UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

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

      Date of Report (Date of earliest event reported): September 20, 2005
                                                        ------------------

                                AMREP CORPORATION
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               (Exact Name of Registrant as Specified in Charter)

                  Oklahoma              1-4702            59-0936128
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(State or Other Jurisdiction       (Commission File       (IRS Employer
           of Incorporation)            Number)           Identification Number)

   641 Lexington Avenue, New York, New York                 10022
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   (Address of Principal Executive Offices)               (Zip Code)

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

                                 Not Applicable
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          (Former Name or Former Address, if Changed Since Last Report)

     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

|_|  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))






Item 1.01   Entry into a Material Definitive Agreement.
            -------------------------------------------

     On September 20, 2005, the  Compensation  and Human Resources  Committee of
AMREP  Corporation  (the  "Company"),  approved  annual salary  increases to the
indicated  amounts  effective  October  3, 2005,  and  performance  bonuses  for
performance  during the Company's fiscal year ended April 30, 2005 for executive
officers, as follows:

     James Wall, Director and Senior Vice President of the Company;  Chairman of
     the Board,  President and Chief  Executive  Officer of the Company's  AMREP
     Southwest Inc. subsidiary - $50,000 bonus;

     Peter M. Pizza,  Vice President,  Chief Financial  Officer and Treasurer of
     the Company - $179,400 annual salary and $10,000 bonus; and

     Michael P. Duloc, Chief Operating Officer of the Company's  fulfillment and
     distribution  services  businesses  - $226,325  annual  salary and  $22,500
     bonus.

                                    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 hereunto duly authorized.

                                                  AMREP CORPORATION

Date:   September 26, 2005                        By:  /s/ Peter M. Pizza
        ------------------                             ------------------
                                                       Peter M. Pizza
                                                       Vice President and
                                                       Chief Financial Officer


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