AMREP Corporation (NYSE: AXR) is a New Mexico-based real estate company that develops and sells land and builds single-family homes. Revenue comes from three streams: land sales (both developed and undeveloped acreage), home sales, and other revenues including residential rental income. For the fiscal year ended April 30, 2025, total revenues were $49.7 million, composed of land sale revenues of $25.6 million (52%), home sale revenues of $21.2 million (43%), and other revenues of $2.8 million (6%). The company operates through two business segments, land development and homebuilding, both concentrated in New Mexico. As of April 30, 2025, total real estate inventory was $66.8 million and investment assets were $14.9 million, including $6.0 million in owned real estate leased or intended to be leased. The company employed 49 people as of April 30, 2025. AMREP also owns mineral rights under approximately 55,000 surface acres in Sandoval County, New Mexico. It competes with national, regional, and local homebuilders, as well as resales of existing homes and rental housing.

Revenue model

Transactional revenue from sales of developed and undeveloped land acreage, transactional revenue from sales of single-family homes, and rental income from owned residential properties. For FY2025 (year ended April 30, 2025): land sale revenues $25.6M, home sale revenues $21.2M, other revenues $2.8M, total $49.7M.

Products and services

Developed residential land lots (28.6 acres sold in FY2025 at $766K revenue per acre for residential developed), undeveloped land, single-family detached and attached homes offered in multiple floor plans and price points, and residential rental homes. The company also holds mineral rights under approximately 55,000 surface acres in Sandoval County, New Mexico.

Customers and end markets

Homebuyers in New Mexico seeking new single-family homes at various price points. Land buyers including residential and commercial developers. Residential renters for leased completed homes. End market is residential real estate in New Mexico.

Value-chain role

Vertically integrated land developer and homebuilder. The company acquires raw land, performs entitlement and infrastructure work, sells developed and undeveloped lots, and constructs and sells single-family homes. It also retains select completed homes as rental properties.

Geographic exposure

Operations concentrated entirely in New Mexico, with land development and homebuilding activity in that state. Mineral rights held in Sandoval County, New Mexico. No disclosed operations outside New Mexico.

Competitors

National homebuilders (unnamed in filing), Regional homebuilders (unnamed in filing), Local homebuilders (unnamed in filing), Residential resale market, Rental housing market

Source: SEC 10-K, filed 2025-07-25

Industry: Land Subdividers & Developers (No Cemeteries) Peers: Alset Inc Stratus Properties Inc Forestar Group Inc Howard Hughes Corp International Land Alliance Inc Kaanapali Land LLC Maui Land & Pineapple Company Inc