AMREP CORP. — Director's Dealing 2004

Jul 22, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP (AXR)
CIK: 0000006207
Period of Report: 2004-07-21

Reporting Person: KARABOTS NICK G (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-21	Common Stock	M	500	$3.95	Acquired	1250108	Direct
2004-07-21	Common Stock	M	500	$8.45	Acquired	1250608	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-21	Stock Option (Right to buy)	$3.95	M	500	Disposed	2006-10-05	Common Stock (500)	Direct
2004-07-21	Stock Option (Right to buy)	$8.45	M	500	Disposed	2007-09-20	Common Stock (500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1391180	Indirect
Common Stock	410000	Indirect
Common Stock	580165	Indirect

Footnotes

F1: The reporting person may be deemed to control this entity.

F2: The Karabots Foundation is a private non-profit corporation. The reporting person disclaims beneficial ownership of these
shares.