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

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

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

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

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

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

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

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

| PART I.  FINANCIAL INFORMATION                                                                                                                                                          | PAGE NO. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                                                                                              |     |
| Item 1.  Financial Statements                                                                                                                                                           |     |
|                                                                                                                                                                                              |     |
|  Consolidated Balance Sheets (Unaudited)  January 31, 2011 and April 30, 2010                                                                                                      |  1  |
|                                                                                                                                                                                              |     |
|  Consolidated Statements of Operations and Retained Earnings  (Unaudited) Three Months Ended January 31, 2011 and 2010                                                             |  2  |
|                                                                                                                                                                                              |     |
|  Consolidated Statements of Operations and Retained Earnings  (Unaudited) Nine Months Ended January 31, 2011 and 2010                                                              |  3  |
|                                                                                                                                                                                              |     |
|              Consolidated Statements of Cash Flows (Unaudited)  Nine Months Ended January 31, 2011 and 2010                 |  4  |
|                                                                                                                                                                                              |     |
|  Notes to Consolidated Financial Statements                                                                                                                                                  | 5        |
|                                                                                                                                                                                              |     |
| Item 2.  Management’s Discussion and Analysis of Financial Condition              and Results of Operations |  11 |
|                                                                                                                                                                                              |     |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk                                                                                                                     | 19       |
|                                                                                                                                                                                              |     |
| Item 4.  Controls and Procedures                                                                                                                                                        | 19       |
|                                                                                                                                                                                              |     |
| PART II.  OTHER INFORMATION                                                                                                                                                             |     |
|                                                                                                                                                                                              |     |
| Item 1.  Legal Proceedings                                                                                                                                                                   | 19       |
|                                                                                                                                                                                              |     |
| Item 5.  Other Information                                                                                                                                                                   | 19       |
|                                                                                                                                                                                              |     |
| Item 6.  Exhibits                                                                                                                                                                       | 20       |
|                                                                                                                                                                                              |     |
| SIGNATURE                                                                                                                                                                                         | 21       |
|                                                                                                                                                                                              |     |
| EXHIBIT INDEX                                                                                                                                                                                     | 22       |

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

|                                                                                  |   |                  |    |   |                |   |
|---------------------------------------------------------------------------------------|--------|-----------------------|---------|--------|---------------------|--------|
|                                                                                  |   | January 31, 2011 |    |   | April 30, 2010 |   |
|                                                                                  |   |                  |    |   |                |   |
| ASSETS:                                                                               |   |                  |    |   |                |   |
| Cash and cash equivalents                                                             |   | $                     | 31,721  |   |                | $      | 25,531 |   |
| Receivables, net:                                                                     |   |                  |    |   |                |   |   |   |
|   Real estate operations and corporate                                      |   |                  | 1,191   |   |                |   | 1,195 |   |
|   Media services operations                                                 |   |                  | 25,874  |   |                |   | 33,175 |   |
|                                                                                  |   |                  | 27,065  |   |                |   | 34,370 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| Income taxes receivable                                                               |   |                  | 1,923   |   |                |   | 2,126 |   |
| Real estate inventory                                                                 |   |                  | 80,127  |   |                |   | 80,375 |   |
| Investment assets, net                                                                |   |                  | 12,503  |   |                |   | 12,474 |   |
| Property, plant and equipment, net                                                    |   |                  | 28,816  |   |                |   | 31,174 |   |
| Intangible and other assets, net                                                      |   |                  | 16,625  |   |                |   | 18,953 |   |
| Deferred income taxes                                                                 |   |                  | 2,768   |   |                |   | 2,613 |   |
| Goodwill                                                                              |   |                  | 3,893   |   |                |   | 3,893 |   |
|      TOTAL ASSETS                                            |   | $                     | 205,441 |   |                | $      | 211,509 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY:                                                 |   |                  |    |   |                |   |   |   |
| LIABILITIES:                                                                          |   |                  |    |   |                |   |   |   |
| Accounts payable, net and accrued expenses                                            |   | $                     | 74,043  |   |                | $      | 79,969 |   |
| Notes payable:                                                                        |   |                  |    |   |                |   |   |   |
|  Amounts due within one year                                                     |   |                  | 22,615  |   |                |   | 24,052 |   |
|  Amounts subsequently due                                                        |   |                  | 4,785   |   |                |   | 4,602 |   |
|                                                                                  |   |                  | 27,400  |   |                |   | 28,654 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| Other long-term liabilities                                                           |   |                  | 3,550   |   |                |   | 4,244 |   |
| Accrued pension cost                                                                  |   |                  | 12,367  |   |                |   | 12,075 |   |
|     TOTAL LIABILITIES                                             |   |                  | 117,360 |   |                |   | 124,942 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |
| SHAREHOLDERS’ EQUITY:                                                           |   |                  |    |   |                |   |   |   |
| Common stock, $.10 par value;                                                         |   |                  |    |   |                |   |   |   |
|     Shares authorized – 20,000,000; 7,420,704 shares issued |   |                  | 742     |   |                |   | 742 |   |
| Capital contributed in excess of par value                                            |   |                  | 46,100  |   |                |   | 46,100 |   |
| Retained earnings                                                                     |   |                  | 76,976  |   |                |   | 75,462 |   |
| Accumulated other comprehensive loss, net                                             |   |                  | (9,080  | )      |                |   | (9,080 | ) |
| Treasury stock, at cost; 1,424,492 shares                                             |   |                  | (26,657 | )      |                |   | (26,657 | ) |
|      TOTAL SHAREHOLDERS’ EQUITY                        |   |                  | 88,081  |   |                |   | 86,567 |   |
|      TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY        |   | $                     | 205,441 |   |                | $      | 211,509 |   |
|                                                                                  |   |                  |    |   |                |   |   |   |

| AMREP CORPORATION AND SUBSIDIARIES                                        |   |
|---------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited)   |   |
| Three Months Ended January 31, 2011 and 2010                              |   |
| (Thousands, except per share amounts)                                     |   |
|                                                                      |   |   |   |   |   |   |
|                                                                      |   | 2011 |   |   | 2010 |   |
| REVENUES:                                                                 |   |   |   |   |   |   |
| Real estate land sales                                                    |   | $ | 257 |   |   | $ | 479 |   |
| Media services operations                                                 |   |   | 23,570 |   |   |   | 28,412 |   |
| Interest and other                                                        |   |   | 19 |   |   |   | 25 |   |
|                                                                      |   |   | 23,846 |   |   |   | 28,916 |   |
| COSTS AND EXPENSES:                                                       |   |   |   |   |   |   |   |   |
| Real estate land sales                                                    |   |   | 237 |   |   |   | 564 |   |
| Operating expenses:                                                       |   |   |   |   |   |   |   |   |
|       Media services operations                  |   |   | 19,238 |   |   |   | 24,765 |   |
|       Real estate commissions and selling        |   |   | 18 |   |   |   | 89 |   |
|       Restructuring and fire recovery costs, net |   |   | 97 |   |   |   | 1,247 |   |
|       Other                                      |   |   | (241 | ) |   |   | 601 |   |
| General and administrative:                                               |   |   |   |   |   |   |   |   |
| Media services operations                                                 |   |   | 2,264 |   |   |   | 2,891 |   |
| Real estate operations and corporate                                      |   |   | 1,062 |   |   |   | 1,105 |   |
| Interest expense                                                          |   |   | 477 |   |   |   | 499 |   |
|                                                                      |   |   | 23,152 |   |   |   | 31,761 |   |
| INCOME (LOSS) BEFORE INCOME TAXES                                         |   |   | 694 |   |   |   | (2,845 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| PROVISION (BENEFIT) FOR INCOME TAXES                                      |   |   | (587 | ) |   |   | (2,124 | ) |
| NET INCOME (LOSS)                                                         |   |   | 1,281 |   |   |   | (721 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                    |   |   | 75,695 |   |   |   | 82,901 |   |
| RETAINED EARNINGS, end of period                                          |   | $ | 76,976 |   |   | $ | 82,180 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED                       |   | $ | 0.21 |   |   | $ | (0.12 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| 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, 2011 and 2010                               |   |
| (Thousands, except per share amounts)                                     |   |
|                                                                      |   |   |   |   |   |   |
|                                                                      |   | 2011 |   |   | 2010 |   |
| REVENUES:                                                                 |   |   |   |   |   |   |
| Real estate land sales                                                    |   | $ | 1,570 |   |   | $ | 3,634 |   |
| Media services operations                                                 |   |   | 73,099 |   |   |   | 89,805 |   |
| Interest and other                                                        |   |   | 80 |   |   |   | 267 |   |
|                                                                      |   |   | 74,749 |   |   |   | 93,706 |   |
| COSTS AND EXPENSES:                                                       |   |   |   |   |   |   |   |   |
| Real estate land sales                                                    |   |   | 1,044 |   |   |   | 2,211 |   |
| Operating expenses:                                                       |   |   |   |   |   |   |   |   |
|       Media services operations                  |   |   | 59,456 |   |   |   | 79,038 |   |
|       Real estate commissions and selling        |   |   | 166 |   |   |   | 254 |   |
|       Restructuring and fire recovery costs, net |   |   | 398 |   |   |   | 3,000 |   |
|       Other                                      |   |   | 1,010 |   |   |   | 1,952 |   |
| General and administrative:                                               |   |   |   |   |   |   |   |   |
| Media services operations                                                 |   |   | 6,889 |   |   |   | 8,730 |   |
| Real estate operations and corporate                                      |   |   | 3,255 |   |   |   | 3,259 |   |
| Interest expense                                                          |   |   | 1,370 |   |   |   | 1,108 |   |
|                                                                      |   |   | 73,588 |   |   |   | 99,552 |   |
| INCOME (LOSS) BEFORE INCOME TAXES                                         |   |   | 1,161 |   |   |   | (5,846 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| PROVISION (BENEFIT) FOR INCOME TAXES                                      |   |   | (353 | ) |   |   | (3,084 | ) |
| NET INCOME (LOSS)                                                         |   |   | 1,514 |   |   |   | (2,762 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                    |   |   | 75,462 |   |   |   | 84,942 |   |
| RETAINED EARNINGS, end of period                                          |   | $ | 76,976 |   |   | $ | 82,180 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED                       |   | $ | 0.25 |   |   | $ | (0.46 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| 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, 2011 and 2010                                                          |   |
| (Thousands)                                                                                          |   |
|                                                                                                 |   | 2011 |   |   | 2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                |   |   |   |   |
|   Net income (loss)                                                                        |   | $ | 1,514 |   |   | $ | (2,762 | ) |
|   Adjustments to reconcile net income (loss) to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
|  Depreciation and amortization                                                                  |   |   | 4,534 |   |   |   | 7,810 |   |
|  Non-cash credits and charges:                                                                  |   |   |   |   |   |   |   |   |
| Pension accrual                                                                                      |   |   | 292 |   |   |   | 759 |   |
| Provision for (recoveries of) doubtful accounts                                                      |   |   | (267 | ) |   |   | (746 | ) |
| Loss on disposition of assets, net                                                                   |   |   | 15 |   |   |   | 15 |   |
| Changes in assets and liabilities:                                                                   |   |   |   |   |   |   |   |   |
|    Receivables                                                                        |   |   | 7,572 |   |   |   | (4,442 | ) |
|    Income taxes receivable                                                            |   |   | 203 |   |   |   | (1,028 | ) |
|    Real estate inventory and investment assets                                        |   |   | 219 |   |   |   | (178 | ) |
|    Intangible and other assets                                                        |   |   | 861 |   |   |   | 468 |   |
|    Accounts payable and accrued expenses                                              |   |   | (5,926 | ) |   |   | 6,566 |   |
|    Deferred income taxes and other long-term liabilities                              |   |   | (849 | ) |   |   | (1,974 | ) |
|     Total adjustments                                                            |   |   | 6,654 |   |   |   | 7,250 |   |
|     Net cash provided by operating activities                                    |   |   | 8,168 |   |   |   | 4,488 |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                |   |   |   |   |   |   |   |   |
|   Capital expenditures - property, plant and equipment                                     |   |   | (724 | ) |   |   | (1,004 | ) |
|     Net cash used in investing activities                                        |   |   | (724 | ) |   |   | (1,004 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                |   |   |   |   |   |   |   |   |
|   Proceeds from debt financing                                                                  |   |   | 27,273 |   |   |   | 21,106 |   |
|   Principal debt payments                                                                       |   |   | (28,527 | ) |   |   | (30,175 | ) |
|   Proceeds from the State of Florida                                                            |   |   | - |   |   |   | 3,000 |   |
|   Net cash used in financing activities                                                    |   |   | (1,254 | ) |   |   | (6,069 | ) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                     |   |   | 6,190 |   |   |   | (2,585 | ) |
| CASH AND CASH EQUIVALENTS, beginning of period                                                  |   |   | 25,531 |   |   |   | 29,018 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                                        |   | $ | 31,721 |   |   | $ | 26,433 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION:                                                                  |   |   |   |   |   |   |   |   |
| Interest paid – net of amounts capitalized                                                     |   | $ | 1,416 |   |   | $ | 1,064 |   |
| Income taxes paid (refunded), net                                                                    |   | $ | 292 |   |   | $ | (83 | ) |
| Non-cash transactions:                                                                               |   |   |   |   |   |   |   |   |
| Transfer to real estate inventory from receivables                                                   |   | $ | - |   |   | $ | 1,040 |   |
| Transfer to real estate investment assets from receivables                                           |   | $ | - |   |   | $ | 1,117 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |

|                                                                                    |   | January 31, 2011 |   |   | April 30, 2010 |   |
|-----------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|---------------------|--------|
| Real estate operations and corporate:                                                   |   |                  |   |   |                |   |
|      Mortgage notes and other receivables                      |   | $                     | 1,228  |   |                | $      | 1,266 |   |
|      Less allowance for doubtful accounts                      |   |                  | (37    | )      |                |   | (71 | ) |
|                                                                                    |   | $                     | 1,191  |   |                | $      | 1,195 |   |
| Media services operations:                                                              |   |                  |   |   |                |   |   |   |
|      Subscription Fulfillment Services                         |   | $                     | 16,872 |   |                | $      | 17,727 |   |
|      Newsstand Distribution Services, net of estimated returns |   |                  | 7,450  |   |                |   | 14,112 |   |
|      Product Services and Other                                |   |                  | 2,051  |   |                |   | 2,165 |   |
|                                                                                    |   |                  | 26,373 |   |                |   | 34,004 |   |
|      Less allowance for doubtful accounts                      |   |                  | (499   | )      |                |   | (829 | ) |
|                                                                                    |   | $                     | 25,874 |   |                | $      | 33,175 |   |

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

|                               |   | January 31, |   |   | April 30, |   |
|------------------------------------|--------|-------------|--------|--------|-----------|--------|
|                               |   | 2011        |   |   | 2010      |   |
| Land held for long-term investment |   | $           | 12,010 |   |      | $      | 11,981 |   |
|                               |   |        |   |   |      |   |   |   |
| Other                              |   |        | 753    |   |      |   | 794 |   |
| Less accumulated depreciation      |   |        | (260   | )      |      |   | (301 | ) |
|                               |   | $           | 12,503 |   |      | $      | 12,474 |   |

|                             |   | January 31, |    |   | April 30, |   |
|----------------------------------|--------|-------------|---------|--------|-----------|--------|
|                             |   | 2011        |    |   | 2010      |   |
| Land, buildings and improvements |   | $           | 29,421  |   |      | $      | 29,144 |   |
| Furniture and equipment          |   |        | 22,581  |   |      |   | 40,567 |   |
|                             |   |        | 52,002  |   |      |   | 69,711 |   |
| Less accumulated depreciation    |   |        | (23,186 | )      |      |   | (38,537 | ) |
|                             |   | $           | 28,816  |   |      | $      | 31,174 |   |

|                                 |   | January 31, 2011 |   |   | April 30, 2010           |   |
|--------------------------------------|--------|------------------|--------|--------|--------------------------|--------|
|                                 |   | Cost             |   |   | Accumulated Amortization |   |   | Cost |   |   | Accumulated Amortization |   |
| Software development costs           |   | $                | 1,666  |   |                     | $      | 1,611 |   |   | $ | 1,666 |   |   | $ | 1,356 |   |
| Deferred order entry costs           |   |             | 1,940  |   |                     |   | - |   |   |   | 2,772 |   |   |   | - |   |
| Prepaid expenses                     |   |             | 3,294  |   |                     |   | - |   |   |   | 3,661 |   |   |   | - |   |
| Customer contracts and relationships |   |             | 15,000 |   |                     |   | 5,050 |   |   |   | 15,000 |   |   |   | 4,112 |   |
| Other                                |   |             | 2,101  |   |                     |   | 715 |   |   |   | 2,042 |   |   |   | 720 |   |
|                                 |   | $                | 24,001 |   |                     | $      | 7,376 |   |   | $ | 25,141 |   |   | $ | 6,188 |   |

|                    |   | January 31, 2011 |   |   | April 30,2010 |   |
|-------------------------|--------|-----------------------|--------|--------|---------------|--------|
| Publisher payables, net |   | $                     | 62,838 |   |          | $      | 64,803 |   |
| Accrued expenses        |   |                  | 2,733  |   |          |   | 5,643 |   |
| Trade payables          |   |                  | 3,197  |   |          |   | 3,311 |   |
| Other                   |   |                  | 5,275  |   |          |   | 6,212 |   |
|                    |   | $                     | 74,043 |   |          | $      | 79,969 |   |

|                                               |   | January 31,2011 |   |   | April 30,2010 |   |
|----------------------------------------------------|--------|-----------------|--------|--------|---------------|--------|
| Notes payable:                                     |   |            |   |   |          |   |
| Credit facilities:Real estate operations and other |   | $               | 22,464 |   |          | $      |  22,500 |   |
| Media services operations                          |   |            | 388    |   |          |   | 1,354 |   |
|    Other notes payable              |   |            | 4,548  |   |          |   | 4,800 |   |
|                                               |   | $               | 27,400 |   |          | $      | 28,654 |   |

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

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

|                                     |   |  Real EstateOperations |   |   | SubscriptionFulfillmentServices |   |   | NewsstandDistribution Services |   |   | Product Services and Other (Kable) |   |   | Corporate andOther |   |   |   Consolidated |   |
|------------------------------------------|--------|-----------------------------|--------|--------|---------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------------------|--------|--------|--------------------|--------|--------|--------------------------|--------|
| Three months ended January 31, 2011 (a): |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |
| Revenues                                 |   | $                           | 338    |   |                            | $      | 18,350 |                           |   | $      | 2,488                                   |   |   | $                  | 2,732  |   |                     | $      | (62 | ) |   | $ | 23,846 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                        |   |                        | 334    |   |                            |   | 753    |                           |   |   | 48                                      |   |   |               | (20    | )      |                     |   | 166 |   |   |   | 1,281 |   |
| Provision (benefit) for income taxes     |   |                        | (791   | )      |                            |   | 319    |                           |   |   | (168                                    | )      |   |               | (27    | )      |                     |   | 80 |   |   |   | (587 | ) |
| Interest expense (income), net (b)       |   |                        | 362    |   |                            |   | 577    |                           |   |   | (284                                    | )      |   |               | 26     |   |                     |   | ( 204 | ) |   |   | 477 |   |
| Depreciation and amortization            |   |                        | 20     |   |                            |   | 1,151  |                           |   |   | 161                                     |   |   |               | 66     |   |                     |   | 40 |   |   |   | 1,438 |   |
| EBITDA (c)                               |   | $                           | (75    | )      |                            | $      | 2,800  |                           |   | $      | (243                                    | )      |   | $                  | 45     |   |                     | $      | 82 |   |   | $ | 2,609 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 426    |                           |   | $      | -                                       |   |   | $                  | -      |   |                     | $      | - |   |   | $ | 426 |   |

|                                     |   |  Real EstateOperations |   |   | SubscriptionFulfillmentServices |   |   | NewsstandDistribution Services |   |   | Product Services and Other (Kable) |   |   | Corporate andOther |   |   |   Consolidated |   |
|------------------------------------------|--------|-----------------------------|--------|--------|---------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------------------|--------|--------|--------------------|--------|--------|--------------------------|--------|
| Three months ended January 31, 2010 (a): |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| 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 (b)       |   |                        | 310    |   |                            |   | 683    |                           |   |   | (333                                    | )      |   |               | 24     |   |                     |   | (185 | ) |   |   | 499 |   |
| Depreciation and amortization            |   |                        | 26     |   |                            |   | 2,512  |                           |   |   | 138                                     |   |   |               | 56     |   |                     |   | 37 |   |   |   | 2,769 |   |
| EBITDA (c)                               |   | $                           | (1,268 | )      |                            | $      | 586    |                           |   | $      | 919                                     |   |   | $                  | (20    | )      |                     | $      | 206 |   |   | $ | 423 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 306    |                           |   | $      | -                                       |   |   | $                  | 54     |   |                     | $      | - |   |   | $ | 360 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Nine months ended January 31, 2011 (a):  |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Revenues                                 |   | $                           | 1,837  |   |                            | $      | 56,774 |                           |   | $      | 8,488                                   |   |   | $                  | 7,837  |   |                     | $      | (187 | ) |   | $ | 74,749 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                        |   |                        | (1,233 | )      |                            |   | 1,511  |                           |   |   | 633                                     |   |   |               | 68     |   |                     |   | 535 |   |   |   | 1,514 |   |
| Provision (benefit) for income taxes     |   |                        | (1,612 | )      |                            |   | 700    |                           |   |   | 261                                     |   |   |               | 24     |   |                     |   | 274 |   |   |   | (353 | ) |
| Interest expense (income), net (b)       |   |                        | 1,029  |   |                            |   | 1,761  |                           |   |   | (914                                    | )      |   |               | 71     |   |                     |   | (577 | ) |   |   | 1,370 |   |
| Depreciation and amortization            |   |                        | 62     |   |                            |   | 3,685  |                           |   |   | 486                                     |   |   |               | 187    |   |                     |   | 114 |   |   |   | 4,534 |   |
| EBITDA (c)                               |   | $                           | (1,754 | )      |                            | $      | 7,657  |                           |   | $      | 466                                     |   |   | $                  | 350    |   |                     | $      | 346 |   |   | $ | 7,065 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 710    |                           |   | $      | -                                       |   |   | $                  | 14     |   |                     | $      | - |   |   | $ | 724 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Nine months ended January 31, 2010 (a):  |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| 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 (b)       |   |                        | 559    |   |                            |   | 1,932  |                           |   |   | (894                                    | )      |   |               | 65     |   |                     |   | (554 | ) |   |   | 1,108 |   |
| Depreciation and amortization            |   |                        | 78     |   |                            |   | 7,039  |                           |   |   | 415                                     |   |   |               | 166    |   |                     |   | 112 |   |   |   | 7,810 |   |
| EBITDA (c)                               |   | $                           | (2,106 | )      |                            | $      | 2,097  |                           |   | $      | 2,093                                   |   |   | $                  | 276    |   |                     | $      | 712 |   |   | $ | 3,072 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |
| Capital expenditures                     |   | $                           | -      |   |                            | $      | 915    |                           |   | $      | 15                                      |   |   | $                  | 65     |   |                     | $      | 9 |   |   | $ | 1,004 |   |
|                                     |   |                        |   |   |                            |   |   |                           |   |   |                                    |   |   |               |   |   |                     |   |   |   |   |   |   |   |

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

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

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

|                                                  |   | Fiscal 2011 |   | Fiscal 2010 |              |
|-------------------------------------------------------|--------|-------------|--------|-------------|-------------------|
|                                                  |   | Acres Sold  |   |        | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   | Acres Sold |   |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   |
| Three months:                                         |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |
|   Developed                                 |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |
|        Residential |   |        | 0.8    |        |              | $ | 225 |   |   | $ | 281 |   |   | 0.4 |   |   | $ | 99 |   |   | $ | 248 |   |
|        Commercial  |   |        | -      |        |              |   | - |   |   |   | - |   |   | - |   |   |   | - |   |   |   | - |   |
|   Total Developed                           |   |        | 0.8    |        |              |   | 225 |   |   |   | 281 |   |   | 0.4 |   |   |   | 99 |   |   |   | 248 |   |
|   Undeveloped                               |   |        | 1.5    |        |              |   | 32 |   |   |   | 21 |   |   | 4.4 |   |   |   | 380 |   |   |   | 86 |   |
|       Total             |   |        | 2.3    |        |              | $ | 257 |   |   | $ | 112 |   |   | 4.8 |   |   | $ | 479 |   |   | $ | 100 |   |
| Nine months:                                          |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Developed                                 |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Residential |   |        | 3.1    |        |              | $ | 1,031 |   |   | $ | 333 |   |   | 5.6 |   |   | $ | 1,544 |   |   | $ | 276 |   |
|        Commercial  |   |        | -      |        |              |   | 35 |   | [a | ] |   | - |   |   | 1.7 |   |   |   | 895 |   |   |   | 526 |   |
|   Total Developed                           |   |        | 3.1    |        |              |   | 1,066 |   |   |   |   | 333 |   |   | 7.3 |   |   |   | 2,439 |   |   |   | 334 |   |
|   Undeveloped                               |   |        | 13.2   |        |              |   | 504 |   |   |   |   | 38 |   |   | 30.4 |   |   |   | 1,195 |   |   |   | 39 |   |
|       Total             |   |        | 16.3   |        |              | $ | 1,570 |   |   |   | $ | 96 |   |   | 37.7 |   |   | $ | 3,634 |   |   | $ | 96 |   |
|                                                  |   |        |   |        |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|  Contractual Obligations |   | Total  |   |   | Less than1 year |   |   | 1 – 3years |   |   | 3 – 5years |   |   | More than5 years |   |
|-------------------------------|--------|--------|--------|--------|-----------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|
|                          |   |   |   |   |            |   |   |             |   |   |             |   |   |             |   |
| Notes payable                 |   | $      | 27,400 |   |            | $      | 22,624 |             |   | $      | 532              |   |   | $                | 251    |   |   | $ | 3,993 |   |
| Operating leases and other    |   |   | 7,237  |   |            |   | 3,259  |             |   |   | 3,298            |   |   |             | 605    |   |   |   | 75 |   |
| Total                         |   | $      | 34,637 |   |            | $      | 25,883 |             |   | $      | 3,830            |   |   | $                | 856    |   |   | $ | 4,068 |   |

| 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 7, 2011 | 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.                          |