AMREP CORP. — Director's Dealing 2006

Dec 18, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP. (AXR)
CIK: 0000006207
Period of Report: 2006-12-18

Reporting Person: WALL JAMES H (Director, Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-18	Common Stock	S	100	$127.50	Disposed	7670	Direct
2006-12-18	Common Stock	S	2800	$127.00	Disposed	4870	Direct
2006-12-18	Common Stock	S	100	$127.50	Disposed	4770	Direct
2006-12-18	Common Stock	S	1159	$127	Disposed	3611	Direct
2006-12-18	Common Stock	S	200	$127.50	Disposed	3411	Direct
2006-12-18	Common Stock	S	100	$127.97	Disposed	3311	Direct
2006-12-18	Common Stock	S	341	$127.96	Disposed	2970	Direct
2006-12-18	Common Stock	S	100	$127.97	Disposed	2870	Direct
2006-12-18	Common Stock	S	100	$128	Disposed	2770	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	287	Indirect