   | )      |          |   | (260 | ) |
|                                       |   |         | 324    |   |          |   | 493 |   |
|                                       |   | $            | 11,093 |   |          | $      | 11,262 |   |

|                             |   | July 31, |    |   | April 30, |   |
|----------------------------------|--------|----------|---------|--------|-----------|--------|
|                             |   | 2012     |    |   | 2012      |   |
| Land, buildings and improvements |   | $        | 29,628  |   |      | $      | 29,624 |   |
| Furniture and equipment          |   |     | 22,862  |   |      |   | 22,836 |   |
|                             |   |     | 52,490  |   |      |   | 52,460 |   |
| Less accumulated depreciation    |   |     | (27,068 | )      |      |   | (26,536 | ) |
|                             |   | $        | 25,422  |   |      | $      | 25,924 |   |

|                                 |   | July 31, 2012 |   |   | April 30, 2012          |   |
|--------------------------------------|--------|---------------|--------|--------|-------------------------|--------|
|                                 |   | Cost          |   |   | AccumulatedAmortization |   |   | Cost |   |   | AccumulatedAmortization |   |
|                                 |   |          |   |   |                    |   |   |   |   |   |   |   |
| Software development costs           |   | $             | 1,964  |   |                    | $      | 1,930 |   |   | $ | 1,964 |   |   | $ | 1,905 |   |
| Deferred order entry costs           |   |          | 1,258  |   |                    |   | - |   |   |   | 1,320 |   |   |   | - |   |
| Prepaid expenses                     |   |          | 2,993  |   |                    |   | - |   |   |   | 3,315 |   |   |   | - |   |
| Customer contracts and relationships |   |          | 15,000 |   |                    |   | 6,924 |   |   |   | 15,000 |   |   |   | 6,612 |   |
| Other                                |   |          | 1,682  |   |                    |   | 832 |   |   |   | 1,671 |   |   |   | 773 |   |
|                                 |   | $             | 22,897 |   |                    | $      | 9,686 |   |   | $ | 23,270 |   |   | $ | 9,290 |   |

|                    |   | July 31, 2012 |   |   | April 30,2012 |   |
|-------------------------|--------|--------------------|--------|--------|---------------|--------|
| Publisher payables, net |   | $                  | 75,647 |   |          | $      | 75,982 |   |
| Accrued expenses        |   |               | 2,837  |   |          |   | 3,527 |   |
| Trade payables          |   |               | 1,983  |   |          |   | 2,042 |   |
| Other                   |   |               | 4,755  |   |          |   | 4,169 |   |
|                    |   | $                  | 85,222 |   |          | $      | 85,720 |   |

|                                        |   | July 31,2012 |   |   | April 30,2012 |   |
|---------------------------------------------|--------|--------------|--------|--------|---------------|--------|
| Credit facilities:                          |   |         |   |   |          |   |
|    Media Services operations |   | $            | 2,440  |   |          | $      | - |   |
|    Real estate operations    |   |         | 16,214 |   |          |   | 16,839 |   |
| Other notes payable                         |   |         | 4,453  |   |          |   | 4,486 |   |
|                                        |   | $            | 23,107 |   |          | $      | 21,325 |   |

|                                  |   | SubscriptionFulfillmentServices |   |   | NewsstandDistributionServices |   |   | ProductServices andOther(Kable) |   |   | Real EstateOperations |   |   | CorporateandOther |   |   |   Consolidated |   |
|---------------------------------------|--------|---------------------------------|--------|--------|-------------------------------|--------|--------|---------------------------------|--------|--------|-----------------------|--------|--------|-------------------|--------|--------|--------------------------|--------|
| Three months ended July 31, 2012 (a): |   |                            |   |   |                          |   |   |                            |   |   |                  |   |   |              |   |   |                     |   |
| Revenues                              |   | $                               | 13,602 |   |                          | $      | 2,339  |                            |   | $      | 3,647                 |   |   | $                 | 74     |   |                     | $      | (66 | ) |   | $ | 19,596 |   |
|                                  |   |                            |   |   |                          |   |   |                            |   |   |                  |   |   |              |   |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                     |   |                            | (243   | )      |                          |   | 152    |                            |   |   | 127                   |   |   |              | (965   | )      |                     |   | 321 |   |   |   | (608 | ) |
| Provision (benefit) for income taxes  |   |                            | (143   | )      |                          |   | 113    |                            |   |   | 75                    |   |   |              | (564   | )      |                     |   | 168 |   |   |   | (351 | ) |
| Interest expense (income), net (b)    |   |                            | 527    |   |                          |   | (353   | )                               |   |   | 27                    |   |   |              | 486    |   |                     |   | (360 | ) |   |   | 327 |   |
| Depreciation and amortization         |   |                            | 736    |   |                          |   | 103    |                            |   |   | 61                    |   |   |              | 20     |   |                     |   | 36 |   |   |   | 956 |   |
| Impairment of assets                  |   |                            | -      |   |                          |   | -      |                            |   |   | -                     |   |   |              | 169    |   |                     |   | - |   |   |   | 169 |   |
| EBITDA (c)                            |   | $                               | 877    |   |                          | $      | 15     |                            |   | $      | 290                   |   |   | $                 | (854   | )      |                     | $      | 165 |   |   | $ | 493 |   |
|                                  |   |                            |   |   |                          |   |   |                            |   |   |                  |   |   |              |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                  |   | $                               | 30     |   |                          | $      | -      |                            |   | $      | -                     |   |   | $                 | -      |   |                     | $      | - |   |   | $ | 30 |   |
|                                  |   |                            |   |   |                          |   |   |                            |   |   |                  |   |   |              |   |   |                     |   |   |   |   |   |   |   |
| Three months ended July 31, 2011 (a): |   |                            |   |   |                          |   |   |                            |   |   |                  |   |   |              |   |   |                     |   |   |   |   |   |   |   |
| Revenues                              |   | $                               | 16,676 |   |                          | $      | 2,347  |                            |   | $      | 2,354                 |   |   | $                 | 182    |   |                     | $      | (66 | ) |   | $ | 21,493 |   |
|                                  |   |                            |   |   |                          |   |   |                            |   |   |                  |   |   |              |   |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                     |   |                            | 364    |   |                          |   | 30     |                            |   |   | (156                  | )      |   |              | (760   | )      |                     |   | 243 |   |   |   | (279 | ) |
| Provision (benefit) for income taxes  |   |                            | 214    |   |                          |   | 48     |                            |   |   | (92                   | )      |   |              | (444   | )      |                     |   | 126 |   |   |   | (148 | ) |
| Interest expense (income), net (b)    |   |                            | 583    |   |                          |   | (346   | )                               |   |   | 31                    |   |   |              | 395    |   |                     |   | (278 | ) |   |   | 385 |   |
| Depreciation and amortization         |   |                            | 1,107  |   |                          |   | 137    |                            |   |   | 64                    |   |   |              | 20     |   |                     |   | 37 |   |   |   | 1,365 |   |
| EBITDA (c)                            |   | $                               | 2,268  |   |                          | $      | (131   | )                               |   | $      | (153                  | )      |   | $                 | (789   | )      |                     | $      | 128 |   |   | $ | 1,323 |   |
|                                  |   |                            |   |   |                          |   |   |                            |   |   |                  |   |   |              |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                  |   | $                               | 487    |   |                          | $      | 41     |                            |   | $      | -                     |   |   | $                 | -      |   |                     | $      | - |   |   | $ | 528 |   |

| (a)   | Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations.  Corporate revenue is net of an intercompany revenue elimination. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Interest expense (income), net for Newsstand Distribution Services and Corporate and Other principally includes inter-segment interest income that is eliminated in consolidation. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|  Contractual Obligations |   | Total  |   |   | Less than1 year |   |   | 1 – 3years |   |   | 3 – 5years |   |   | More than5 years |   |
|-------------------------------|--------|--------|--------|--------|-----------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|
|                          |   |   |   |   |            |   |   |             |   |   |             |   |   |             |   |
| Notes payable                 |   | $      | 23,107 |   |            | $      | 18,791 |             |   | $      | 259              |   |   | $                | 280    |   |   | $ | 3,777 |   |
| Operating leases and other    |   |   | 19,374 |   |            |   | 9,086  |             |   |   | 9,874            |   |   |             | 414    |   |   |   | - |   |
| Total                         |   | $      | 42,481 |   |            | $      | 27,877 |             |   | $      | 10,133           |   |   | $                | 694    |   |   | $ | 3,777 |   |

| Exhibit No. | Description                                                                                                      |
|-------------|-----------------------------------------------------------------------------------------------------------------------|
| 10.1        | Incentive compensation plan for Michael P. Duloc for fiscal 2012. (i)                                                 |
| 31.1        | Certification of the chief executive officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934.    |
| 31.2        | Certification of the chief financial officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934.    |
| 32          | Certification of the chief executive officer and chief financial officer required pursuant to 18 U.S.C. Section 1350. |

| Date:  September 13, 2012 | AMREP CORPORATION(Registrant)                                                                                                                                                                                                                                                                                   |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                | By:  /s/  Peter M. Pizza                                             |
|                                | Peter M. PizzaVice President and Chief Financial Officer(Principal Financial and Accounting Officer)                                                                                                                                                                                                                 |

| Exhibit No. | Description                                                                                                      |
|-------------|-----------------------------------------------------------------------------------------------------------------------|
| 10.1        | Incentive compensation plan for Michael P. Duloc for fiscal 2012. (i)                                                 |
| 31.1        | Certification of the chief executive officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934.    |
| 31.2        | Certification of the chief financial officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934.    |
| 32          | Certification of the chief executive officer and chief financial officer required pursuant to 18 U.S.C. Section 1350. |