Exhibit 99.1

FOR:	AMREP Corporation
	620 West Germantown Pike, Suite 175
	Plymouth Meeting, Pennsylvania 19462
CONTACT:	James McMonagle
	Vice President and Chief Financial Officer
	(610) 487-0904

AMREP REPORTS FIRST QUARTER FISCAL 2020 RESULTS

Plymouth Meeting, Pennsylvania, September 11, 2019 – AMREP Corporation (NYSE: AXR) today reported a net loss of $196,000, or $0.02 per share, for its 2020 fiscal first quarter ended July 31, 2019 compared to net income of $61,000, or $0.01 per share, for the same period of the prior year.

The prior year’s results reflected a net loss from continuing operations of $662,000 and net income from discontinued operations of $723,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

FINANCIAL HIGHLIGHTS

	Three Months Ended July 31,
	2019			2018
Revenues	$	4,767,000		$	4,238,000
Net (loss) from continuing operations	$	(196,000	)	$	(662,000	)
Net income from discontinued operations		-		$	723,000
Net income	$	(196,000	)	$	61,000
(Loss) per share from continuing operations – Basic and Diluted	$	(0.02	)	$	(0.08	)
Income per share from discontinued operations – Basic and Diluted		-		$	0.09
Income per share – Basic and Diluted	$	(0.02	)	$	0.01
Weighted average number of common shares outstanding - basic		8,095,000			8,086,000
Weighted average number of common shares outstanding - diluted		8,095,000			8,124,000

AMREP Corporation’s financial statements on Form 10-Q are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREP’s website (www.amrepcorp.com/SECfiles).