AMREP CORP. — Director's Dealing 2004

Sep 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP (AXR)
CIK: 0000006207
Period of Report: 2004-09-27

Reporting Person: CLOUES EDWARD B II (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-27	Stock Option (Right to buy)	$17.55	A	500	Acquired	2009-09-27	Common Stock (500)	Direct

Footnotes

F1: Granted under the issuer's Non-Employee Directors Option Plan