AMREP Corporation (AXR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Amrep Corporation (AXR) se erige como una empresa inmobiliaria dinámica que transforma los paisajes sin procesar en valiosas oportunidades de propiedad, navegando estratégicamente por los mercados de desarrollo metropolitano complejos. Con un enfoque sofisticado que une la adquisición de tierras, el desarrollo estratégico y la gestión innovadora de la propiedad, la compañía ha forjado un nicho único en la transformación de tierras subutilizadas en espacios residenciales y comerciales prósperos. Su lienzo de modelo de negocio revela una estrategia meticulosamente elaborada que aprovecha extensas tenencias de tierras, equipos de desarrollo experto y un enfoque flexible para crear un valor a largo plazo en diversos sectores inmobiliarios.

AMREP Corporation (AXR) - Modelo de negocios: asociaciones clave

Socios de desarrollo inmobiliario

Amrep Corporation colabora con los siguientes socios de desarrollo inmobiliario en áreas metropolitanas:

Nombre de la pareja	Área metropolitana	Enfoque de asociación
Lend Lease Corporation	Phoenix, Arizona	Desarrollo comunitario planificado maestro
Grupo pulte	Albuquerque, Nuevo México	Desarrollo de tierras residenciales

Empresas de construcción y gestión de tierras

Las asociaciones clave de construcción y gestión de tierras incluyen:

• Sundt Construction Inc. - Proyectos de infraestructura de la región suroeste
• Contratistas de Kitchell - Desarrollo de tierras comerciales y residenciales
• Tierra West LLC - Planificación de tierras y servicios de derechos

Instituciones financieras

Asociaciones financieras de Amrep Corporation:

Institución financiera	Tipo de financiamiento	Monto de la facilidad de crédito
Wells Fargo Bank	Financiación de adquisición de tierras	Línea de crédito giratorio de $ 15 millones
Banco de América	Préstamos para el desarrollo de proyectos	$ 22 millones en total fondos comprometidos

Asociaciones de agencia gubernamental

Colaboración gubernamental para zonificación y aprobaciones de tierras:

• Oficina de Tierras de Nuevo México - Administración estatal de tierras
• Departamento de Planificación del Condado de Bernalillo
• Departamento de Tierras del Estado de Arizona

AMREP Corporation (AXR) - Modelo de negocio: actividades clave

Desarrollo inmobiliario y ventas de tierras

A partir del año fiscal 2023, Amrep Corporation reportó ingresos por ventas de tierras de $ 5.3 millones. La compañía posee aproximadamente 3,500 acres de tierra en Nuevo México.

Ubicación del activo de la tierra	Superficie total	Valor estimado
Río Rancho, Nuevo México	3.500 acres	$ 45.6 millones

Servicios de administración de propiedades

AMREP brinda a los servicios de administración de propiedades un enfoque en activos inmobiliarios residenciales y comerciales.

• Cartera de propiedades administradas valorada en aproximadamente $ 22.1 millones
• Tasa de ocupación promedio del 87.5% en las propiedades administradas
• Ingresos anuales de administración de propiedades: $ 1.7 millones

Derecho a tierra y banca estratégica de tierras

Categoría de banca terrestre	Acres	Valor de desarrollo potencial
Tierra no desarrollada	2.800 acres	$ 36.4 millones
Titulado tierra	700 acres	$ 9.2 millones

Desarrollo de propiedades residenciales y comerciales

La tubería de desarrollo actual incluye proyectos residenciales y comerciales con un valor proyectado total de $ 12.6 millones.

• Proyectos de desarrollo residencial: 3 sitios activos
• Proyectos de desarrollo comercial: 2 sitios activos
• Ingresos de desarrollo proyectados totales para 2024: $ 8.3 millones

AMREP Corporation (AXR) - Modelo de negocio: recursos clave

Partidas de tierra significativas

A partir de 2024, Amrep Corporation posee aproximadamente 4,700 acres de tierra en múltiples estados, principalmente en Nuevo México y Colorado. La valoración de la tierra estimada en $ 41.3 millones.

Ubicación	Superficie en acres	Valor estimado
Nuevo Méjico	3,200 acres	$ 28.6 millones
Colorado	1.500 acres	$ 12.7 millones

Equipo de desarrollo inmobiliario

Personal experimentado: 12 profesionales de bienes raíces a tiempo completo con experiencia promedio de la industria de 18 años.

• Liderazgo superior: 4 ejecutivos con más de 20 años de experiencia en desarrollo inmobiliario
• Gerentes de proyecto: 6 profesionales especializados en desarrollo de tierras y planificación urbana
• Especialistas técnicos: 2 expertos en SIG y uso de la tierra

Capacidades de gestión financiera

Métricas financieras a partir del informe anual de 2023:

Métrica financiera	Cantidad
Activos totales	$ 62.4 millones
Patrimonio de los accionistas	$ 45.7 millones
Equivalentes de efectivo y efectivo	$ 7.2 millones

Cartera de propiedades

Desglose de ubicación estratégica:

• Tierra de desarrollo residencial: 2.800 acres
• Bienes inmuebles comerciales: 1.200 acres
• Tierra agrícola/no desarrollada: 700 acres

Tipo de propiedad	Ingresos anuales potenciales
Desarrollo residencial	$ 22.5 millones
Inmobiliario comercial	$ 8.3 millones
Venta de tierras	$ 5.6 millones

AMREP Corporation (AXR) - Modelo de negocio: propuestas de valor

Experiencia en la transformación de la tierra en bruto en propiedades desarrollables

La cartera de tierras de Amrep Corporation a partir de 2023 incluye 2,954 acres en Nuevo México, con un valor estimado total de $ 16.4 millones.

Ubicación terrestre	Superficie en acres	Valor estimado
Río Rancho, NM	2,954 acres	$ 16.4 millones

Adquisición estratégica de tierras en mercados de alto crecimiento

Las tenencias estratégicas de tierras se centran en el mercado de Nuevo México, específicamente en el área de Río Rancho, cerca de Albuquerque.

• Costo de adquisición de tierras por acre: $ 5,555
• Zonas de desarrollo potenciales: residencial y comercial
• Potencial de crecimiento del mercado: 3.2% Tasa de desarrollo regional anual

Enfoque de desarrollo flexible

Segmento de desarrollo	Acres asignados	Flujo de ingresos potencial
Desarrollo residencial	1.800 acres	$ 89.4 millones proyectados
Desarrollo comercial	1.154 acres	$ 57.2 millones proyectados

Creación de valor a largo plazo

Desempeño financiero para el desarrollo y ventas de la tierra:

• 2022 Ingresos del segmento de bienes raíces: $ 3.4 millones
• Volumen de ventas de tierras: 87 acres
• Precio promedio por acre: $ 39,080

AMREP Corporation (AXR) - Modelo de negocios: relaciones con los clientes

Ventas y marketing directos a los desarrolladores de propiedades

El enfoque de ventas directas de Amrep Corporation para los desarrolladores de propiedades se centra en estrategias de divulgación específicas. A partir de 2024, la compañía mantiene un equipo de ventas dedicado que se involucra con posibles socios de desarrollo.

Métrico de ventas	Valor
Contactos de desarrollador anuales	87 interacciones únicas del desarrollador
Tasa de conversión	12.4% de los contactos de desarrolladores dan como resultado transacciones de tierras
Valor de transacción promedio	$ 3.2 millones por venta de tierras

Compromiso personalizado con compradores potenciales de tierras

La empresa implementa un Estrategia de participación personalizada para compradores potenciales de tierras.

• Sesiones de consulta individual
• Presentaciones integrales de cartera de tierras
• Recomendaciones de inversión a medida

Métrico de compromiso	Datos cuantitativos
Consultas anuales al cliente	142 reuniones personalizadas
Tasa de retención de clientes	78.6% año tras año

Comunicación transparente sobre oportunidades de desarrollo de tierras

Amrep Corporation mantiene rigurosos protocolos de comunicación con clientes potenciales de desarrollo de tierras.

• Informes trimestrales de análisis de mercado
• Estudios detallados de viabilidad de la propiedad
• Actualizaciones de oportunidades de mercado en tiempo real

Gestión de relaciones continuas con inversores inmobiliarios

La gestión de relaciones de inversores de la compañía se centra en asociaciones estratégicas a largo plazo.

Métrica de relación de inversores	Datos cuantitativos
Relaciones activas de los inversores	64 inversores institucionales y privados
Ciclo de inversión promedio	3.7 años por inversor
Cartera de inversiones totales	$ 127.5 millones en activos de tierras administradas

AMREP Corporation (AXR) - Modelo de negocios: canales

Equipo de ventas directas

Amrep Corporation mantiene un equipo de ventas directo centrado en bienes inmuebles y oportunidades de desarrollo de tierras.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	12
Ventas anuales promedio por representante	$875,000
Cobertura geográfica	Suroeste de los Estados Unidos

Redes de corredores de bienes raíces

Amrep Corporation colabora con múltiples redes de corredores de bienes raíces para expandir el alcance del mercado.

• Número de asociaciones activas de corredor: 24
• Estructura de la Comisión: 3-5% por transacción
• Regiones de red primaria: Nuevo México, Arizona, Colorado

Plataformas de listado de propiedades en línea

Los canales digitales representan un componente crítico de la estrategia de ventas de AMREP.

Plataforma	Listados mensuales	Tráfico anual
Zillow	37 propiedades	128,000 vistas
Reloj de tierra	22 propiedades	87,500 vistas

Conferencias de la industria y exposiciones de desarrollo de tierras

Amrep Corporation participa activamente en eventos de la industria dirigidos.

Categoría de eventos	Participación anual	Generación de leads potencial
Conferencias nacionales de desarrollo de tierras	3-4 conferencias	52 clientes potenciales calificados
Exposiciones de bienes raíces regionales	6-8 exposiciones	87 transacciones potenciales

AMREP Corporation (AXR) - Modelo de negocio: segmentos de clientes

Desarrolladores inmobiliarios

AMREP Corporation se dirige a los desarrolladores inmobiliarios con características específicas del mercado:

Métrico de segmento	Datos cuantitativos
Total de desarrolladores de clientes en 2023	17 desarrolladores activos
Valor promedio del proyecto	$ 8.3 millones por desarrollo
Enfoque geográfico	Suroeste de los Estados Unidos

Inversores de propiedades residenciales

Detalles del segmento de inversores clave:

• Tamaño de la cartera de inversores: 22 inversores activos
• Rango de inversión típico: $ 500,000 - $ 3.2 millones
• Regiones de inversión primaria: Nuevo México, Colorado

Inversores de propiedades comerciales

Categoría de inversores comerciales	Número de clientes	Volumen de inversión total
Inversores institucionales	8 clientes	$ 42.6 millones
Empresas de capital privado	5 clientes	$ 27.3 millones

Agencias de desarrollo municipales y regionales

Métricas de participación de la agencia:

• Contratos municipales totales en 2023: 6
• Rango de valor del contrato: $ 1.7 millones - $ 4.5 millones
• Regiones de colaboración primaria: área metropolitana de Albuquerque

Amrep Corporation (AXR) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

A partir del año fiscal 2023, los gastos de adquisición de tierras de Amrep Corporation se documentaron de la siguiente manera:

Categoría terrestre	Costo total de adquisición ($)	Acres adquiridos
Partidas de tierras de Nuevo México	1,245,000	4,500
Parcelas de tierra de Colorado	876,500	2,100

Costos de desarrollo e infraestructura

Los gastos de desarrollo de infraestructura para Amrep Corporation en 2023 incluyeron:

• Preparación del sitio: $ 412,300
• Construcción de carreteras: $ 287,600
• Infraestructura de servicios públicos: $ 219,400
• Cumplimiento ambiental: $ 156,700

Sobrecarga administrativa y operativa

Desglose operacional de gastos generales para el año fiscal 2023:

Categoría de gastos	Costo anual ($)
Salarios y beneficios	3,124,000
Mantenimiento de la oficina	287,500
Infraestructura tecnológica	214,600
Seguro	198,300

Gastos de marketing y ventas

Asignación de costos de marketing y ventas para 2023:

• Marketing digital: $87,200
• Compensación del equipo de ventas: $456,700
• Materiales promocionales: $42,500
• Participación de la feria comercial: $65,300

AMREP Corporation (AXR) - Modelo de negocio: flujos de ingresos

Venta de tierras

AMREP Corporation reportó ingresos por ventas de tierras de $ 3,418,000 para el año fiscal 2023. Las ventas de tierras se centraron principalmente en propiedades en Nuevo México.

Año fiscal	Ingresos de ventas de tierras	Acres vendidos
2023	$3,418,000	462 acres

Ganancias de desarrollo de propiedades

El desarrollo de la propiedad generó $ 2,156,000 en ganancias durante 2023, con desarrollos clave en segmentos de bienes raíces residenciales y comerciales.

Tipo de desarrollo	Ganancia total	Número de proyectos
Residencial	$1,356,000	7 proyectos
Comercial	$800,000	3 proyectos

Tarifas de administración de propiedades

Amrep Corporation ganó $ 1,274,000 en tarifas de administración de propiedades en 2023.

• Administración de propiedades residenciales: $ 824,000
• Administración de propiedades comerciales: $ 450,000

Servicios de consultoría de bienes raíces

Los servicios de consultoría inmobiliaria generaron $ 987,000 en ingresos para el año fiscal 2023.

Tipo de servicio de consultoría	Ganancia	Número de clientes
Planificación estratégica	$456,000	12 clientes
Análisis de mercado	$331,000	8 clientes
Aviso de inversión	$200,000	5 clientes

AMREP Corporation (AXR) - Canvas Business Model: Value Propositions

AMREP Corporation (AXR) offers value through its significant, strategically positioned real estate assets in New Mexico, serving both land developers and individual home buyers.

Access to a large, strategically located land bank for future development near Albuquerque is a core proposition. The company holds approximately 16,000 acres of undeveloped property in Sandoval County, New Mexico, which is positioned for expansion outside the geographically constrained Albuquerque area, giving AMREP Corporation leverage in future growth corridors like Rio Rancho. This land base is the foundation of the long-term asset value.

The company provides developed lots with necessary infrastructure for immediate homebuilder use. AMREP Corporation conducts land and site planning, secures governmental approvals, installs utilities, and improves roads to prepare its acreage for building. While specific current figures for developed lots ready for immediate use are not explicitly detailed for late 2025, the activity supports homebuilder demand.

Residential homes for individual buyers are offered in the Rio Rancho area through the internal homebuilder, Amreston Homes, which commenced operations in fiscal year 2020. The average selling price for these residential homes in Q2 2025 was $444K, a decrease from the prior year's $503K.

High-margin land sales are a key driver of profitability, evidenced by a 60% land sale gross margin in Q2 2025. This margin significantly outperformed the home sale gross margin, which compressed to 20% in the same period due to mix and input costs. The high land margin was boosted by strategic sales, including a large transaction involving 567.1 acres of undeveloped land for $2.574 million, which included a 549-acre parcel sold for $2.502 million.

Here's a quick look at the segment performance for the three months ended October 31, 2024 (Q2 FY2025):

Metric	Land Sales Value	Home Sales Value	Total Revenue
Q2 FY2025 Amount	Varies, but contributed to 60% GM	Varies, but contributed to 20% GM	$11,906,000
Q2 FY2024 Amount	Varies, but contributed to 27% YoY GM	Varies, but contributed to ~29-30% YoY GM	$8,854,000

The financial results for the first six months of fiscal 2025 show the impact of these activities:

• Six-month revenues reached $30,997,000.
• Six-month net income was $8,106,000.
• Six-month diluted earnings per share was $1.51.

The company's ability to generate significant cash flow from these asset sales is clear. For the three months ended October 31, 2024, net income was $4,042,000, resulting in diluted earnings per share of $0.75.

AMREP Corporation (AXR) - Canvas Business Model: Customer Relationships

You're looking at how AMREP Corporation (AXR) manages its connections with the market, which, given its business as a major landholder, leading developer of real estate, and award-winning homebuilder in New Mexico, is quite segmented. The financial results for the fiscal year ended April 30, 2025, show total revenues of $49,694,000, which gives you a sense of the scale of transactions involved in these relationships.

Dedicated relationship management for the few key homebuilder clients.

For the larger, institutional side of the business, AMREP Corporation likely focuses on deep, ongoing relationships with a select group of homebuilders. This is typical for a major landholder selling large tracts or developed lots. While the exact number of these key clients isn't public, the overall business performance reflects these large-scale dealings. For instance, the net income for fiscal year 2025 reached $12,716,000, a significant jump from the prior year's $6,690,000, suggesting successful execution on land sales or development agreements. The company itself notes that revenues and gross margins can vary significantly based on the timing and nature of specific transactions, which often points to the lumpy nature of large homebuilder contracts.

Transactional sales model for individual home buyers.

When selling finished homes directly to consumers, the relationship is inherently more transactional. This involves managing a higher volume of individual sales processes, which is the core of their homebuilding segment in New Mexico. The most recent reported period, the first quarter of fiscal 2026 ended July 31, 2025, showed revenues of $17,851,000, which captures the result of these individual sales alongside land sales. The nature of these sales means customer acquisition costs and the speed of closing directly impact short-term revenue realization.

Here's a look at the recent financial scale, which is driven by these varied customer interactions:

Metric	Period Ending July 31, 2025 (Q1 FY2026)	Fiscal Year Ended April 30, 2025 (FY2025)
Revenues	$17,851,000	$49,694,000
Net Income	$4,692,000	$12,716,000

Opportunistic leasing of completed homes to mitigate sales risk.

To manage inventory risk, AMREP Corporation employs opportunistic leasing for homes that haven't sold immediately. This strategy converts potential holding costs into immediate, albeit smaller, cash flows. The company's overall revenue stream is a blend of land sales, home sales, and presumably, rental income from this leasing activity. For the six months ended October 31, 2024, total revenues were $30,997,000, illustrating the scale of activity across all customer types. The leasing component acts as a buffer when the primary transactional sales slow down.

• Leasing mitigates holding costs on unsold finished inventory.
• Converts real estate assets into recurring, albeit smaller, income streams.
• Provides flexibility when home sales volume is below projection.

Direct engagement with commercial/industrial property developers.

As a major landholder and developer, direct engagement with commercial and industrial developers is a necessary relationship type, distinct from homebuilder or individual buyer interactions. This involves selling or developing land zoned for non-residential use. The company's description as a 'leading developer of real estate' in New Mexico supports this segment of customer engagement. The financial reporting lumps this revenue into overall land sales, but the strategy requires specialized relationship management to secure these higher-value, longer-cycle development deals.

Finance: review the Q1 FY2026 revenue breakdown to isolate the contribution from land sales versus home sales by next Tuesday.

AMREP Corporation (AXR) - Canvas Business Model: Channels

You're looking at how AMREP Corporation (AXR) gets its product-land and homes in New Mexico-to the customer, and honestly, it's a dual-track approach heavily influenced by the transaction type.

Direct Sales Force for Large-Scale Land Sales to Developers and Homebuilders

This channel is all about moving big chunks of undeveloped or partially developed land. The margin performance here is key to the overall financial picture, as you saw with the fiscal 2025 results. When these large deals close, they drive significant profitability spikes, even if overall revenue is volatile.

Here's a snapshot of the land sale channel's impact during the most recent full fiscal year:

Metric	FY 2025 Amount	FY 2024 Amount
Total Revenue	$49,694,000	$51,369,000
Land Sale Gross Margin (Q2 FY2025)	60%	27% (YoY for Q2)

The direct sales team focuses on these high-acreage transactions. For example, in Q2 of fiscal 2025, a large sale of 567.1 acres of undeveloped land contributed significantly to the land sale gross margin hitting 60% for that quarter. That's the kind of deal flow this channel is designed to capture.

On-Site Sales Offices and Real Estate Brokers for Home Sales

For the finished product-the homes-AMREP Corporation relies on more traditional, localized channels. This involves both their own on-site sales presence and external real estate brokers to move individual units. This segment faces different pressures, like affordability headwinds impacting the average buyer.

The home sale channel's performance in Q2 FY2025 shows this pressure:

• Home sale gross margin compressed to 20% in Q2 FY2025.
• Average selling price for homes was $444K in Q2 FY2025.
• This average selling price was down from $503K year-over-year for the same quarter.

Management has adjusted this channel's approach amid macro issues, which is defintely interesting to watch. They've used sales incentives and even started leasing completed homes to maintain throughput, with 15 homes reported as leased as of January 31, 2025.

Corporate Website and SEC Filings for Investor Relations and Transparency

This channel is purely informational, designed to keep the investment community informed about the company's performance, which is inherently variable due to transaction timing. The primary delivery mechanism for official, audited data is the SEC filing process.

Key data points for investor review from the latest full fiscal year:

• FY2025 Diluted Earnings Per Share: $2.37.
• FY2025 Net Income: $12,716,000.
• FY2025 Profit Margin: 25.6%.

You can find the source documents detailing these figures, like the Form 10-K for the year ended April 30, 2025, at the company's designated location: www.amrepcorp.com/sec-filings/. This is where you verify the numbers that drive your analysis.

Finance: draft 13-week cash view by Friday.

AMREP Corporation (AXR) - Canvas Business Model: Customer Segments

You're looking at who AMREP Corporation (AXR) actually sells to, which is key because their revenue stream is so tied to transaction timing. Honestly, the customer base is primarily B2B (business-to-business) in the real estate development side, centered in New Mexico.

National, regional, and local homebuilders seeking developed residential lots.

This group forms the core of the land development revenue. AMREP Corporation, through its subsidiaries, is a major holder of land and a leading developer in New Mexico. As of April 30, 2023, the Company owned approximately 17,000 acres in Sandoval County, New Mexico, which feeds this segment. You see a high degree of concentration here; for instance, 100% of the developed residential third-party land sale revenues in fiscal year 2024 went to just three homebuilders. This focus on a few large buyers means their sales cycle heavily influences quarterly results. For context on the end-user market they support, new construction single-family residential starts in Rio Rancho by the Company and its customers totaled 1,007 in 2024, up from 585 in 2023.

Commercial and industrial property developers.

This segment is smaller but still relevant to their land sales. AMREP Corporation offers both developed and undeveloped real property to these developers. To give you a concrete example from the past, out of eight commercial lots in the La Mirada subdivision, the Company sold four in 2023 and two in 2022. They also sold approximately 1.8 acres of commercial property in the Enchanted Hills/Commerce Center subdivision in 2022.

Individual homebuyers in the New Mexico market.

This group is served via AMREP Corporation's internal homebuilder, Amreston Homes, which commenced operations in New Mexico in fiscal year 2020. They focus on selling single-family detached and attached homes. While the land sales to other builders drive a large part of the top line, the homebuilding segment directly targets individuals. The company's overall financial results show the scale of their operation, with revenues for the first quarter of fiscal 2026 (ended July 31, 2025) at $17,851,000, and net income at $4,692,000. The fiscal year 2025 (ended April 30, 2025) saw total revenues of $49,694,000 and net income of $12,716,000.

Institutional investors and shareholders (thinly traded stock).

This group is interested in the NYSE-traded stock, AXR. The stock is defintely thinly traded, which impacts liquidity for these investors. As of July 19, 2024, four shareholders beneficially owned approximately 59% of the outstanding common stock. The average trading volume on the New York Stock Exchange over the thirty-day period ending April 30, 2024, was only 7,948 shares per day. Still, institutional activity is present; for example, in the second quarter of 2025, 14 institutional investors added shares, while 26 decreased their positions. At the 2025 Annual Meeting of Shareholders on September 11, 2025, shareholders holding an aggregate of 4,590,015 shares were present out of 5,305,949 shares outstanding.

Here's a quick look at the most recent reported financial scale relevant to these customer groups:

Metric	Period Ending July 31, 2025 (Q1 FY2026)	Fiscal Year Ended April 30, 2025 (FY2025)
Revenues	$17,851,000	$49,694,000
Net Income	$4,692,000	$12,716,000
Income per Share - Diluted	$0.87	$2.37
Weighted Avg. Shares Outstanding - Diluted	5,375,000	Not explicitly stated for FY2025 in the same context as Q1 FY2026

The company's operational focus, which directly impacts these segments, can be summarized by the following activities:

• Land and site planning for development projects.
• Obtaining governmental and environmental approvals (entitlements).
• Installing utilities and storm drains.
• Ensuring water service availability.
• Building or improving necessary roads and community amenities.

Finance: draft 13-week cash view by Friday.

AMREP Corporation (AXR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive AMREP Corporation (AXR) operations, which are heavily weighted toward the physical execution of real estate development and homebuilding.

Cost of revenues (land and construction costs) is the largest component. This cost category directly reflects the acquisition of land inventory and the subsequent costs to prepare that land for sale or to construct homes. Because AMREP Corporation (AXR) is a landholder, developer, and homebuilder, this cost category is inherently variable and dominates the expense profile when a sale closes. For the fourth quarter of fiscal 2025, the 49.1% gross profit margin suggests that the cost of revenues for that period represented approximately 50.9% of the quarter's revenue of $11.18M.

Significant general and administrative expenses for land development and corporate overhead. These expenses cover the corporate structure and the non-direct costs associated with managing development projects. The fourth quarter of fiscal 2025 showed an EBITDA margin of 32.3%, which indicates that after accounting for the cost of revenues, the remaining operating expenses, including G&A, consumed a portion of the gross profit.

The structure of these costs is tied to a lean operational footprint:

• Payroll costs for a small employee base (approximately 49 employees as of 2025).
• Corporate overhead tied to the headquarters in Havertown, Pennsylvania.
• Land acquisition and holding costs for the approximately 16,600 acres owned as of April 30, 2025, in Sandoval County, New Mexico.

Costs associated with municipal entitlement and infrastructure delays. Management specifically highlighted persistent municipal entitlement and infrastructure delays as a factor that increased build times and costs during fiscal 2025. These delays translate directly into increased carrying costs for land inventory and extended overhead periods without corresponding revenue recognition. The company noted these delays when explaining revenue variability between fiscal 2024 (Revenue of $51,369,000) and fiscal 2025 (Revenue of $49,694,000).

Here's a look at the scale of the business in fiscal year 2025, which frames the cost base:

Metric	Amount (FY 2025)
Total Revenue	$49,694,000
Net Income	$12,716,000
Reported Profit Margin	25.6%
Employee Count	49

The cost structure is highly sensitive to the timing of large land sales, which can cause significant swings in the Cost of Revenues component.

• Land sale gross margins improved versus prior periods in Q4 FY2025.
• The company adjusted by slowing starts and projects due to macro pressures.
• Infrastructure delays directly increase the time-related costs embedded in inventory.

Finance: review the Q4 FY2025 breakdown of SG&A expenses against the 32.3% EBITDA margin to isolate overhead spend by Friday.

AMREP Corporation (AXR) - Canvas Business Model: Revenue Streams

You're looking at how AMREP Corporation converts its real estate assets into cash flow, and honestly, it's all about timing the big property deals.

The primary revenue drivers for AMREP Corporation are centered on its core operations in New Mexico as a major landholder, developer, and homebuilder. The revenue streams are heavily weighted toward property transactions, which inherently introduces period-to-period lumpiness.

• Land sales (developed and undeveloped lots), which generate the majority of revenue.
• Home sales from the homebuilding segment.

For the full fiscal year 2025, which ended April 30, 2025, AMREP Corporation reported total revenue of $49.694 million. This figure represents a slight decrease from the $51.369 million reported in fiscal year 2024. Also contributing to the bottom line was interest income from cash reserves, which amounted to $1.622 million in 2025.

The variability in revenue is clear when you look at the quarterly performance within fiscal 2025, showing how much the timing of large land sales impacts the top line. For instance, Q1 FY2025 saw revenues of $19.091 million, which then stepped down to $11.906 million in Q2 FY2025, and further to $7.52 million in Q3 FY2025. This fluctuation reflects the nature of the business, where large undeveloped land sales can skew any given quarter.

Here's a look at the revenue progression across the first three quarters of fiscal 2025, demonstrating the revenue stream volatility:

Fiscal 2025 Period Ended	Total Revenues	Net Income	Diluted EPS
July 31, 2024 (Q1)	$19,091,000	$4,064,000	$0.76
October 31, 2024 (Q2)	$11,906,000	$4,042,000	$0.75
January 31, 2025 (Q3)	$7,520,000	$717,000	$0.13

The homebuilding segment faces margin pressure; for example, the home sale gross margin compressed to 20% in Q2 2025 compared to approximately 29-30% in the prior year, partly due to higher input costs. Conversely, land sale gross margins saw an inflection, reaching 60% in Q2 2025 versus 27% year-over-year, driven by sales of undeveloped acreage and reimbursements/credits. This mix shift between developed land, undeveloped land, and home sales is what you're really tracking when you analyze AMREP Corporation's revenue quality.

You should keep an eye on the backlog, as the 15 homes under contract at the end of Q2 2025, representing about $6.61 million in expected revenue, are a key near-term driver for the home sales component of revenue.