NEW YORK, Sept. 23 /PRNewswire-FirstCall/ -- AMREP Corporation (NYSE: AXR - News) reported
today that in the court proceedings in connection with the condemnation of the Company's
El Dorado water utility in Santa Fe, New Mexico, a jury verdict has been issued valuing
the utility at $11 million.  The condemning authority had proposed a $6.2 million
valuation. The Company believes that the condemning authority at present does not have
available financing for an $11 million condemnation. It is not known what action the
condemning authority will now take in this matter.  Among the possible actions are
appealing the verdict, abandoning the condemnation or seeking the additional financing
needed to complete it. The Company is therefore unable to predict the consequences to it
of the jury verdict.