AMREP Corporation (AXR) reported a sharp year-over-year decline in results for the fiscal first quarter ended July 31, 2026, while also receiving shareholder approval for a new long-term equity plan. Net income was $276,000, or $0.05 per diluted share, compared with $4,692,000, or $0.87 per diluted share, a year earlier. Revenues fell to $6,051,000 from $17,851,000.
Shareholders at the September 10, 2026 annual meeting approved the 2026 Equity Compensation Plan, which authorizes awards covering up to 500,000 shares of common stock, alongside advisory approval of named executive officer compensation and ratification of the independent auditor. Two Class III directors, Timothy S. McNaney and Albert V. Russo, were elected to terms ending at the 2029 annual meeting.
AMREP Corporation (AXR) reported a sharp slowdown for the quarter ended July 31, 2026. Total revenues fell to $6.1 million from $17.9 million a year earlier, driven by a collapse in land sale revenues to $0.2 million from $7.5 million and lower home sale revenues of $4.9 million versus $9.6 million.
Net income declined to $276,000 (diluted EPS $0.05) from $4.7 million (EPS $0.87), as operating results swung from $6.1 million of operating income to a small operating loss. Operating cash flow moved from an inflow of $9.5 million to an outflow of $3.6 million, reflecting increased investment in real estate inventory and investment assets.
Despite weaker earnings, AMREP maintains a strong balance sheet with $49.1 million in cash, cash equivalents and restricted cash, minimal notes payable of $17,000, and shareholders’ equity of $141.1 million. The company is shifting emphasis toward homebuilding, with 83 homes in production and 23 under contract representing $12.5 million of expected future home sale revenues, while warning of significantly reduced developed residential land sale revenues during fiscal 2027.
AMREP Corporation is soliciting proxies for its 2026 annual meeting on September 10, 2026 in Newtown Square, Pennsylvania. Shareholders of record at the close of business on July 20, 2026, when 5,324,849 common shares were outstanding, may vote.
Shareholders will vote on electing two Class III directors through 2029, approving the new 2026 Equity Compensation Plan, an advisory say-on-pay resolution for named executive officers, and ratifying Rosenberg Rich Baker Berman, P.A. as auditor for 2027. The plan would authorize up to 500,000 Shares for equity awards and will replace the expiring 2016 plan, with detailed rules for options, restricted stock, units, and performance-based awards. CEO Christopher V. Vitale’s 2026 compensation totaled $734,100 and CFO Adrienne M. Uleau’s totaled $313,100. Major holders include the Russo group with 24.3% and another investor group with 18.8% of outstanding shares. The board, a majority of whom are NYSE-independent, unanimously recommends voting “FOR” all four proposals.
AMREP CORP. CFO and VP Adrienne Uleau sold 4,000 shares of Common Stock on 2026-07-30 at $23.49 per share in an open-market or private transaction. After this sale, she directly holds 6,574 shares. The transaction was not made under a Rule 10b5-1 trading plan.
An affiliate of the issuer filed a Form 144 to permit the public sale of 4,000 shares of common stock through the NYSE, with an aggregate market value of $93,070.00. Fidelity Brokerage Services LLC is listed as broker. The filing references multiple underlying stock award grants used as compensation.
AMREP Corporation reported fiscal 2026 results for the year ended April 30, 2026. Net income was $10,288,000, or $1.91 per diluted share, compared with $12,716,000, or $2.37 per diluted share, in fiscal 2025. Income per share – basic was $1.93 in 2026 and $2.39 in 2025. Revenues increased to $52,847,000 from $49,694,000.
The company states that revenues, average selling prices and gross margins from land and home sales can vary significantly from period to period because of the nature and timing of specific transactions and the type and location of properties sold, so prior results may not indicate future performance. More detailed financial information for 2026 and 2025 is available in AMREP’s financial statements on Form 10-K filed with the SEC and on its website. Through its subsidiaries, AMREP is described as a major holder of land, leading real estate developer and award-winning homebuilder in New Mexico.
AMREP Corporation, an Oklahoma holding company focused on land development and homebuilding in Rio Rancho, New Mexico, reported fiscal 2026 total revenues of 52,847 (thousand dollars), up from 49,694, and net income of 10,288 (thousand dollars), down from 12,716. Diluted earnings per share were $1.91 versus $2.37 in 2025.
Land sale revenues declined 20% to 20,579 (thousand dollars) while home sale revenues rose 35% to 28,711 (thousand dollars). Land sale gross margin improved to 61% from 52%, aided by infrastructure reimbursements and mix, but higher homebuilding and general and administrative expenses, plus a higher tax provision, weighed on bottom-line results.
The company sold 65 homes at an average price of $441 (thousand), had 75 homes in production and significant land holdings, including about 16,200 acres in Sandoval County. At April 30, 2026, cash, cash equivalents and restricted cash totaled 52,689 (thousand dollars) against notes payable of only 18 (thousand dollars), and shareholders’ equity was 140,743 (thousand dollars). Management highlights entitlement delays, construction cost inflation and housing affordability pressures, and has moderated land development activity, expecting lower developed land sale revenues in fiscal 2027.
Uleau Adrienne reported acquisition or exercise transactions in this Form 4 filing.
AMREP CORP. CFO and VP Adrienne Uleau received a grant of 2,250 shares of restricted common stock under the AMREP Corporation 2016 Equity Compensation Plan. The award vests in three equal tranches of 750 shares on July 13, 2027, 2028 and 2029, subject to her continued employment. Following the grant, she directly holds 10,574 shares of AMREP common stock.
AMREP CORP. President and CEO Christopher V. Vitale reported an acquisition of 8,700 shares of common stock as a grant of restricted stock under the AMREP Corporation 2016 Equity Compensation Plan at $0.00 per share.
The restricted stock vests in three equal installments of 2,900 shares on July 13, 2027, July 13, 2028, and July 13, 2029, subject to his continued employment on each vesting date. Following this award, Vitale directly holds 125,900 shares of AMREP common stock.
AMREP Corporation adjusted executive compensation for its top officers. On July 13, 2026, the company awarded Christopher V. Vitale, President and CEO, a $178,000 cash bonus and 8,700 restricted shares of common stock under the AMREP Corporation 2016 Equity Compensation Plan, vesting in three equal installments of 2,900 shares on July 13 of 2027, 2028 and 2029, subject to his continued employment on each vesting date.
Adrienne M. Uleau, Chief Financial Officer and Vice President, received a $64,000 cash bonus and 2,250 restricted shares, vesting in three equal tranches of 750 shares on July 13 of 2027, 2028 and 2029, also contingent on continued employment. The company also approved base salary increases effective July 27, 2026, setting Mr. Vitale’s salary at $395,000 and Ms. Uleau’s salary at $205,000.