AMREP CORP. — Director's Dealing 2005

Mar 15, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP (AXR)
CIK: 0000006207
Period of Report: 2005-03-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-15	Common Stock	A	1250	—	Acquired	1253108	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.