AMREP CORP. — Director's Dealing 2007

Jan 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP. (AXR)
CIK: 0000006207
Period of Report: 2007-01-11

Reporting Person: CLOUES EDWARD B II (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-11	Common Stock	M	500	$24.88	Acquired	3000	Direct
2007-01-12	Common Stock	S	100	$127.20	Disposed	2900	Direct
2007-01-12	Common Stock	S	100	$125.15	Disposed	2800	Direct
2007-01-12	Common Stock	S	300	$126.37	Disposed	2500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-11	Stock Option (Right to Buy)	$24.88	M	500	Disposed	2010-09-22	Common Stock (500)	Direct

Footnotes

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