AMREP CORP. reported fiscal 2026 revenue of $52.847M, up 6% from $49.694M a year earlier, while net income fell to $10.288M from $12.716M and diluted earnings per share declined to $1.91 from $2.37.
Financial Highlights
- Revenue was $52.847M, compared with $49.694M in the prior year; YoY change 6%.
- Net income was $10.288M, compared with $12.716M in the prior year; YoY change (19%).
- Diluted EPS was $1.91, compared with $2.37 in the prior year; YoY change (19%).
Business Highlights
- Revenue mix shifted: land revenues declined about 20% while home sales increased roughly 35% as the company pivots toward homebuilding.
- Average home selling prices rose, but affordability pressures prompted incentives, some price reductions and selective starts.
- Operational delays from entitlement, infrastructure and contractor issues raised costs and slowed project timelines.
- Land inventory remained stable; the company increased opportunistic leasing of completed homes from 21 to 28 to manage absorption.
- Management expects existing cash, available financing and operating cash flow to fund 2027 development and construction needs.
Original SEC Filing:
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