安美瑞普 2024年度报告

with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒As of October31, 2024, which was the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate DOCUMENTS INCORPORATED BY REFERENCEAs stated in PartIII of this annual report on Form10-K, portions of the registrant’s definitive proxy statement to be filed within 120days afterthe end of the fiscalyear covered by this annual report on Form10-K are incorporated herein by reference. Business AMREP Corporation was organized in 1961 as an Oklahoma corporation and, through its subsidiaries, isprimarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales or activities outside the United States. The Company conducts a substantial portion of its business in Rio Rancho, New Mexico (“Rio Rancho”) and certain adjoining areas of Sandoval County, New Mexico. Rio Ranchois the third largest city in New Mexico with a population of approximately 112,500. As of April 30, 2025, the Company owned approximately 16,600 acres in Sandoval County, New Mexico. TheCompanyoffers for sale both developed and undeveloped real property to national,regional and local homebuilders, commercial and industrial property developers and others. Activities conducted or arranged by the Company include land and site planning, obtaining governmental and environmental approvals (“entitlements”),installing utilities and storm drains, ensuring the availability of water service, building or improving roads al/Industrial ResidentialaledLotsAcresAcresAcresAcresLocationLomas Encantadas120—1266— —— Hawk Site Hawk Adjacent——45——RioRanchoPapillon————656Unit 22 in La Mirada301———MexicoPlaya del Sur——5.5——In addition to the property listed in the tables above, as of April 30, 2025, the Company held undevelopedproperty in Sandoval County, New Mexico of approximately 15,500 acres in either high contiguous ownershipareas or low contiguous ownership areas. High contiguous ownership areas may be suitable for development, Infrastructure Reimbursement Mechanisms. A portion of the Lomas Encantadas subdivision and a portion of theEnchanted Hills subdivision are subject to a public improvement district. The public improvement districtreimburses the Company for certain costs of developing the subdivisions by imposing a special levy on the realproperty owners within the district. The Company has accepted and may in the future accept discounted The Company instituted private infrastructure reimbursement covenants on various land development projects.Similar to a public improvement district, the covenants are expected to reimburse the Company for certain costsof developing the subject property by imposing an assessment on the real property owners subject to thecovenants. The Company has accepted and may in the future accept discounted prepayments of amounts due Impact fees are charges or assessments payable by homebuilders to local governing authorities in order togenerate revenue for funding or recouping the costs of capital improvements or facility expansions necessitatedby and attributable to new developments. The Company receives credits, allowances and offsets applicable to elevations at different prices and with varying levels of options and amenities to meet the needs of homebuyers.The Company focuses on building and selling single-family detached and attached homes. The Company selectslocations for homebuilding based on available land inventory and the feasibility of the project. The Company Company’s homes and their design features. The Company provides built-to-order homes where construction ofthe homes does not begin until the customer signs the purchase agreement and speculative (“spec”) homes forhomebuyers who require a home within a short time frame. Sales contracts with homebuyers generally require a part-time employee. The Company believes the people who work for the Company are its most importantresource and are critical to the Company’s continued success. The Company focuses significant attention on The Company strives to reward employees through competitive industry pay, benefits and other programs; instilltheCompany’s culture with a focus on ethical behavior;and enhance employees’ performance throughinvestments in technology, tools and training to enable employees to operate at a high level. The Company’sem