AMREP Corporation is a U.S.-focused land development and homebuilding company operating primarily in New Mexico.

# Summary of AMREP Corporation

## Business Overview
- **Founded:** 1961 as an Oklahoma corporation
- **Main Business Segments:** 
  - **Land Development**
  - **Homebuilding**
- **Geographic Focus:** Entirely within the United States, primarily in New Mexico
- **Operations in:** Rio Rancho, New Mexico, and certain adjoining areas in Sandoval County

## Land Development
- **Land Owned:** Approximately 16,600 acres in Sandoval County, NM (as of April 30, 2025)
- **Properties:** Development projects include residential, commercial, and industrial sites
- **Properties Owned (as of April 30, 2025):**
  - Developed residential lots and industrial/commercial sites
  - Under development properties (entitlement/infrastructure work started but not completed)
  - Undeveloped land (~15,500 acres), potentially suitable for future development
- **Active Development Projects:** Several subdivisions like Lomas Encantadas, Paseo Gateway, Hawk Site, Papillon, Park West Village, La Mirada, Playa del Sur
- **Property Ownership for specific projects:** Includes acres and lot counts for various development sites
- **Infrastructure Reimbursement:** Uses public improvement districts and private covenants to recover development costs via assessments and impact fees

## Homebuilding
- **Operations:** Owns and operates a homebuilder in New Mexico
- **Product Offerings:**
  - Single-family detached and attached homes
  - Wide variety of floor plans, elevations, amenities, and price points
  - Builds both built-to-order and speculative homes
- **Sales:**
  - Typically sell homes through internal and external brokers
  - Uses model homes to showcase designs
- **Customer Contracts:**
  - Require deposits, often with contingencies (financing, sale of existing home)
- **Construction:** Managed by on-site field managers, mostly subcontracted work
- **Market Competition:** Highly competitive with national, regional, and local builders 
- **Market Share & Sales Focus:** 
  - Focus on a limited number of homebuilders for residential land sales (100% of 2025 residential land sales to three homebuilders)
- **Construction Activity (2024–2025):**
  - Residential starts: 973 in 2025, 1,007 in 2024

## Employees and Resources
- **Total Employees (as of April 30, 2025):** 49
  - 48 full-time
  - 1 part-time
- **Key Focus:** Talent retention, competitive compensation, employee training, ethical conduct

## Financial and Miscellaneous
- **No foreign sales or activities outside the U.S.**
- **Properties & Offices:**
  - Executive Office: ~1,400 sq. ft. in Havertown, Pennsylvania
  - Land development and homebuilding offices: ~7,000 sq. ft. in Rio Rancho
  - Storage facility: ~2 acres in Rio Rancho
- **Website:** [www.amrepcorp.com](http://www.amrepcorp.com)
- **Regulatory & Environmental:** Subject to extensive regulation, permits, environmental laws, and potential delays 
- **Cybersecurity:** Maintains risk management processes; relies on third-party providers; no material cybersecurity incidents reported in 2024 or 2025

## Revenue & Income (Not explicitly provided in the text)
- Specific revenue and income figures are not disclosed in the provided excerpt.

AMREP Corporation is a real estate development company focusing on land development and homebuilding, primarily in the Rio Rancho area of New Mexico.

# AMREP Corporation

AMREP Corporation was established in 1961 as an Oklahoma corporation and operates primarily in land development and homebuilding through its subsidiaries. The company focuses its activities in the United States, particularly in Rio Rancho, New Mexico. As of April 30, 2024, Rio Rancho has approximately 111,000 residents and is the third-largest city in New Mexico.

## Business Segments

### Land Development
- Land holdings: approximately 17,000 acres in Sandoval County, New Mexico, across multiple large and small development projects.
- Sales focus: the company sells developed and undeveloped real property primarily to three homebuilders. For 2024, 100% of the company’s developed residential third-party land sales revenue came from these three homebuilders.
- Residential construction activity: new single-family residential starts in Rio Rancho increased from 588 in 2023 to 1,007 in 2024.
- Development projects: Lomas Encantadas (61 developed residential lots); Hawk Site (23 developed residential lots and 35 acres of commercial); Enchanted Hills; Papillon (693 acres undeveloped); plus numerous small residential projects in Santa Fe and Rio Rancho.
- Undeveloped property: approximately 16,000 acres held in either high- or low-contiguous ownership areas.

### Homebuilding
- Product types: single-family detached and attached homes with a range of floor plans and features.
- Sales channels: internal and external sales brokers, with model homes used to attract buyers.
- Sales process: contracts typically require deposits and may include contingencies.
- Construction: most work is performed by independent subcontractors managed by the company’s site managers.

## Human Resources
- Employees: 42 full-time employees as of April 30, 2024.
- Employee relations: the company focuses on attracting and retaining talent and maintains employee relations without union representation.

## Financial Position
- The company’s operations are centered on land development and home sales, with land sales to homebuilders forming a core revenue source.

## Regulatory and Environmental Considerations
- The company must comply with local, state, and federal regulations related to land use, construction, and environmental safety.
- Government policies on environmental regulations and climate change can affect operational costs and land development activities.

## Corporate Information
- Executive management: Christopher V. Vitale, President and CEO since 2017; Adrienne M. Uleau, Vice President of Finance and Accounting.

AMREP Corporation is a land and home developer focused mainly in New Mexico, with a concentrated customer base in the homebuilding sector and ongoing land development programs.

AMREP CORP.

10-K / July 25, 2025

10-K / July 23, 2024

10-K / July 25, 2025

Summary of AMREP Corporation

Business Overview

Land Development

Homebuilding

Employees and Resources

Financial and Miscellaneous

Revenue & Income (Not explicitly provided in the text)