AMREP CORP. — Director's Dealing 2005

Dec 2, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP (AXR)
CIK: 0000006207
Period of Report: 2005-12-02

Reporting Person: CLOUES EDWARD B II (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-02	Common Stock	M	500	$15.19	Acquired	13000	Direct
2005-12-02	Common Stock	M	500	$17.55	Acquired	13500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-12-02	Non-Employee Director Stock Option (Right to buy)	$15.19	M	500	Disposed	2008-09-23	Common Stock (500)	Direct
2005-12-02	Non-Employee Director Stock Option (Right to buy)	$17.55	M	500	Disposed	2009-09-27	Common Stock (500)	Direct