FOR:       AMREP Corporation
           300 Alexander Park, Suite 204
           Princeton, New Jersey 08540

CONTACT:   Peter M. Pizza
           Vice President and 
	  Chief Financial Officer
	  (609) 716-8210
		   
		   
	AMREP CORPORATION REPORTS COMPLETION OF SHARE REPURCHASE PROGRAM 
                 AND ANNOUNCES ADDITIONAL SHARE REPURCHASE PROGRAM

Princeton, New Jersey, October 8, 2007 - AMREP Corporation (NYSE: AXR) today reported that it has 
completed its 500,000 share Common Stock repurchase program announced on July 16, 2007, reducing 
its number of outstanding shares to 6,153,612.  The 500,000 shares were purchased in open market 
transactions for a total purchase price, including commissions, of $15,933,000, or an average of $31.87 
per share.

The Company also announced that its Board of Directors has authorized the repurchase of up to an 
additional 500,000 shares of its outstanding common stock.  The purchases may be made from time-to-
time either in the open market or through negotiated private transactions with non-affiliates of the 
Company.  The timing and actual number of shares repurchased will depend on a variety of factors 
including price, alternative investment opportunities and other market conditions, and no assurance can be 
given as to whether there will be any further repurchases or the extent or the time period over which they 
may occur. The Company expects to fund these share purchases from internally generated cash or from 
borrowings.  The 500,000 additional shares authorized for repurchase represent approximately 8.1% of 
the 6,153,612 shares of the Company's common stock that are currently outstanding. 

AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading developer of 
real estate in Rio Rancho, New Mexico, and its Kable Media Services, Inc. subsidiary distributes 
magazines to wholesalers and provides subscription fulfillment and related services to publishers and 
others.