AMREP CORP. — Director's Dealing 2005

Sep 23, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP (AXR)
CIK: 0000006207
Period of Report: 2005-09-22

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-09-22	Stock Option (right to buy)	$24.88	A	500	Acquired	2010-09-22	Common Stock (500)	Direct

Footnotes

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