AMREP Corporation Reports 6.3% Revenue Growth but Decline in Net Income for Fiscal Year Ending April 30, 2026

AMREP Corporation reported its financial results for the fiscal year ending April 30, 2026, revealing a total revenue of $52.8 million, an increase of 6.3% from $49.7 million in the previous year. The company's net income for the period was $10.3 million, down from $12.7 million in 2025, resulting in earnings per share of $1.93 compared to $2.39 in the prior year. The decline in profitability was attributed to a significant increase in the provision for income taxes, which rose to $3.8 million from $1.0 million in 2025, reflecting higher income before taxes.

The company's land sale revenues decreased to $20.6 million from $25.6 million, primarily due to a reduction in sales of developed residential land, which fell from $21.9 million to $13.8 million. However, this decline was partially offset by an increase in revenues from developed commercial land and undeveloped land sales. Home sale revenues, on the other hand, increased to $28.7 million, up from $21.2 million, driven by a rise in the number of homes sold and an increase in the average selling price, which rose to $441,000 from $425,000.

Operationally, AMREP had 75 homes in production as of April 30, 2026, with 24 homes under contract, representing expected revenues of approximately $13.0 million. This is a decrease from 88 homes in production and 28 under contract in the previous year. The company also reported an increase in landscaping revenues to $2.4 million from $2.1 million, and miscellaneous revenues rose to $1.2 million from $709,000, reflecting management fees and rental income.

General and administrative expenses increased by 24% to $9.0 million, driven by higher costs in land development and homebuilding operations, as well as increased corporate expenses. The company’s cash and cash equivalents rose to $52.7 million, a 32% increase from $39.9 million in 2025, bolstered by net cash provided by operating activities of $12.9 million. AMREP's total assets increased to $144.8 million from $133.8 million, with real estate inventory remaining relatively stable at $66.6 million.

Looking ahead, AMREP Corporation anticipates continued demand for its land and homebuilding projects, although it acknowledges potential challenges from inflation and market conditions that could impact sales prices and operating margins. The company plans to focus on land development and home construction to meet customer demand while maintaining adequate liquidity to support its operations and growth initiatives.