| 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)  July 31, 2010 and April 30, 2010                                                                                                         |  1  |
|                                                                                                                                                                                              |     |
|  Consolidated Statements of Operations and Retained Earnings  (Unaudited) Three Months Ended July 31, 2010 and 2009                                                                |  2  |
|                                                                                                                                                                                              |     |
|  Consolidated Statements of Cash Flows (Unaudited)  Three Months Ended July 31, 2010 and 2009                                                                                      |  3  |
|                                                                                                                                                                                              |     |
|  Notes to Consolidated Financial Statements                                                                                                                                                  | 4        |
|                                                                                                                                                                                              |     |
| Item 2.  Management’s Discussion and Analysis of Financial Condition              and Results of Operations | 10       |
|                                                                                                                                                                                              |     |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk                                                                                                                     | 16       |
|                                                                                                                                                                                              |     |
| Item 4.  Controls and Procedures                                                                                                                                                        | 16       |
|                                                                                                                                                                                              |     |
| PART II.  OTHER INFORMATION                                                                                                                                                             |     |
|                                                                                                                                                                                              |     |
| Item 1.  Legal Proceedings                                                                                                                                                                   | 17       |
|                                                                                                                                                                                              |     |
| Item 5.  Other Information                                                                                                                                                                   |  17 |
|                                                                                                                                                                                              |     |
| Item 6.  Exhibits                                                                                                                                                                       | 17       |
|                                                                                                                                                                                              |     |
| SIGNATURE                                                                                                                                                                                         | 18       |
|                                                                                                                                                                                              |     |
| EXHIBIT INDEX                                                                                                                                                                                     | 19       |

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

|                                                                                  |   |               |    |   |                |   |
|---------------------------------------------------------------------------------------|--------|--------------------|---------|--------|---------------------|--------|
|                                                                                  |   | July 31, 2010 |    |   | April 30, 2010 |   |
|                                                                                  |   |               |    |   |                |   |
| ASSETS:                                                                               |   |               |    |   |                |   |
| Cash and cash equivalents                                                             |   | $                  | 26,297  |   |                | $      | 25,531 |   |
| Receivables, net:                                                                     |   |               |    |   |                |   |   |   |
|   Real estate operations and corporate                                      |   |               | 1,216   |   |                |   | 1,195 |   |
|   Media services operations                                                 |   |               | 35,018  |   |                |   | 33,175 |   |
|                                                                                  |   |               | 36,234  |   |                |   | 34,370 |   |
|                                                                                  |   |               |    |   |                |   |   |   |
| Income taxes receivable                                                               |   |               | 2,692   |   |                |   | 2,126 |   |
| Real estate inventory                                                                 |   |               | 80,221  |   |                |   | 80,375 |   |
| Investment assets, net                                                                |   |               | 12,504  |   |                |   | 12,474 |   |
| Property, plant and equipment, net                                                    |   |               | 30,266  |   |                |   | 31,174 |   |
| Intangible and other assets, net                                                      |   |               | 18,200  |   |                |   | 18,953 |   |
| Deferred income taxes                                                                 |   |               | 2,440   |   |                |   | 2,613 |   |
| Goodwill                                                                              |   |               | 3,893   |   |                |   | 3,893 |   |
|      TOTAL ASSETS                                            |   | $                  | 212,747 |   |                | $      | 211,509 |   |
|                                                                                  |   |               |    |   |                |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY:                                                 |   |               |    |   |                |   |   |   |
| LIABILITIES:                                                                          |   |               |    |   |                |   |   |   |
| Accounts payable, net and accrued expenses                                            |   | $                  | 82,247  |   |                | $      | 79,969 |   |
| Notes payable:                                                                        |   |               |    |   |                |   |   |   |
|  Amounts due within one year                                                     |   |               | 22,669  |   |                |   | 24,052 |   |
|  Amounts subsequently due                                                        |   |               | 5,247   |   |                |   | 4,602 |   |
|                                                                                  |   |               | 27,916  |   |                |   | 28,654 |   |
|                                                                                  |   |               |    |   |                |   |   |   |
| Other long-term liabilities                                                           |   |               | 4,279   |   |                |   | 4,244 |   |
| Accrued pension cost                                                                  |   |               | 12,236  |   |                |   | 12,075 |   |
|     TOTAL LIABILITIES                                             |   |               | 126,678 |   |                |   | 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                                                                     |   |               | 74,964  |   |                |   | 75,462 |   |
| Accumulated other comprehensive loss, net                                             |   |               | (9,080  | )      |                |   | (9,080 | ) |
| Treasury stock, at cost; 1,424,492 shares                                             |   |               | (26,657 | )      |                |   | (26,657 | ) |
|      TOTAL SHAREHOLDERS’ EQUITY                        |   |               | 86,069  |   |                |   | 86,567 |   |
|      TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY        |   | $                  | 212,747 |   |                | $      | 211,509 |   |
|                                                                                  |   |               |    |   |                |   |   |   |

| AMREP CORPORATION AND SUBSIDIARIES                                        |   |
|---------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited)   |   |
| Three Months Ended July 31, 2010 and 2009                                 |   |
| (Thousands, except per share amounts)                                     |   |
|                                                                      |   |   |   |   |   |   |
|                                                                      |   | 2010 |   |   | 2009 |   |
| REVENUES:                                                                 |   |   |   |   |   |   |
| Real estate land sales                                                    |   | $ | 824 |   |   | $ | 1,485 |   |
| Media services operations                                                 |   |   | 24,236 |   |   |   | 30,768 |   |
| Interest and other                                                        |   |   | 27 |   |   |   | 204 |   |
|                                                                      |   |   | 25,087 |   |   |   | 32,457 |   |
| COSTS AND EXPENSES:                                                       |   |   |   |   |   |   |   |   |
| Real estate land sales                                                    |   |   | 399 |   |   |   | 642 |   |
| Operating expenses:                                                       |   |   |   |   |   |   |   |   |
|       Media services operations                  |   |   | 20,666 |   |   |   | 27,946 |   |
|       Real estate commissions and selling   |   |   | 80 |   |   |   | 81 |   |
|       Restructuring and fire recovery costs |   |   | 316 |   |   |   | 666 |   |
|       Other                                 |   |   | 624 |   |   |   | 439 |   |
| General and administrative:                                               |   |   |   |   |   |   |   |   |
| Media services operations                                                 |   |   | 2,336 |   |   |   | 2,972 |   |
| Real estate operations and corporate                                      |   |   | 990 |   |   |   | 1,121 |   |
| Interest expense, net of capitalized amounts                              |   |   | 423 |   |   |   | 202 |   |
|                                                                      |   |   | 25,834 |   |   |   | 34,069 |   |
| LOSS BEFORE INCOME TAXES                                                  |   |   | (747 | ) |   |   | (1,612 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| BENEFIT FOR INCOME TAXES                                                  |   |   | (249 | ) |   |   | (556 | ) |
| NET LOSS                                                                  |   |   | (498 | ) |   |   | (1,056 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                    |   |   | 75,462 |   |   |   | 84,942 |   |
| RETAINED EARNINGS, end of period                                          |   | $ | 74,964 |   |   | $ | 83,886 |   |
|                                                                      |   |   |   |   |   |   |   |   |
| LOSS PER SHARE – BASIC AND DILUTED                                  |   | $ | (0.08 | ) |   | $ | (0.18 | ) |
|                                                                      |   |   |   |   |   |   |   |   |
| 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, 2010 and 2009                                                        |   |
| (Thousands)                                                                                      |   |
|                                                                                             |   | 2010 |   |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                            |   |   |   |   |
|   Net loss                                                                             |   | $ | (498 | ) |   | $ | (1,056 | ) |
|   Adjustments to reconcile net loss to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
|  Depreciation and amortization                                                              |   |   | 1,545 |   |   |   | 2,548 |   |
|  Non-cash credits and charges:                                                              |   |   |   |   |   |   |   |   |
| Loss on disposition of assets                                                                    |   |   | 4 |   |   |   | 2 |   |
| Provision for (recoveries of) doubtful accounts                                                  |   |   | (63 | ) |   |   | 56 |   |
| Pension accrual                                                                                  |   |   | 161 |   |   |   | 493 |   |
| Changes in assets and liabilities:                                                               |   |   |   |   |   |   |   |   |
|    Receivables                                                                    |   |   | (1,801 | ) |   |   | (2,541 | ) |
|    Income taxes receivable                                                        |   |   | (566 | ) |   |   | (433 | ) |
|    Real estate inventory and investment assets                                    |   |   | 124 |   |   |   | (515 | ) |
|    Intangible and other assets                                                    |   |   | 247 |   |   |   | 423 |   |
|    Accounts payable and accrued expenses                                          |   |   | 2,278 |   |   |   | 5,693 |   |
|    Deferred income taxes and other long-term liabilities                          |   |   | 208 |   |   |   | (193 | ) |
|     Total adjustments                                                        |   |   | 2,137 |   |   |   | 5,533 |   |
|     Net cash provided by operating activities                                |   |   | 1,639 |   |   |   | 4,477 |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                            |   |   |   |   |   |   |   |   |
|   Capital expenditures - property, plant and equipment                                 |   |   | (135 | ) |   |   | (586 | ) |
|     Net cash used in investing activities                                    |   |   | (135 | ) |   |   | (586 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                            |   |   |   |   |   |   |   |   |
|   Proceeds from debt financing                                                              |   |   | 6,611 |   |   |   | 4,600 |   |
|   Principal debt payments                                                                   |   |   | (7,349 | ) |   |   | (8,890 | ) |
|   Proceeds from the State of Florida                                                        |   |   | - |   |   |   | 3,000 |   |
|     Net cash used in financing activities                                    |   |   | (738 | ) |   |   | (1,290 | ) |
| INCREASE IN CASH AND CASH EQUIVALENTS                                                            |   |   | 766 |   |   |   | 2,601 |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                              |   |   | 25,531 |   |   |   | 29,018 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                                    |   | $ | 26,297 |   |   | $ | 31,619 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION:                                                              |   |   |   |   |   |   |   |   |
| Interest paid – net of amounts capitalized                                                 |   | $ | 485 |   |   | $ | 242 |   |
| Income taxes paid – net of refunds                                                         |   | $ | 109 |   |   | $ | 20 |   |
|                                                                                             |   |   |   |   |   |   |   |   |

|                                                                                    |   | July 31, 2010 |   |   | April 30, 2010 |   |
|-----------------------------------------------------------------------------------------|--------|--------------------|--------|--------|---------------------|--------|
| Real estate operations and corporate:                                                   |   |               |   |   |                |   |
|      Mortgage notes and other receivables                      |   | $                  | 1,290  |   |                | $      | 1,266 |   |
|      Less allowance for doubtful accounts                      |   |               | (74    | )      |                |   | (71 | ) |
|                                                                                    |   | $                  | 1,216  |   |                | $      | 1,195 |   |
| Media services operations:                                                              |   |               |   |   |                |   |   |   |
|      Subscription Fulfillment Services                         |   | $                  | 17,594 |   |                | $      | 17,727 |   |
|      Newsstand Distribution Services, net of estimated returns |   |               | 16,367 |   |                |   | 14,112 |   |
|      Product Services and Other                                |   |               | 1,760  |   |                |   | 2,165 |   |
|                                                                                    |   |               | 35,721 |   |                |   | 34,004 |   |
|      Less allowance for doubtful accounts                      |   |               | (703   | )      |                |   | (829 | ) |
|                                                                                    |   | $                  | 35,018 |   |                | $      | 33,175 |   |

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

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

|                             |   | July 31, |    |   | April 30, |   |
|----------------------------------|--------|----------|---------|--------|-----------|--------|
|                             |   | 2010     |    |   | 2010      |   |
| Land, buildings and improvements |   | $        | 29,100  |   |      | $      | 29,144 |   |
| Furniture and equipment          |   |     | 40,730  |   |      |   | 40,567 |   |
|                             |   |     | 69,830  |   |      |   | 69,711 |   |
| Less accumulated depreciation    |   |     | (39,564 | )      |      |   | (38,537 | ) |
|                             |   | $        | 30,266  |   |      | $      | 31,174 |   |

|                                 |   | July 31, 2010 |   |   | April 30, 2010           |   |
|--------------------------------------|--------|---------------|--------|--------|--------------------------|--------|
|                                 |   | Cost          |   |   | Accumulated Amortization |   |   | Cost |   |   | Accumulated Amortization |   |
|                                 |   |          |   |   |                     |   |   |   |   |   |   |   |
| Software development costs           |   | $             | 1,666  |   |                     | $      | 1,458 |   |   | $ | 1,666 |   |   | $ | 1,356 |   |
| Deferred order entry costs           |   |          | 2,318  |   |                     |   | - |   |   |   | 2,772 |   |   |   | - |   |
| Prepaid expenses                     |   |          | 3,617  |   |                     |   | - |   |   |   | 3,661 |   |   |   | - |   |
| Customer contracts and relationships |   |          | 15,000 |   |                     |   | 4,424 |   |   |   | 15,000 |   |   |   | 4,112 |   |
| Other                                |   |          | 2,264  |   |                     |   | 783 |   |   |   | 2,042 |   |   |   | 720 |   |
|                                 |   | $             | 24,865 |   |                     | $      | 6,665 |   |   | $ | 25,141 |   |   | $ | 6,188 |   |

|                    |   | July 31, 2010 |   |   | April 30,2010 |   |
|-------------------------|--------|--------------------|--------|--------|---------------|--------|
| Publisher payables, net |   | $                  | 70,533 |   |          | $      | 64,803 |   |
| Accrued expenses        |   |               | 4,186  |   |          |   | 5,643 |   |
| Trade payables          |   |               | 1,598  |   |          |   | 3,311 |   |
| Other                   |   |               | 5,930  |   |          |   | 6,212 |   |
|                    |   | $                  | 82,247 |   |          | $      | 79,969 |   |
|                    |   |               |   |   |          |   |   |   |

|                                                         |   | July 31,2010 |         |   | April 30,2010 |   |
|--------------------------------------------------------------|--------|--------------|--------------|--------|---------------|--------|
| Notes payable:                                               |   |         |         |   |          |   |
| Line-of-credit arrangements:Real estate operations and other |   | $            |  22,500 |   |          | $      |  22,500 |   |
| Media services operations                                    |   |         | 641          |   |          |   | 1,354 |   |
|    Other notes payable                        |   |         | 4,775        |   |          |   | 4,800 |   |
|                                                         |   | $            | 27,916       |   |          | $      | 28,654 |   |

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

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

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

|                                  |   |   Real EstateOperations |   |   |  SubscriptionFulfillmentServices |   |   |  NewsstandDistribution Services |   |   |  Product Services and Other Kable |   |   |  Corporate andOther |   |   |    Consolidated |   |
|---------------------------------------|--------|-----------------------------------|--------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------|--------|--------|--------------------------------|--------|
| Three months ended July 31, 2010 (a): |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |
| Revenues                              |   | $                                 | 913    |   |                                  | $      | 18,852 |                                 |   | $      | 3,114                                       |   |   | $                        | 2,270  |   |                           | $      | (62 | ) |   | $ | 25,087 |   |
|                                  |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |   |   |   |   |   |   |
| Net income (loss)                     |   |                              | (672   | )      |                                  |   | (479   | )                                    |   |   | 420                                         |   |   |                     | (31    | )      |                           |   | 264 |   |   |   | (498 | ) |
| Provision (benefit) for income taxes  |   |                              | (374   | )      |                                  |   | (282   | )                                    |   |   | 282                                         |   |   |                     | (18    | )      |                           |   | 143 |   |   |   | (249 | ) |
| Interest expense (income), net (b)    |   |                              | 332    |   |                                  |   | 616    |                                 |   |   | (360                                        | )      |   |                     | 23     |   |                           |   | (188 | ) |   |   | 423 |   |
| Depreciation and amortization         |   |                              | 21     |   |                                  |   | 1,288  |                                 |   |   | 143                                         |   |   |                     | 55     |   |                           |   | 38 |   |   |   | 1,545 |   |
| EBITDA (c)                            |   | $                                 | (693   | )      |                                  | $      | 1,143  |                                 |   | $      | 485                                         |   |   | $                        | 29     |   |                           | $      | 257 |   |   | $ | 1,221 |   |
|                                  |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |   |   |   |   |   |   |
| Capital expenditures                  |   | $                                 | -      |   |                                  | $      | 135    |                                 |   | $      | -                                           |   |   | $                        | -      |   |                           | $      | - |   |   | $ | 135 |   |
|                                  |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |   |   |   |   |   |   |
| Three months ended July 31, 2009 (a): |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |   |   |   |   |   |   |
| Revenues                              |   | $                                 | 1,745  |   |                                  | $      | 25,127 |                                 |   | $      | 3,205                                       |   |   | $                        | 2,436  |   |                           | $      | (56 | ) |   | $ | 32,457 |   |
|                                  |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |   |   |   |   |        |   |
| Net income (loss)                     |   |                              | (80    | )      |                                  |   | (1,478 | )                                    |   |   | 259                                         |   |   |                     | 4      |   |                           |   | 239 |   |   |   | (1,056 | ) |
| Provision (benefit) for income taxes  |   |                              | (13    | )      |                                  |   | (868   | )                                    |   |   | 190                                         |   |   |                     | 2      |   |                           |   | 133 |   |   |   | (556 | ) |
| Interest expense (income), net (b)    |   |                              | 42     |   |                                  |   | 557    |                                 |   |   | (229                                        | )      |   |                     | 16     |   |                           |   | (184 | ) |   |   | 202 |   |
| Depreciation and amortization         |   |                              | 26     |   |                                  |   | 2,302  |                                 |   |   | 129                                         |   |   |                     | 54     |   |                           |   | 37 |   |   |   | 2,548 |   |
| EBITDA (c)                            |   | $                                 | (25    | )      |                                  | $      | 513    |                                 |   | $      | 349                                         |   |   | $                        | 76     |   |                           | $      | 225 |   |   | $ | 1,138 |   |
|                                  |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |   |   |   |   |   |   |
| Capital expenditures                  |   | $                                 | -      |   |                                  | $      | 479    |                                 |   | $      | 15                                          |   |   | $                        | 11     |   |                           | $      | 81 |   |   | $ | 586 |   |
|                                  |   |                              |   |   |                                  |   |   |                                 |   |   |                                        |   |   |                     |   |   |                           |   |   |   |   |   |   |   |

| (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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  |   | Three Months Ended July 31, |   |
|-------------------------------------------------------|--------|-----------------------------|--------|
|                                                  |   | 2010                        |   |   | 2009 |   |
|                                                  |   | Acres Sold                  |   |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   |   | Acres Sold |   |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   |
|                                                  |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Developed                                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Residential |   |                        | 1.0    |   |   | $ | 377 |   |   | $ | 377 |   |   |   | 2.8 |   |   | $ | 670 |   |   | $ | 239 |   |
|        Commercial  |   |                        | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|   Total Developed                           |   |                        | 1.0    |   |   |   | 377 |   |   |   | 377 |   |   |   | 2.8 |   |   |   | 670 |   |   |   | 239 |   |
|   Undeveloped                               |   |                        | 11.0   |   |   |   | 447 |   |   |   | 41 |   |   |   | 26.0 |   |   |   | 815 |   |   |   | 31 |   |
|       Total             |   |                        | 12.0   |   |   | $ | 824 |   |   | $ | 69 |   |   |   | 28.8 |   |   | $ | 1,485 |   |   | $ | 52 |   |

|  Contractual Obligations |   | Total  |   |   | Less than1 year |   |   | 1 – 3years |   |   | 3 – 5years |   |   | More than5 years |   |
|-------------------------------|--------|--------|--------|--------|-----------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|
|                          |   |   |   |   |            |   |   |             |   |   |             |   |   |             |   |
| Notes payable                 |   | $      | 27,916 |   |            | $      | 22,669 |             |   | $      | 290              |   |   | $                | 900    |   |   | $ | 4,057 |   |
| Operating leases and other    |   |   | 7,931  |   |            |   | 2,666  |             |   |   | 3,894            |   |   |             | 1,146  |   |   |   | 225 |   |
| Total                         |   | $      | 35,847 |   |            | $      | 25,335 |             |   | $      | 4,184            |   |   | $                | 2,046  |   |   | $ | 4,282 |   |

| 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.                          |
| 99.1        | Press Release, dated September 9, 2010, issued by AMREP Corporation                 |

| Date:  September 10, 2010 | AMREP CORPORATION(Registrant)                                                                                                                                                                                                                                                                                         |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                | By:  /s/  Peter M. Pizza                                              |
|                                | Peter M. PizzaVice President and Chief Financial Officer(Principal Financial and Accounting Officer)                                                                                                                                                                                                                       |

| Exhibit No. | Description                                                                                                |
|-------------|------------------------------------------------------------------------------------------------------------|
| 31.1        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith. |
| 31.2        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith. |
| 31.3        | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith. |
| 32          | Certification required pursuant to 18 U.S.C. Section 1350 – Filed herewith.                          |
| 99.1        | Press Release, dated September 9, 2010, issued by AMREP Corporation                                        |