SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


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

For the quarterly period ended        July 31 , 2003
                              --------------------------------------------
                                       OR

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

For the transition period from ______________________  to  _____________________

                          Commission File Number 1-4702
                                                --------
                                AMREP Corporation
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

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


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


Registrant's telephone number, including area code            (212) 705-4700
                                                  ------------------------------


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

                              Yes  X     No
                                 -----     -----
Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Act).

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

Number of Shares of Common Stock, par value $.10 per share,  outstanding at July
31, 2003 - 6,590,112.


<PAGE>


                                    FORM 10-Q
                       AMREP CORPORATION AND SUBSIDIARIES

                                      INDEX
                                      -----



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

         Consolidated Balance Sheets
            July 31, 2003 and April 30, 2003                                1
         Consolidated Statements of Operations and Retained Earnings
            Three Months Ended July 31, 2003 and 2002                       2

         Consolidated Statements of Cash Flows
            Three Months Ended July 31, 2003 and 2002                       3

         Notes to Consolidated Financial Statements                         4

Item 2. Management's Discussion and Analysis                              5 - 7

Item 3. Quantitative and Qualitative Disclosures about Market Risk          8

Item 4. Controls and Procedures                                             8

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

SIGNATURES                                                                  10

EXHIBIT INDEX                                                               11



<PAGE>




                         PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements
-------    --------------------
                       AMREP CORPORATION AND SUBSIDIARIES
                           Consolidated Balance Sheets
               (Thousands, except par value and number of shares)

                                            July 31, 2003        April 30, 2003
                                           ---------------      ----------------
                                             (Unaudited)            (Audited)
ASSETS
------
Cash and cash equivalents                  $   17,683           $     16,443
Receivables, net:
   Magazine circulation operations             47,792                 36,464
   Real estate operations                       6,180                  5,830
                                           ---------------      ----------------
                                               53,972                 42,294
Real estate inventory                          62,442                 63,084
Property, plant and equipment, at cost,
  net of accumulated depreciation and
  amortization of $16,775 at July 31, 2003
    and $15,840 at April 30, 2003              17,327                 16,614
Assets held for sale - net                      5,968                  5,819
Other assets                                    9,784                  9,901
Goodwill                                        5,191                  5,191
                                           ---------------      ----------------
        Total Assets                       $  172,367           $    159,346
                                           ===============      ================

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------

Accounts payable and accrued expenses      $   40,348           $     37,897
Dividend payable                                1,648                     -
Notes payable:
   Amounts due within one year                  3,103                  4,124
   Amounts subsequently due                    20,230                 14,303
                                           ---------------      ----------------
                                               23,333                 18,427

Taxes payable                                   2,724                    605
Deferred income taxes                           1,506                  1,506
Accrued pension cost                            7,083                  7,083
                                           ---------------      ----------------
        Total Liabilities                      76,642                 65,518
                                           ---------------      ----------------

Shareholders' equity:
  Common stock, $.10 par value;
   shares authorized - 20,000,000;
   shares issued -7,408,704 at July 31,
    2003 and 7,406,704 at April 30, 2003          741                    741
  Capital contributed in excess of par value   45,006                 44,992
  Retained earnings                            61,669                 59,786
  Accumulated other comprehensive loss, net   ( 6,034)               ( 6,034)
  Treasury stock, at cost; 818,592 shares
    at July 31, 2003 and April 30, 2003       ( 5,657)               ( 5,657)
                                           ---------------      ----------------
   Total Shareholders' Equity                  95,725                 93,828
                                           ---------------      ----------------
   Total Liabilities and
     Shareholders' Equity                  $  172,367           $    159,346
                                           ===============      ================


                See notes to consolidated financial statements.

                                       1
<PAGE>



                       AMREP CORPORATION AND SUBSIDIARIES
     Consolidated Statements of Operations and Retained Earnings (Unaudited)
                    Three Months Ended July 31, 2003 and 2002
                      (Thousands, except per share amounts)

                                                 2003                 2002
                                           ---------------      ----------------
REVENUES
--------
Magazine operations                        $    25,993          $    12,166

Real estate operations                           6,394                2,493

Interest and other operations                    1,230                1,351
                                           ---------------      ----------------
                                                33,617               16,010
                                           ---------------      ----------------

COSTS AND EXPENSES
------------------
Magazine operating expenses                     20,734                9,872
Real estate cost of sales                        2,613                1,433
Real estate commissions and selling                202                  130
Other operations                                   607                  671
General and administrative:
   Magazine operations                           2,584                1,732
   Real estate operations and corporate            998                  714

Interest expense, net                              273                  133
                                           ---------------      ----------------
                                                28,011               14,685
                                           ---------------      ----------------
         Income before income taxes              5,606                1,325

PROVISION FOR  INCOME TAXES                      2,075                  530
                                           ---------------      ----------------
NET INCOME                                       3,531                  795

RETAINED EARNINGS, beginning of period          59,786               53,513

DIVIDEND PAYABLE  ($0.25 per share)            ( 1,648)                  -
                                           ---------------      ----------------

RETAINED EARNINGS, end of period           $    61,669          $    54,308
                                           ===============      ================
NET INCOME PER SHARE - BASIC AND DILUTED   $      0.54          $      0.12
                                           ===============      ================
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING                               6,589                6,576
                                           ===============      ================


                See notes to consolidated financial statements.

                                       2
<PAGE>


                       AMREP CORPORATION AND SUBSIDIARIES
                Consolidated Statements of Cash Flows (Unaudited)
                    Three Months Ended July 31, 2003 and 2002
                                   (Thousands)

                                                 2003                 2002
                                           ---------------      ----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                                 $     3,531          $       795
                                           ---------------      ----------------
Adjustments to reconcile net income
to net cash used by operating activities -
   Depreciation and amortization                 1,276                  740
   Non-cash credits and charges:
      Pension expense (benefit)                    208                  ( 4)
      Bad debt reserve                              39                   16
   Changes in assets and liabilities -
      Receivables                             ( 11,837)             ( 1,365)
      Real estate inventory                        642              (   603)
      Other assets                               ( 141)             (    26)
      Accounts payable and accrued expenses      2,187              ( 5,629)
      Taxes payable                              2,119                  584
                                           ---------------      ----------------
      Total adjustments                        ( 5,507)             ( 6,287)
                                           ---------------      ----------------
      Net cash used by operating activities    ( 1,976)             ( 5,492)
                                           ---------------      ----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital expenditures                        ( 1,704)             (   384)
                                           ---------------      ----------------
      Net cash used by investing activities    ( 1,704)             (   384)
                                           ---------------      ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from debt financing                 13,412                7,745
   Principal debt payments                     ( 8,506)             ( 2,598)
   Proceeds from exercise of stock options          14                   26
                                           ---------------      ----------------
      Net cash provided by financing
        activities                               4,920                5,173
                                           ---------------      ----------------
   Increase (decrease) in cash
      and cash equivalents                       1,240              (   703)

CASH AND CASH EQUIVALENTS,
     beginning of period                        16,443               15,744
                                           ---------------      ----------------
CASH AND CASH EQUIVALENTS,
     end of period                         $    17,683          $    15,041
                                           ===============      ================

SUPPLEMENTAL CASH FLOW INFORMATION:
   Interest paid - net of amounts
     capitalized                           $       138          $       152
                                           ===============      ================
   Income taxes ( refunds ) - net          $      ( 44)         $      ( 54)
                                           ===============      ================

                See notes to consolidated financial statements.

                                       3
<PAGE>



                       AMREP CORPORATION AND SUBSIDIARIES
             Notes to Consolidated Financial Statements (Unaudited)
                    Three Months Ended July 31, 2003 and 2002

(1)      BASIS OF PRESENTATION
         ---------------------
The  accompanying  unaudited  financial  statements  included  herein  have been
prepared by the Company  pursuant to the rules and regulations of the Securities
and Exchange  Commission for interim financial  information.  The April 30, 2003
balance  sheet  amounts  have  been  derived  from the April  30,  2003  audited
financial  statements of the  Registrant.  Since the  accompanying  consolidated
financial  statements do not include all the information and footnotes  required
by accounting  principles  generally  accepted in the United States for complete
financial statements,  it is suggested that they be read in conjunction with the
audited  consolidated  financial  statements  and notes thereto  included in the
Registrant's 2003 Annual Report on Form 10-K. In the opinion of management,  the
accompanying  unaudited financial statements include all adjustments,  which are
of a normal recurring  nature,  necessary to reflect a fair  presentation of the
results for the interim  periods  presented.  The results of operations for such
interim periods are not necessarily indicative of the results to be expected for
the full fiscal year.

(2)      INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT
         -------------------------------------------------------
         INDUSTRY SEGMENTS
         -----------------

The following tables set forth summarized data relative to the industry segments
in which the Company  operates for the three month  periods  ended July 31, 2003
and 2002.  Certain  amounts  included in "Interest and other  operations" on the
Consolidated  Statements  of  Operations  are  classified  below within the land
operations  segment.  In  addition,  prior year  amounts  have been  restated to
reflect  corporate  management fees as well as the  reclassification  of certain
revenues and expenses between the Distribution and Fulfillment segments in order
to conform to the current year presentation.
<TABLE>
<S>                                <C>            <C>             <C>             <C>            <C>

THREE MONTHS                                        Newsstand      Fulfillment     Corporate
                                    Land Sales     Distribution      Services      and Other      Consolidated
                                    ----------     ------------    -----------     ---------      ------------
July 2003 (Thousands):
   Revenues                        $    6,887     $     3,249     $   22,744      $    737       $     33,617
   Operating expenses                   3,447           2,858         20,460           973             27,738
   Management fees                        193              48            135         ( 376)                -
   Interest expense, net                   -                5            213            55                273
                                   ------------   -------------   ------------    -----------    --------------
   Pretax income (loss)            $    3,247     $       338     $    1,936      $     85       $      5,606
                                   ============   =============   ============    ===========    ==============
   Identifiable assets             $   71,438     $    41,388     $   34,925      $ 19,425       $    167,176
   Intangible assets               $       -      $     3,893     $    1,298            -        $      5,191

---------------------------------------------------------------------------------------------------------------

July 2002 (Thousands):
   Revenues                        $    2,829     $     3,382     $    8,784      $  1,015       $     16,010
   Operating expenses                   2,096           2,841          8,763           852             14,552
   Management fees                        175              45            130         ( 350)                -
   Interest expense, net                   -               64             10            59                133
                                   ------------   -------------   ------------    -----------    --------------
   Pretax income (loss)            $      558     $       432     $    ( 119)     $    454       $      1,325
                                   ============   =============   ============    ===========    ==============
   Identifiable assets             $   73,408     $    32,444     $   21,131      $ 18,441       $    145,424
   Intangible assets               $       -      $     3,893     $    1,298            -        $      5,191

</TABLE>

                                       4
<PAGE>


                       AMREP CORPORATION AND SUBSIDIARIES


Item 2.     Management's Discussion and Analysis of Financial Condition
            -----------------------------------------------------------
            and Results of Operations
            -------------------------
RESULTS OF OPERATIONS
---------------------
The following  provides  information that management  believes is relevant to an
assessment  and  understanding  of the  consolidated  results of operations  and
financial  condition.  The  discussion  should be read in  conjunction  with the
consolidated  financial statements and accompanying notes. All references to the
first three  months or first  quarter of 2004 and 2003 mean the fiscal  quarters
ended July 31, 2003 and July 31, 2002, respectively.

Three Months ended July 31, 2003 Compared to Three Months ended July 31, 2002
-----------------------------------------------------------------------------
Consolidated  revenues for the  Company's  fiscal 2004 first  quarter were $33.6
million compared to $16.0 million in the first quarter last year. Net income was
$3,531,000,  or $0.54 per  share,  for the  first  three  months of 2004  versus
$795,000, or $0.12 per share, in the first quarter of 2003.

Revenues from the Company's Kable News Company subsidiary were $26.0 million for
the first  quarter of the current  fiscal year  compared to $12.2 million in the
same period last year.  Revenues  from  Kable's  Fulfillment  Services  business
increased from $8.8 million in the first quarter of 2003 to $22.7 million in the
first quarter of 2004 as a result of the  acquisition  by Kable in April 2003 of
the subscription  fulfillment  business of Electronic Data Systems  Corporation.
Newsstand Distribution Services' revenues decreased 4%, from $3.4 million in the
first quarter last year to $3.2 million in the current year,  principally as the
result of a decline  in  magazine  sales  percentages  for  existing  customers.
Operating  margins for Kable News improved in the first quarter this year versus
a year ago, as operating costs  decreased from 81.1% of related  revenues in the
first quarter of 2003 to 79.8% in the same period this year.

As a result of  customer  losses  that were  identified  and known  prior to the
acquisition of the EDS  subscription  fulfillment  business and which will occur
throughout  fiscal 2004, it is  anticipated  that the revenues and net income of
the acquired subscription fulfillment business in future periods of 2004 will be
reduced from historical levels,  including results of the first quarter.  By the
fourth  quarter of 2004, the revenue  decline on a quarterly  basis is currently
expected to be approximately $2.5 million as compared to the first quarter, with
a decrease  in  quarterly  net income of  approximately  $750,000.  Accordingly,
results for Kable's Fulfillment  Services business for the first quarter are not
necessarily an indication of what may be expected to occur in future periods.

Revenues from land sales at the Company's AMREP  Southwest  subsidiary also rose
significantly, from $2.5 million in the first quarter of 2003 to $6.4 million in
the first quarter of 2004. This was the result of increased sales of residential
lots in the Company's principal market of Rio Rancho, New Mexico,  including the
bulk sale of 265 unimproved  lots for $1.9 million where there was no comparable
transaction in the first quarter of 2003. The first quarter gross profit on land

                                       5
<PAGE>


sales also  increased  from 43% in 2003 to 59% in 2004 because of the  increased
number of unimproved lots sold,  including the bulk sale discussed above,  which
generally  have higher gross profit margins than  developed  lots.  Revenues and
related  gross  profits  from land sales can vary  significantly  from period to
period as a result of many factors,  including the nature and timing of specific
transactions, and prior results are not necessarily an indication of what may be
expected to occur in future periods.

Operating expenses for Kable's fulfillment services,  newsstand distribution and
other  operations  increased from $9.9 million in the first quarter last year to
$20.7  million in the first  quarter of 2004 as a result of the  acquisition  in
April 2003 of the subscription  fulfillment  business of Electronic Data Systems
Corporation  ("EDS"),  decreasing  from  81.1% to 79.8% of related  revenues  in
fiscal 2003 and 2004,  respectively.  With respect to the real estate  business,
commissions and selling  expenses  increased to $202,000 in the first quarter of
the  current  year  compared to $130,000 in the same period last year due to the
additional  land sales,  but decreased from 5.2% to 3.2% of related  revenues as
such  costs   generally   vary   depending  upon  the  terms  of  specific  sale
transactions.  Real estate and  corporate  general and  administrative  expenses
increased  from  $714,000  in the first  quarter of 2003 to  approximately  $1.0
million in the same period of 2004, principally as a result of increased pension
expense.  General and administrative costs of magazine operations increased from
$1.7 million in the first  quarter of 2003 to $2.6 million in the same period of
the current  year,  but decreased as a percentage of sales from 14.2% in 2003 to
9.9% in 2004, due to the expansion of operations resulting from the acquisition.
Interest  expense  increased  from  $133,000  in the  first  quarter  of 2003 to
$273,000  in the  first  quarter  of 2004 as a result of  additional  borrowings
incurred in connection with the acquisition.

Revenues  associated  with  interest and other  operations  decreased  from $1.3
million in the first  quarter  last year to $1.2  million in the same  period of
2004,  while the  related  costs of these  other  operations  also  decreased  a
comparable amount, from $671,000 in the first quarter of 2003 to $607,000 in the
same period this year.


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

Cash Flows From Financing Activities
------------------------------------
The  Company's  subsidiaries  have  line of  credit  arrangements  with  several
financial  institutions which are  collateralized by various assets.  Based upon
collateral  availability,  the Company's subsidiaries had an aggregate borrowing
availability  of $41.3  million at July 31, 2003 against which $18.9 million had
been borrowed.

Kable has an agreement  with a bank which allows the company to borrow up to $30
million based upon a prescribed  percentage of eligible accounts receivable,  as


                                       6
<PAGE>

defined.  At July 31, 2003,  Kable had borrowing  availability of $29.7 million,
against which $16.7 million was outstanding.

The Company's real estate  subsidiary,  AMREP  Southwest  Inc., also has several
loans to support its operations in New Mexico. These loans are collateralized by
certain real estate assets and are subject to available  collateral  and various
financial  performance  and  other  covenants.  At July 31,  2003,  the  maximum
available  under real estate  lines-of-credit  totaled $11.6  million,  of which
borrowings of $2.2 million were outstanding.

On July 9, 2003, the Company's Board of Directors declared a special dividend of
$0.25 per share payable on August 13, 2003 to shareholders of record on July 24,
2003.  While this dividend was a one time event, the Board indicated that it may
consider  special  dividends  from  time-to-time  in  the  future  in  light  of
conditions  then  existing,   including  earnings,   financial  condition,  cash
position, and capital requirements and other needs.

Cash Flows From Operating Activities
------------------------------------
Real estate  inventory  was $63.1  million at April 30,  2003  compared to $62.4
million at July 31, 2003.  Receivables  from Kable's  operations  increased from
$36.5  million at April 30, 2003 to $47.8 million at July 31, 2003 as the result
of the revenue growth attributable to the acquisition from EDS.


Application of Critical Accounting Policies
-------------------------------------------
The  preparation  of  consolidated   financial  statements  in  conformity  with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities  and disclosures of contingent  assets and liabilities at
the date of those financial  statements and the reported amounts of revenues and
expenses during the reporting period. The significant  estimates that affect the
financial statements of the Company include, but are not limited to: (i) revenue
recognition for the magazine  distribution  business/estimates  of allowance for
magazine returns;  (ii) allowances for bad debts; (iii) land development budgets
and costs to complete;  (iv) cash flow and valuation  assumptions  in performing
asset  impairment  tests of  long-lived  assets  and assets  held for sale;  (v)
pension plan  assumptions;  and (vi) legal  contingencies.  Actual results could
differ  from  those  estimates.  There  has been no  significant  effect  on the
financial  condition or results of operations as a result of changes in policies
or estimates.

Statement of Forward-Looking Information
----------------------------------------

Certain information included herein and in other Company statements, reports and
filings  with the  Securities  and  Exchange  Commission,  including  statements
regarding  revenue and  profitability of the subscription  fulfillment  business
acquired  from EDS,  are  forward-looking  within  the  meaning  of the  Private
Securities  Litigation  Reform Act of 1995. Refer to Item 7 of the Annual Report
on Form 10-K for a  discussion  of the  assumptions  and  factors on which these
statements are based. Any changes in the actual outcome of these assumptions and
factors  could  produce  significantly  different  results;   accordingly,   all
forward-looking  statements  should be evaluated with the understanding of their
inherent  uncertainty.  AMREP disclaims any intention or obligation to update or
revise any forward-looking  statements,  whether as a result of new information,
future events or otherwise.

                                       7
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures About Market Risk
-------  ----------------------------------------------------------
There have been no material  changes to the Company's  market risk for the three
month  period ended July 31, 2003.  Refer to Item 7(A) of the  Company's  Annual
Report on Form 10-K for the fiscal  year  ended  April 30,  2003 for  additional
information  regarding  quantitative  and qualitative  disclosures  about market
risk.


Item 4.  Controls and Procedures
-------  -----------------------
The  Company's  management,  with  the  participation  of  the  Company's  chief
financial officer and the other executive officers whose certificates  accompany
this quarterly report, in accordance with paragraph (b) of Rule 13a-15 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), have evaluated
the effectiveness of the Company' disclosure controls and procedures (within the
meaning of said Rule) as of the end of the period  covered by this report.  As a
result of such  evaluation,  the chief  financial  officer  and other  executive
officers  have  concluded  that such  disclosure  controls  and  procedures  are
effective,  in all material respects, to ensure that the information required to
be disclosed in the reports the Company  files or submits under the Exchange Act
is  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified in the Securities and Exchange Commission's rules and forms.

There have been no changes in the  Company's  internal  control  over  financial
reporting  during the fiscal quarter covered by this quarterly  report that have
materially  affected,  or  are  reasonably  likely  to  materially  affect,  the
Company's internal control over financial reporting.



                                       8
<PAGE>



                           PART II - OTHER INFORMATION



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

          31   Certifications  pursuant to Section 302 of the Sarbanes-Oxley Act
               of 2002.

          32   Certification  pursuant to Section 906 of the  Sarbanes-Oxley Act
               of 2002.


   (b)   Reports on Form 8-K

          (i)  On July 11, 2003,  the Company filed a Current Report on Form 8-K
               reporting  under  Item 9 the  issuance  by the  Company of a news
               release disclosing the Company's  consolidated financial position
               at April 30, 2003 and its consolidated  results of operations for
               the year and for the three months ended that date.

          (ii) On July 18,  2003,  the Company  filed an Amendment on Form 8-K/A
               reporting  under  Item 7.  Included  in the  Amendment  were  the
               following financial statements:

               Financial  Statements  and  Independent  Auditor's  Report on the
               financial statements of the Subscription  Fulfillment Business of
               Electronic  Data Systems  Corporation as of December 31, 2002 and
               2001  and for  each  of the  three  years  in the  period  ending
               December 31, 2002.

               Unaudited Pro Forma Consolidated  Balance Sheet of the Company as
               of January 31, 2003.

               Unaudited  Pro  Forma  Consolidated  Statements  of Income of the
               Company for the year ended April 30, 2002 and for the nine months
               ended January 31, 2003.



                                       9
<PAGE>





                                    SIGNATURE



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




                                                   AMREP CORPORATION
                                                     (Registrant)






     Dated:      September 15, 2003                By:  /s/ Peter M. Pizza
                                                        ------------------
                                                        Peter M. Pizza
                                                        Vice President and
                                                        Chief Financial Officer
                                                        (Principal Financial and
                                                        Accounting Officer)


                                       10
<PAGE>



                       AMREP CORPORATION AND SUBSIDIARIES



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


  Exhibit No.              Description
  -----------              -----------
       31      Certifications  pursuant to Section 302 of the Sarbanes-Oxley Act
               of 2002.

       32      Certification  pursuant to Section  906 of the Sarbanes-Oxley Act
               of 2002.















                                       12