AMREP CORP. — Director's Dealing 2005

Nov 28, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP (AXR)
CIK: 0000006207
Period of Report: 2005-11-28

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-28	Common Stock	M	500	$15.19	Acquired	1262358	Direct
2005-11-28	Common Stock	M	500	$17.55	Acquired	1262858	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-11-28	Stock Option (Right to buy)	$15.19	M	500	Disposed	2008-09-23	Common Stock (500)	Direct
2005-11-28	Stock Option (Right to buy)	$17.55	M	500	Disposed	2009-09-27	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.