| 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, 2011 and April 30, 2011                                                                                                         |  1  |
|                                                                                                                                                                                                     |     |
|  Consolidated Statements of Operations and Retained Earnings    (Unaudited) Three Months Ended July 31, 2011 and 2010                                                                |  2  |
|                                                                                                                                                                                                     |     |
|  Consolidated Statements of Cash Flows (Unaudited)    Three Months Ended July 31, 2011 and 2010                                                                                      |  3  |
|                                                                                                                                                                                                     |     |
|  Notes to Consolidated Financial Statements                                                                                                                                                         | 4        |
|                                                                                                                                                                                                     |     |
| Item 2.  Management’s Discussion and Analysis of Financial Condition                and Results of Operations | 9        |
|                                                                                                                                                                                                     |     |
| Item 4.  Controls and Procedures                                                                                                                                                               | 15       |
|                                                                                                                                                                                                     |     |
| PART II.  OTHER INFORMATION                                                                                                                                                                    |     |
|                                                                                                                                                                                                     |     |
| Item 6.  Exhibits                                                                                                                                                                              | 16       |
|                                                                                                                                                                                                     |     |
| SIGNATURE                                                                                                                                                                                                | 17       |
|                                                                                                                                                                                                     |     |
| EXHIBIT INDEX                                                                                                                                                                                            | 18       |

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

|                                                                                  |   |               |    |                |   |   |
|---------------------------------------------------------------------------------------|--------|--------------------|---------|---------------------|--------|--------|
|                                                                                  |   | July 31, 2011 |    | April 30, 2011 |
|                                                                                  |   |               |    |                |   |   |
| ASSETS:                                                                               |   |               |    |                |   |   |
| Cash and cash equivalents                                                             |   | $                  | 27,288  |                |   | $      | 25,756 |   |
| Receivables, net:                                                                     |   |               |    |                |   |   |   |   |
|   Media services operations                                                 |   |               | 25,842  |                |   |   | 28,125 |   |
|   Real estate operations and corporate                                      |   |               | 650     |                |   |   | 607 |   |
|                                                                                  |   |               | 26,492  |                |   |   | 28,732 |   |
|                                                                                  |   |               |    |                |   |   |   |   |
| Income taxes receivable                                                               |   |               | 453     |                |   |   | - |   |
| Real estate inventory                                                                 |   |               | 75,373  |                |   |   | 75,247 |   |
| Investment assets, net                                                                |   |               | 11,139  |                |   |   | 11,139 |   |
| Property, plant and equipment, net                                                    |   |               | 27,693  |                |   |   | 28,150 |   |
| Intangible and other assets, net                                                      |   |               | 15,251  |                |   |   | 16,118 |   |
| Deferred income taxes                                                                 |   |               | 4,629   |                |   |   | 4,898 |   |
|      TOTAL ASSETS                                            |   | $                  | 188,318 |                |   | $      | 190,040 |   |
|                                                                                  |   |               |    |                |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY:                                                 |   |               |    |                |   |   |   |   |
| LIABILITIES:                                                                          |   |               |    |                |   |   |   |   |
| Accounts payable, net and accrued expenses                                            |   | $                  | 69,999  |                |   | $      | 70,876 |   |
|                                                                                  |   |               |    |                |   |   |   |   |
| Notes payable:                                                                        |   |               |    |                |   |   |   |   |
|  Amounts due within one year                                                     |   |               | 2,653   |                |   |   | 2,660 |   |
|  Amounts subsequently due                                                        |   |               | 20,667  |                |   |   | 21,325 |   |
|                                                                                  |   |               | 23,320  |                |   |   | 23,985 |   |
|                                                                                  |   |               |    |                |   |   |   |   |
| Income taxes payable                                                                  |   |               | -       |                |   |   | 43 |   |
| Other long-term liabilities                                                           |   |               | 3,595   |                |   |   | 3,571 |   |
| Accrued pension cost                                                                  |   |               | 12,737  |                |   |   | 12,619 |   |
|     TOTAL LIABILITIES                                             |   |               | 109,651 |                |   |   | 111,094 |   |
|                                                                                  |   |               |    |                |   |   |   |   |
| 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                                                                     |   |               | 67,622  |                |   |   | 67,901 |   |
| Accumulated other comprehensive loss, net                                             |   |               | (9,140  | )                   |   |   | (9,140 | ) |
| Treasury stock, at cost; 1,424,492 shares                                             |   |               | (26,657 | )                   |   |   | (26,657 | ) |
|      TOTAL SHAREHOLDERS’ EQUITY                        |   |               | 78,667  |                |   |   | 78,946 |   |
|      TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY        |   | $                  | 188,318 |                |   | $      | 190,040 |   |
|                                                                                  |   |               |    |                |   |   |   |   |

| AMREP CORPORATION AND SUBSIDIARIES                                      |   |
|-------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Retained Earnings (Unaudited) |   |
| Three Months Ended July 31, 2011 and 2010                               |   |
| (Thousands, except per share amounts)                                   |   |
|                                                                    |   |   |   |   |   |   |
|                                                                    |   | 2011 |   | 2010 |
| REVENUES:                                                               |   |   |   |   |   |   |
| Media services operations                                               |   | $ | 21,377 |   |   | $ | 24,236 |   |
| Real estate land sales                                                  |   |   | 108 |   |   |   | 824 |   |
| Interest and other                                                      |   |   | 8 |   |   |   | 27 |   |
|                                                                    |   |   | 21,493 |   |   |   | 25,087 |   |
| COSTS AND EXPENSES:                                                     |   |   |   |   |   |   |   |   |
| Real estate land sales                                                  |   |   | 74 |   |   |   | 399 |   |
| Operating expenses:                                                     |   |   |   |   |   |   |   |   |
|      Media services operations                 |   |   | 17,816 |   |   |   | 20,666 |   |
|      Real estate commissions and selling       |   |   | 59 |   |   |   | 80 |   |
|      Other                                     |   |   | 349 |   |   |   | 940 |   |
| General and administrative:                                             |   |   |   |   |   |   |   |   |
|      Media services operations                 |   |   | 2,201 |   |   |   | 2,336 |   |
|      Real estate operations and corporate           |   |   | 1,036 |   |   |   | 990 |   |
| Interest expense, net of capitalized amounts                            |   |   | 385 |   |   |   | 423 |   |
|                                                                    |   |   | 21,920 |   |   |   | 25,834 |   |
| LOSS BEFORE INCOME TAXES                                                |   |   | (427 | ) |   |   | (747 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
| BENEFIT FOR INCOME TAXES                                                |   |   | (148 | ) |   |   | (249 | ) |
| NET LOSS                                                                |   |   | (279 | ) |   |   | (498 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beginning of period                                  |   |   | 67,901 |   |   |   | 75,462 |   |
| RETAINED EARNINGS, end of period                                        |   | $ | 67,622 |   |   | $ | 74,964 |   |
|                                                                    |   |   |   |   |   |   |   |   |
| LOSS PER SHARE – BASIC AND DILUTED                                |   | $ | (0.05 | ) |   | $ | (0.08 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
| 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, 2011 and 2010                                                   |   |
| (Thousands)                                                                                 |   |
|                                                                                        |   | 2011 |   | 2010 |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                       |   |   |   |   |
|   Net loss                                                                        |   | $ | (279 | ) |   | $ | (498 | ) |
|   Adjustments to reconcile net loss to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
|   Depreciation and amortization                                                   |   |   | 1,365 |   |   |   | 1,545 |   |
|   Non-cash credits and charges:                                                   |   |   |   |   |   |   |   |   |
| (Gain) loss on disposition of assets                                                        |   |   | (17 | ) |   |   | 4 |   |
| Provision for (recoveries of) doubtful accounts                                             |   |   | 2 |   |   |   | (63 | ) |
| Pension accrual                                                                             |   |   | 118 |   |   |   | 161 |   |
| Changes in assets and liabilities:                                                          |   |   |   |   |   |   |   |   |
|    Receivables                                                               |   |   | 2,238 |   |   |   | (1,801 | ) |
|    Income taxes receivable                                                   |   |   | (496 | ) |   |   | (566 | ) |
|    Real estate inventory and investment assets                               |   |   | (126 | ) |   |   | 124 |   |
|    Intangible and other assets                                               |   |   | 408 |   |   |   | 247 |   |
|    Accounts payable and accrued expenses                                     |   |   | (877 | ) |   |   | 2,278 |   |
|    Deferred income taxes and other long-term liabilities                     |   |   | 293 |   |   |   | 208 |   |
|     Total adjustments                                                   |   |   | 2,908 |   |   |   | 2,137 |   |
|     Net cash provided by operating activities                           |   |   | 2,629 |   |   |   | 1,639 |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                       |   |   |   |   |   |   |   |   |
|    Capital expenditures - property, plant and equipment                           |   |   | (528 |  ) |   |   | (135 |  ) |
|    Proceeds from the disposition of assets                                        |   |   | 96 |   |   |   | -  |   |
|     Net cash used in investing activities                               |   |   | (432 | ) |   |   | (135 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                  |   |   |   |   |   |   |   |   |
|  Proceeds from debt financing                                                          |   |   | 3,370 |   |   |   | 6,611 |   |
|  Principal debt payments                                                               |   |   | (4,035 | ) |   |   | (7,349 | ) |
|     Net cash used in financing activities                               |   |   | (665 | ) |   |   | (738 | ) |
| INCREASE IN CASH AND CASH EQUIVALENTS                                                       |   |   | 1,532 |   |   |   | 766 |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                         |   |   | 25,756 |   |   |   | 25,531 |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                               |   | $ | 27,288 |   |   | $ | 26,297 |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION:                                                         |   |   |   |   |   |   |   |   |
| Interest paid – net of amounts capitalized                                            |   | $ | 373 |   |   | $ | 485 |   |
| Income taxes paid – net of refunds                                                    |   | $ | 54 |   |   | $ | 109 |   |
|                                                                                        |   |   |   |   |   |   |   |   |

|                                                                                    |   | July 31, 2011 |   | April 30, 2011 |
|-----------------------------------------------------------------------------------------|--------|--------------------|--------|---------------------|
| Media services operations:                                                              |   |               |   |                |   |   |
|      Subscription Fulfillment Services                         |   | $                  | 14,629 |                |   | $ | 13,780 |   |
|      Newsstand Distribution Services, net of estimated returns |   |               | 10,034 |                |   |   | 13,226 |   |
|      Product Services and Other                                |   |               | 2,022  |                |   |   | 1,961 |   |
|                                                                                    |   |               | 26,685 |                |   |   | 28,967 |   |
|      Less allowance for doubtful accounts                      |   |               | (843   | )                   |   |   | (842 | ) |
|                                                                                    |   | $                  | 25,842 |                |   | $ | 28,125 |   |
|                                                                                    |   |               |   |                |   |   |   |   |
| Real estate operations and corporate:                                                   |   |               |   |                |   |   |   |   |
|      Mortgage notes and other receivables                      |   | $                  | 1,100  |                |   | $ | 1,057 |   |
|      Less allowance for doubtful accounts                      |   |               | (450   | )                   |   |   | (450 | ) |
|                                                                                    |   | $                  | 650    |                |   | $ | 607 |   |

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

|                               |   | July 31, 2011 |   | April 30, 2011 |
|------------------------------------|--------|---------------|--------|---------------------|
| Land held for long-term investment |   | $             | 10,646 |                |   | $ | 10,646 |   |
|                               |   |          |   |                |   |   |   |   |
| Other                              |   |          | 753    |                |   |   | 753 |   |
| Less accumulated depreciation      |   |          | (260   | )                   |   |   | (260 | ) |
|                               |   |          | 493    |                |   |   | 493 |   |
|                               |   | $             | 11,139 |                |   | $ | 11,139 |   |

|                             |   | July 31, |    | April 30, |
|----------------------------------|--------|----------|---------|-----------|
|                             |   | 2011     |    | 2011      |
| Land, buildings and improvements |   | $        | 29,617  |      |   | $ | 29,344 |   |
| Furniture and equipment          |   |     | 22,598  |      |   |   | 22,593 |   |
|                             |   |     | 52,215  |      |   |   | 51,937 |   |
| Less accumulated depreciation    |   |     | (24,522 | )         |   |   | (23,787 | ) |
|                             |   | $        | 27,693  |      |   | $ | 28,150 |   |

|                                 |   | July 31, 2011 |   |   | April 30, 2011                |   |
|--------------------------------------|--------|---------------|--------|--------|-------------------------------|--------|
|                                 |   | Cost          |   |   | Accumulated Amortization |   |   | Cost |   |   | Accumulated Amortization |   |
|                                 |   |          |   |   |                          |   |   |   |   |   |   |   |
| Software development costs           |   | $             | 1,964  |   |                          | $      | 1,739 |   |   | $ | 1,964 |   |   | $ | 1,675 |   |
| Deferred order entry costs           |   |          | 1,591  |   |                          |   | - |   |   |   | 1,785 |   |   |   | - |   |
| Prepaid expenses                     |   |          | 3,014  |   |                          |   | - |   |   |   | 3,252 |   |   |   | - |   |
| Customer contracts and relationships |   |          | 15,000 |   |                          |   | 5,674 |   |   |   | 15,000 |   |   |   | 5,362 |   |
| Other                                |   |          | 1,689  |   |                          |   | 594 |   |   |   | 1,695 |   |   |   | 541 |   |
|                                 |   | $             | 23,258 |   |                          | $      | 8,007 |   |   | $ | 23,696 |   |   | $ | 7,578 |   |

|                    |   | July 31, 2011 |   |   | April 30,2011 |   |
|-------------------------|--------|--------------------|--------|--------|---------------|--------|
| Publisher payables, net |   | $                  | 59,781 |   |          | $      | 60,425 |   |
| Accrued expenses        |   |               | 3,496  |   |          |   | 3,486 |   |
| Trade payables          |   |               | 2,098  |   |          |   | 2,608 |   |
| Other                   |   |               | 4,624  |   |          |   | 4,357 |   |
|                    |   | $                  | 69,999 |   |          | $      | 70,876 |   |

|                                        |   | July 31,2011 |   |   | April 30,2011 |   |
|---------------------------------------------|--------|--------------|--------|--------|---------------|--------|
| Credit facilities:                          |   |         |   |   |          |   |
|    Media services operations |   | $            | -      |   |          | $      | - |   |
|    Real estate operations    |   |         | 18,714 |   |          |   | 19,339 |   |
| Other notes payable                         |   |         | 4,606  |   |          |   | 4,646 |   |
|                                        |   | $            | 23,320 |   |          | $      | 23,985 |   |

| (8) | Other Long-Term Liabilities |
|-----|-----------------------------|

| (9) | Taxes |
|-----|-------|

| (10) | Fair Value Measurements |
|------|-------------------------|

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

|                                      |   |  SubscriptionFulfillmentServices |   |   |  NewsstandDistribution Services |   |   |  Product Services and Other Kable |   |   |   Real EstateOperations |   |   |  Corporate andOther |   |   |    Consolidated |   |
|-------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|-----------------------------------|--------|--------|-------------------------------|--------|--------|--------------------------------|--------|
| Three months ended July 31, 2011 (a):     |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |
| Revenues                                  |   | $                                     | 16,676 |   |                                      | $      | 2,347  |                                             |   | $      | 2,354                             |   |   | $                             | 182    |   |                           | $      | (66 | ) |   | $ | 21,493 |   |
|                                      |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |   |   |   |   |   |   |
| Net income (loss)                         |   |                                  | 364    |   |                                      |   | 30     |                                             |   |   | (156                              | )      |   |                          | (760   | )      |                           |   | 243 |   |   |   | (279 | ) |
| Provision (benefit) for income taxes      |   |                                  | 214    |   |                                      |   | 48     |                                             |   |   | (92                               | )      |   |                          | (444   | )      |                           |   | 126 |   |   |   | (148 | ) |
| Interest expense (income), net (b)        |   |                                  | 583    |   |                                      |   | (346   | )                                                |   |   | 31                                |   |   |                          | 395    |   |                           |   | (278 | ) |   |   | 385 |   |
| Depreciation and amortization             |   |                                  | 1,107  |   |                                      |   | 137    |                                             |   |   | 64                                |   |   |                          | 20     |   |                           |   | 37 |   |   |   | 1,365 |   |
| EBITDA (c)                                |   | $                                     | 2,268  |   |                                      | $      | (131   | )                                                |   | $      | (153                              | )      |   | $                             | (789   | )      |                           | $      | 128 |   |   | $ | 1,323 |   |
|                                      |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |   |   |   |   |   |   |
| Capital expenditures                      |   | $                                     | 487    |   |                                      | $      | 41     |                                             |   | $      | -                                 |   |   | $                             | -      |   |                           | $      | - |   |   | $ | 528 |   |
|                                      |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |   |   |   |   |   |   |
| Three months ended July 31, 2010 (a):     |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |   |   |   |   |   |   |
| Revenues                                  |   | $                                     | 18,852 |   |                                      | $      | 3,114  |                                             |   | $      | 2,270                             |   |   | $                             | 913    |   |                           | $      | (62 | ) |   | $ | 25,087 |   |
|                                      |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |   |   |   |   |   |   |
|     Net income (loss) |   |                                  | (479   | )      |                                      |   | 420    |                                             |   |   | (31                               | )      |   |                          | (672   | )      |                           |   | 264 |   |   |   | (498 | ) |
| Provision (benefit) for income taxes      |   |                                  | (282   | )      |                                      |   | 282    |                                             |   |   | (18                               | )      |   |                          | (374   | )      |                           |   | 143 |   |   |   | (249 | ) |
| Interest expense (income), net (b)        |   |                                  | 616    |   |                                      |   | (360   | )                                                |   |   | 23                                |   |   |                          | 332    |   |                           |   | (188 | ) |   |   | 423 |   |
| Depreciation and amortization             |   |                                  | 1,288  |   |                                      |   | 143    |                                             |   |   | 55                                |   |   |                          | 21     |   |                           |   | 38 |   |   |   | 1,545 |   |
| EBITDA (c)                                |   | $                                     | 1,143  |   |                                      | $      | 485    |                                             |   | $      | 29                                |   |   | $                             | (693   | )      |                           | $      | 257 |   |   | $ | 1,221 |   |
|                                      |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |   |   |   |   |   |   |
| Capital expenditures                      |   | $                                     | 135    |   |                                      | $      | -      |                                             |   | $      | -                                 |   |   | $                             | -      |   |                           | $      | - |   |   | $ | 135 |   |
|                                      |   |                                  |   |   |                                      |   |   |                                             |   |   |                              |   |   |                          |   |   |                           |   |   |   |   |   |   |   |

| (a)   | Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations.  Corporate revenue in 2012 and 2011 is net of an intercompany revenue elimination. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  |   | Three Months Ended July 31, |   |
|-------------------------------------------------------|--------|-----------------------------|--------|
|                                                  |   | 2011                        |   |   | 2010 |   |
|                                                  |   | Acres Sold             |   |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   |   | Acres Sold |   |   | Revenues(in 000s) |   |   | RevenuesPer Acre(in 000s) |   |
|                                                  |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Developed                                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Residential |   |                        | -      |   |   | $ | - |   |   | $ | - |   |   |   | 1.0 |   |   | $ | 377 |   |   | $ | 377 |   |
|        Commercial  |   |                        | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|   Total Developed                           |   |                        | -      |   |   |   | - |   |   |   | - |   |   |   | 1.0 |   |   |   | 377 |   |   |   | 377 |   |
|   Undeveloped                               |   |                        | 2.0    |   |   |   | 108 |   |   |   | 54 |   |   |   | 11.0 |   |   |   | 447 |   |   |   | 41 |   |
|       Total             |   |                        | 2.0    |   |   | $ | 108 |   |   | $ | 54 |   |   |   | 12.0 |   |   | $ | 824 |   |   | $ | 69 |   |

|  Contractual Obligations |   | Total  |   |   | Less than1 year |   |   | 1 – 3years |   |   | 3 – 5years |   |   | More than5 years |   |
|-------------------------------|--------|--------|--------|--------|-----------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|
|                          |   |   |   |   |            |   |   |             |   |   |             |   |   |             |   |
| Notes payable                 |   | $      | 23,320 |   |            | $      | 2,653  |             |   | $      | 16,489           |   |   | $                | 251    |   |   | $ | 3,927 |   |
| Operating leases and other    |   |   | 9,157  |   |            |   | 2,966  |             |   |   | 5,576            |   |   |             | 615    |   |   |   | - |   |
| Total                         |   | $      | 32,477 |   |            | $      | 5,619  |             |   | $      | 22,065           |   |   | $                | 866    |   |   | $ | 3,927 |   |

| Exhibit No. | Description                                                                                                      |
|-------------|-----------------------------------------------------------------------------------------------------------------------|
| 3.2         | By-Laws, as amended.                                                                                                  |
| 31.1        | Certification of the chief executive officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934.    |
| 31.2        | Certification of the chief financial officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934.    |
| 32          | Certification of the chief executive officer and chief financial officer required pursuant to 18 U.S.C. Section 1350. |

| Date:  September 13, 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                                                                                                                             |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2         | By-Laws, as amended – Filed herewith                                                                                                   |
| 31.1        | Certification of the chief executive officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith.    |
| 31.2        | Certification of the chief financial officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934 – Filed herewith.    |
| 32          | Certification of the chief executive officer and chief financial officer required pursuant to 18 U.S.C. Section 1350 – Filed herewith. |