AMREP Corporation (AXR): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

AMREP Corporation (AXR) est une entreprise immobilière dynamique qui transforme les paysages bruts en opportunités de propriété précieuses, naviguant stratégiquement des marchés de développement métropolitain complexes. Avec une approche sophistiquée qui relie l'acquisition de terrains, le développement stratégique et la gestion des propriétés innovantes, la société a creusé un créneau unique dans la transformation des terres sous-utilisées en espaces résidentiels et commerciaux florissants. Leur toile de modèle commercial révèle une stratégie méticuleusement conçue qui tire parti de vastes fonds terres, des équipes de développement expertes et une approche flexible pour créer une valeur à long terme dans divers secteurs immobiliers.

AMREP Corporation (AXR) - Modèle d'entreprise: partenariats clés

Partenaires de développement immobilier

AMREP Corporation collabore avec les partenaires de développement immobilier suivant dans les zones métropolitaines:

Nom de partenaire	Région métropolitaine	Focus de partenariat
Prêtez-vous à la société	Phoenix, Arizona	Développement communautaire planifié
Groupe Pulte	Albuquerque, Nouveau-Mexique	Développement des terres résidentielles

Sociétés de construction et de gestion des terres

Les partenariats clés de la construction et de la gestion des terres comprennent:

• Sundt Construction Inc. - Projets d'infrastructure de la région du Sud-Ouest
• Kitchell Contractors - Développement des terres commerciales et résidentielles
• Tierra West LLC - Services de planification des terres et de droits

Institutions financières

Partenariats de financement d'AMRep Corporation:

Institution financière	Type de financement	Montant de la facilité de crédit
Banque Wells Fargo	Financement d'acquisition de terres	Ligne de crédit renouvelable de 15 millions de dollars
Banque d'Amérique	Prêts de développement de projets	22 millions de dollars au total des fonds engagés

Partenariats d'agence gouvernementale

Collaboration gouvernementale pour le zonage et les approbations des terres:

• Bureau foncier du Nouveau-Mexique - Gestion des terres de l'État
• Département de planification du comté de Bernalillo
• Département foncier de l'État de l'Arizona

AMREP Corporation (AXR) - Modèle d'entreprise: activités clés

Développement immobilier et ventes de terres

Depuis l'exercice 2023, AMREP Corporation a déclaré un chiffre d'affaires de ventes de terrains de 5,3 millions de dollars. La société possède environ 3 500 acres de terrain au Nouveau-Mexique.

Emplacement des actifs terrestres	Superficie totale	Valeur estimée
Rio Rancho, Nouveau-Mexique	3 500 acres	45,6 millions de dollars

Services de gestion immobilière

AMREP fournit aux services de gestion immobilière en mettant l'accent sur les actifs immobiliers résidentiels et commerciaux.

• Portefeuille de biens gérés d'une valeur d'environ 22,1 millions de dollars
• Taux d'occupation moyen de 87,5% entre les propriétés gérées
• Revenus annuels de gestion immobilière: 1,7 million de dollars

Droit foncier et banque terrestre stratégique

Catégorie des banques terrestres	Acres	Valeur de développement potentielle
Terre non développée	2 800 acres	36,4 millions de dollars
Intitulé Land	700 acres	9,2 millions de dollars

Développement de propriétés résidentielles et commerciales

Le pipeline de développement actuel comprend des projets résidentiels et commerciaux avec une valeur projetée totale de 12,6 millions de dollars.

• Projets de développement résidentiel: 3 sites actifs
• Projets de développement commercial: 2 sites actifs
• Revenu total de développement prévu pour 2024: 8,3 millions de dollars

AMREP Corporation (AXR) - Modèle d'entreprise: Ressources clés

Constructions foncières importantes

En 2024, AMREP Corporation détient environ 4 700 acres de terres dans plusieurs États, principalement au Nouveau-Mexique et au Colorado. Évaluation des terres estimée à 41,3 millions de dollars.

Emplacement	Superficie	Valeur estimée
New Mexico	3 200 acres	28,6 millions de dollars
Colorado	1 500 acres	12,7 millions de dollars

Équipe de développement immobilier

Personnel expérimenté: 12 professionnels de l'immobilier à temps plein ayant une expérience moyenne de l'industrie de 18 ans.

• Haute haute direction: 4 dirigeants avec plus de 20 ans d'expérience en développement immobilier
• Chefs de projet: 6 professionnels spécialisés dans le développement des terres et l'urbanisme
• Spécialistes techniques: 2 experts du SIG et des terres

Capacités de gestion financière

Mesures financières à partir de 2023 Rapport annuel:

Métrique financière	Montant
Actif total	62,4 millions de dollars
Capitaux propres des actionnaires	45,7 millions de dollars
Equivalents en espèces et en espèces	7,2 millions de dollars

Portefeuille de propriétés

Répartition stratégique de l'emplacement:

• Terrain de développement résidentiel: 2 800 acres
• Immobilier commercial: 1 200 acres
• Terre agricole / non développée: 700 acres

Type de propriété	Revenus annuels potentiels
Développement résidentiel	22,5 millions de dollars
Immobilier commercial	8,3 millions de dollars
Ventes de terres	5,6 millions de dollars

AMREP Corporation (AXR) - Modèle d'entreprise: propositions de valeur

Expertise dans la transformation des terres brutes en propriétés à développement

Le portefeuille foncier d'AMRep Corporation en 2023 comprend 2 954 acres au Nouveau-Mexique, avec une valeur totale estimée de 16,4 millions de dollars.

Emplacement des terres	Superficie	Valeur estimée
Rio Rancho, NM	2 954 acres	16,4 millions de dollars

Acquisition stratégique des terres sur les marchés à forte croissance

Les propriétés de terres stratégiques se concentrent sur le marché du Nouveau-Mexique, en particulier la région de Rio Rancho près d'Albuquerque.

• Coût d'acquisition des terres par acre: 5 555 $
• Zones de développement potentiels: résidentiel et commercial
• Potentiel de croissance du marché: taux de développement régional de 3,2%

Approche de développement flexible

Segment de développement	Acres alloués	Stronce de revenus potentiel
Développement résidentiel	1 800 acres	89,4 millions de dollars projetés
Développement commercial	1 154 acres	57,2 millions de dollars projetés

Création de valeur à long terme

Performance financière pour le développement des terres et les ventes:

• 2022 Revenus de segment immobilier: 3,4 millions de dollars
• Volume des ventes de terres: 87 acres
• Prix ​​moyen par acre: 39 080 $

AMREP Corporation (AXR) - Modèle d'entreprise: relations avec les clients

Ventes directes et marketing aux promoteurs immobiliers

L'approche des ventes directes d'AMRep Corporation aux promoteurs immobiliers se concentre sur des stratégies de sensibilisation ciblées. Depuis 2024, la société maintient une équipe de vente dédiée qui s'engage avec des partenaires de développement potentiels.

Métrique des ventes	Valeur
Contacts des développeurs annuels	87 Interactions uniques des développeurs
Taux de conversion	12,4% des contacts des développeurs entraînent des transactions foncières
Valeur de transaction moyenne	3,2 millions de dollars par vente de terres

Engagement personnalisé avec les acheteurs de terrains potentiels

La société met en œuvre un Stratégie d'engagement personnalisée pour les acheteurs de terrains potentiels.

• Sessions de consultation individuelles
• Présentations complètes du portefeuille de terres
• Recommandations d'investissement sur mesure

Métrique de l'engagement	Données quantitatives
Consultations clients annuelles	142 réunions personnalisées
Taux de rétention des clients	78,6% en glissement annuel

Communication transparente sur les opportunités de développement des terres

AMREP Corporation maintient des protocoles de communication rigoureux avec des clients potentiels en développement foncier.

• Rapports d'analyse du marché trimestriel
• Études détaillées de faisabilité de la propriété
• Mises à jour d'opportunité de marché en temps réel

Gestion des relations continues avec des investisseurs immobiliers

La gestion des relations avec les investisseurs de l'entreprise se concentre sur des partenariats stratégiques à long terme.

Métrique relationnelle des investisseurs	Données quantitatives
Relations avec les investisseurs actifs	64 investisseurs institutionnels et privés
Cycle d'investissement moyen	3,7 ans par investisseur
Portefeuille d'investissement total	127,5 millions de dollars en actifs fonciers gérés

AMREP Corporation (AXR) - Modèle d'entreprise: canaux

Équipe de vente directe

AMRep Corporation maintient une équipe de vente directe axée sur les possibilités de développement immobilier et des terres.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12
Ventes annuelles moyennes par représentant	$875,000
Couverture géographique	Sud-ouest des États-Unis

Réseaux de courtiers immobiliers

AMREP Corporation collabore avec plusieurs réseaux de courtiers immobiliers pour étendre la portée du marché.

• Nombre de partenariats de courtiers actifs: 24
• Structure de la commission: 3-5% par transaction
• Régions du réseau primaire: Nouveau-Mexique, Arizona, Colorado

Plateformes d'inscription de propriétés en ligne

Les canaux numériques représentent un élément essentiel de la stratégie de vente d'AMREP.

Plate-forme	Listes mensuelles	Trafic annuel
Zillow	37 propriétés	128 000 vues
Verrouillage	22 propriétés	87 500 vues

Conférences de l'industrie et expositions de développement des terres

AMREP Corporation participe activement à des événements ciblés dans l'industrie.

Catégorie d'événements	Participation annuelle	Génération de leads potentiel
Conférences nationales de développement des terres	3-4 conférences	52 pistes qualifiées
Expositions immobilières régionales	6-8 expositions	87 transactions potentielles

AMREP Corporation (AXR) - Modèle d'entreprise: segments de clientèle

Promoteurs immobiliers

AMREP Corporation cible les promoteurs immobiliers avec des caractéristiques spécifiques du marché:

Métrique du segment	Données quantitatives
Total des clients des développeurs en 2023	17 développeurs actifs
Valeur moyenne du projet	8,3 millions de dollars par développement
Focus géographique	Sud-ouest des États-Unis

Investisseurs immobiliers résidentiels

Détails clés du segment des investisseurs:

• Taille du portefeuille des investisseurs: 22 investisseurs actifs
• Gamme d'investissement typique: 500 000 $ - 3,2 millions de dollars
• Régions d'investissement primaires: Nouveau-Mexique, Colorado

Investisseurs immobiliers commerciaux

Catégorie d'investisseurs commerciaux	Nombre de clients	Volume total d'investissement
Investisseurs institutionnels	8 clients	42,6 millions de dollars
Sociétés de capital-investissement	5 clients	27,3 millions de dollars

Agences de développement municipal et régional

Métriques d'engagement de l'agence:

• Total des contrats municipaux en 2023: 6
• Gamme de valeur du contrat: 1,7 million de dollars - 4,5 millions de dollars
• Régions de collaboration primaire: zone métropolitaine d'Albuquerque

AMREP Corporation (AXR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

Depuis l'exercice 2023, les frais d'acquisition de terrains de l'AMRep Corporation ont été documentés comme suit:

Catégorie de terrain	Coût total d'acquisition ($)	Acres acquis
Holdings terrestres du Nouveau-Mexique	1,245,000	4,500
Colis terrestres du Colorado	876,500	2,100

Coûts de développement et d'infrastructure

Les dépenses de développement des infrastructures pour AMREP Corporation en 2023 comprenaient:

• Préparation du site: 412 300 $
• Construction de la route: 287 600 $
• Infrastructure utilitaire: 219 400 $
• Conformité environnementale: 156 700 $

Surfaçon administratives et opérationnelles

Répartition des frais généraux opérationnels pour l'exercice 2023:

Catégorie de dépenses	Coût annuel ($)
Salaires et avantages	3,124,000
Entretien de bureau	287,500
Infrastructure technologique	214,600
Assurance	198,300

Dépenses de marketing et de vente

Répartition des coûts de marketing et de ventes pour 2023:

• Marketing numérique: $87,200
• Compensation de l'équipe de vente: $456,700
• Matériel promotionnel: $42,500
• Participation des salons commerciaux: $65,300

AMREP Corporation (AXR) - Modèle d'entreprise: Strots de revenus

Ventes de terres

AMREP Corporation a déclaré des revenus de ventes de terrains de 3 418 000 $ pour l'exercice 2023. Les ventes de terrains se sont principalement portées sur les propriétés au Nouveau-Mexique.

Exercice fiscal	Revenus de vente de terrains	Acres vendus
2023	$3,418,000	462 acres

Bénéfices de développement immobilier

Le développement immobilier a généré 2 156 000 $ en bénéfices en 2023, avec des développements clés dans les segments immobiliers résidentiels et commerciaux.

Type de développement	Bénéfice total	Nombre de projets
Résidentiel	$1,356,000	7 projets
Commercial	$800,000	3 projets

Frais de gestion immobilière

AMREP Corporation a gagné 1 274 000 $ en frais de gestion immobilière en 2023.

• Gestion des propriétés résidentielles: 824 000 $
• Gestion des propriétés commerciales: 450 000 $

Services de conseil immobilier

Les services de conseil immobilier ont généré 987 000 $ de revenus pour l'exercice 2023.

Type de service de conseil	Revenu	Nombre de clients
Planification stratégique	$456,000	12 clients
Analyse de marché	$331,000	8 clients
Avis d'investissement	$200,000	5 clients

AMREP Corporation (AXR) - Canvas Business Model: Value Propositions

AMREP Corporation (AXR) offers value through its significant, strategically positioned real estate assets in New Mexico, serving both land developers and individual home buyers.

Access to a large, strategically located land bank for future development near Albuquerque is a core proposition. The company holds approximately 16,000 acres of undeveloped property in Sandoval County, New Mexico, which is positioned for expansion outside the geographically constrained Albuquerque area, giving AMREP Corporation leverage in future growth corridors like Rio Rancho. This land base is the foundation of the long-term asset value.

The company provides developed lots with necessary infrastructure for immediate homebuilder use. AMREP Corporation conducts land and site planning, secures governmental approvals, installs utilities, and improves roads to prepare its acreage for building. While specific current figures for developed lots ready for immediate use are not explicitly detailed for late 2025, the activity supports homebuilder demand.

Residential homes for individual buyers are offered in the Rio Rancho area through the internal homebuilder, Amreston Homes, which commenced operations in fiscal year 2020. The average selling price for these residential homes in Q2 2025 was $444K, a decrease from the prior year's $503K.

High-margin land sales are a key driver of profitability, evidenced by a 60% land sale gross margin in Q2 2025. This margin significantly outperformed the home sale gross margin, which compressed to 20% in the same period due to mix and input costs. The high land margin was boosted by strategic sales, including a large transaction involving 567.1 acres of undeveloped land for $2.574 million, which included a 549-acre parcel sold for $2.502 million.

Here's a quick look at the segment performance for the three months ended October 31, 2024 (Q2 FY2025):

Metric	Land Sales Value	Home Sales Value	Total Revenue
Q2 FY2025 Amount	Varies, but contributed to 60% GM	Varies, but contributed to 20% GM	$11,906,000
Q2 FY2024 Amount	Varies, but contributed to 27% YoY GM	Varies, but contributed to ~29-30% YoY GM	$8,854,000

The financial results for the first six months of fiscal 2025 show the impact of these activities:

• Six-month revenues reached $30,997,000.
• Six-month net income was $8,106,000.
• Six-month diluted earnings per share was $1.51.

The company's ability to generate significant cash flow from these asset sales is clear. For the three months ended October 31, 2024, net income was $4,042,000, resulting in diluted earnings per share of $0.75.

AMREP Corporation (AXR) - Canvas Business Model: Customer Relationships

You're looking at how AMREP Corporation (AXR) manages its connections with the market, which, given its business as a major landholder, leading developer of real estate, and award-winning homebuilder in New Mexico, is quite segmented. The financial results for the fiscal year ended April 30, 2025, show total revenues of $49,694,000, which gives you a sense of the scale of transactions involved in these relationships.

Dedicated relationship management for the few key homebuilder clients.

For the larger, institutional side of the business, AMREP Corporation likely focuses on deep, ongoing relationships with a select group of homebuilders. This is typical for a major landholder selling large tracts or developed lots. While the exact number of these key clients isn't public, the overall business performance reflects these large-scale dealings. For instance, the net income for fiscal year 2025 reached $12,716,000, a significant jump from the prior year's $6,690,000, suggesting successful execution on land sales or development agreements. The company itself notes that revenues and gross margins can vary significantly based on the timing and nature of specific transactions, which often points to the lumpy nature of large homebuilder contracts.

Transactional sales model for individual home buyers.

When selling finished homes directly to consumers, the relationship is inherently more transactional. This involves managing a higher volume of individual sales processes, which is the core of their homebuilding segment in New Mexico. The most recent reported period, the first quarter of fiscal 2026 ended July 31, 2025, showed revenues of $17,851,000, which captures the result of these individual sales alongside land sales. The nature of these sales means customer acquisition costs and the speed of closing directly impact short-term revenue realization.

Here's a look at the recent financial scale, which is driven by these varied customer interactions:

Metric	Period Ending July 31, 2025 (Q1 FY2026)	Fiscal Year Ended April 30, 2025 (FY2025)
Revenues	$17,851,000	$49,694,000
Net Income	$4,692,000	$12,716,000

Opportunistic leasing of completed homes to mitigate sales risk.

To manage inventory risk, AMREP Corporation employs opportunistic leasing for homes that haven't sold immediately. This strategy converts potential holding costs into immediate, albeit smaller, cash flows. The company's overall revenue stream is a blend of land sales, home sales, and presumably, rental income from this leasing activity. For the six months ended October 31, 2024, total revenues were $30,997,000, illustrating the scale of activity across all customer types. The leasing component acts as a buffer when the primary transactional sales slow down.

• Leasing mitigates holding costs on unsold finished inventory.
• Converts real estate assets into recurring, albeit smaller, income streams.
• Provides flexibility when home sales volume is below projection.

Direct engagement with commercial/industrial property developers.

As a major landholder and developer, direct engagement with commercial and industrial developers is a necessary relationship type, distinct from homebuilder or individual buyer interactions. This involves selling or developing land zoned for non-residential use. The company's description as a 'leading developer of real estate' in New Mexico supports this segment of customer engagement. The financial reporting lumps this revenue into overall land sales, but the strategy requires specialized relationship management to secure these higher-value, longer-cycle development deals.

Finance: review the Q1 FY2026 revenue breakdown to isolate the contribution from land sales versus home sales by next Tuesday.

AMREP Corporation (AXR) - Canvas Business Model: Channels

You're looking at how AMREP Corporation (AXR) gets its product-land and homes in New Mexico-to the customer, and honestly, it's a dual-track approach heavily influenced by the transaction type.

Direct Sales Force for Large-Scale Land Sales to Developers and Homebuilders

This channel is all about moving big chunks of undeveloped or partially developed land. The margin performance here is key to the overall financial picture, as you saw with the fiscal 2025 results. When these large deals close, they drive significant profitability spikes, even if overall revenue is volatile.

Here's a snapshot of the land sale channel's impact during the most recent full fiscal year:

Metric	FY 2025 Amount	FY 2024 Amount
Total Revenue	$49,694,000	$51,369,000
Land Sale Gross Margin (Q2 FY2025)	60%	27% (YoY for Q2)

The direct sales team focuses on these high-acreage transactions. For example, in Q2 of fiscal 2025, a large sale of 567.1 acres of undeveloped land contributed significantly to the land sale gross margin hitting 60% for that quarter. That's the kind of deal flow this channel is designed to capture.

On-Site Sales Offices and Real Estate Brokers for Home Sales

For the finished product-the homes-AMREP Corporation relies on more traditional, localized channels. This involves both their own on-site sales presence and external real estate brokers to move individual units. This segment faces different pressures, like affordability headwinds impacting the average buyer.

The home sale channel's performance in Q2 FY2025 shows this pressure:

• Home sale gross margin compressed to 20% in Q2 FY2025.
• Average selling price for homes was $444K in Q2 FY2025.
• This average selling price was down from $503K year-over-year for the same quarter.

Management has adjusted this channel's approach amid macro issues, which is defintely interesting to watch. They've used sales incentives and even started leasing completed homes to maintain throughput, with 15 homes reported as leased as of January 31, 2025.

Corporate Website and SEC Filings for Investor Relations and Transparency

This channel is purely informational, designed to keep the investment community informed about the company's performance, which is inherently variable due to transaction timing. The primary delivery mechanism for official, audited data is the SEC filing process.

Key data points for investor review from the latest full fiscal year:

• FY2025 Diluted Earnings Per Share: $2.37.
• FY2025 Net Income: $12,716,000.
• FY2025 Profit Margin: 25.6%.

You can find the source documents detailing these figures, like the Form 10-K for the year ended April 30, 2025, at the company's designated location: www.amrepcorp.com/sec-filings/. This is where you verify the numbers that drive your analysis.

Finance: draft 13-week cash view by Friday.

AMREP Corporation (AXR) - Canvas Business Model: Customer Segments

You're looking at who AMREP Corporation (AXR) actually sells to, which is key because their revenue stream is so tied to transaction timing. Honestly, the customer base is primarily B2B (business-to-business) in the real estate development side, centered in New Mexico.

National, regional, and local homebuilders seeking developed residential lots.

This group forms the core of the land development revenue. AMREP Corporation, through its subsidiaries, is a major holder of land and a leading developer in New Mexico. As of April 30, 2023, the Company owned approximately 17,000 acres in Sandoval County, New Mexico, which feeds this segment. You see a high degree of concentration here; for instance, 100% of the developed residential third-party land sale revenues in fiscal year 2024 went to just three homebuilders. This focus on a few large buyers means their sales cycle heavily influences quarterly results. For context on the end-user market they support, new construction single-family residential starts in Rio Rancho by the Company and its customers totaled 1,007 in 2024, up from 585 in 2023.

Commercial and industrial property developers.

This segment is smaller but still relevant to their land sales. AMREP Corporation offers both developed and undeveloped real property to these developers. To give you a concrete example from the past, out of eight commercial lots in the La Mirada subdivision, the Company sold four in 2023 and two in 2022. They also sold approximately 1.8 acres of commercial property in the Enchanted Hills/Commerce Center subdivision in 2022.

Individual homebuyers in the New Mexico market.

This group is served via AMREP Corporation's internal homebuilder, Amreston Homes, which commenced operations in New Mexico in fiscal year 2020. They focus on selling single-family detached and attached homes. While the land sales to other builders drive a large part of the top line, the homebuilding segment directly targets individuals. The company's overall financial results show the scale of their operation, with revenues for the first quarter of fiscal 2026 (ended July 31, 2025) at $17,851,000, and net income at $4,692,000. The fiscal year 2025 (ended April 30, 2025) saw total revenues of $49,694,000 and net income of $12,716,000.

Institutional investors and shareholders (thinly traded stock).

This group is interested in the NYSE-traded stock, AXR. The stock is defintely thinly traded, which impacts liquidity for these investors. As of July 19, 2024, four shareholders beneficially owned approximately 59% of the outstanding common stock. The average trading volume on the New York Stock Exchange over the thirty-day period ending April 30, 2024, was only 7,948 shares per day. Still, institutional activity is present; for example, in the second quarter of 2025, 14 institutional investors added shares, while 26 decreased their positions. At the 2025 Annual Meeting of Shareholders on September 11, 2025, shareholders holding an aggregate of 4,590,015 shares were present out of 5,305,949 shares outstanding.

Here's a quick look at the most recent reported financial scale relevant to these customer groups:

Metric	Period Ending July 31, 2025 (Q1 FY2026)	Fiscal Year Ended April 30, 2025 (FY2025)
Revenues	$17,851,000	$49,694,000
Net Income	$4,692,000	$12,716,000
Income per Share - Diluted	$0.87	$2.37
Weighted Avg. Shares Outstanding - Diluted	5,375,000	Not explicitly stated for FY2025 in the same context as Q1 FY2026

The company's operational focus, which directly impacts these segments, can be summarized by the following activities:

• Land and site planning for development projects.
• Obtaining governmental and environmental approvals (entitlements).
• Installing utilities and storm drains.
• Ensuring water service availability.
• Building or improving necessary roads and community amenities.

Finance: draft 13-week cash view by Friday.

AMREP Corporation (AXR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive AMREP Corporation (AXR) operations, which are heavily weighted toward the physical execution of real estate development and homebuilding.

Cost of revenues (land and construction costs) is the largest component. This cost category directly reflects the acquisition of land inventory and the subsequent costs to prepare that land for sale or to construct homes. Because AMREP Corporation (AXR) is a landholder, developer, and homebuilder, this cost category is inherently variable and dominates the expense profile when a sale closes. For the fourth quarter of fiscal 2025, the 49.1% gross profit margin suggests that the cost of revenues for that period represented approximately 50.9% of the quarter's revenue of $11.18M.

Significant general and administrative expenses for land development and corporate overhead. These expenses cover the corporate structure and the non-direct costs associated with managing development projects. The fourth quarter of fiscal 2025 showed an EBITDA margin of 32.3%, which indicates that after accounting for the cost of revenues, the remaining operating expenses, including G&A, consumed a portion of the gross profit.

The structure of these costs is tied to a lean operational footprint:

• Payroll costs for a small employee base (approximately 49 employees as of 2025).
• Corporate overhead tied to the headquarters in Havertown, Pennsylvania.
• Land acquisition and holding costs for the approximately 16,600 acres owned as of April 30, 2025, in Sandoval County, New Mexico.

Costs associated with municipal entitlement and infrastructure delays. Management specifically highlighted persistent municipal entitlement and infrastructure delays as a factor that increased build times and costs during fiscal 2025. These delays translate directly into increased carrying costs for land inventory and extended overhead periods without corresponding revenue recognition. The company noted these delays when explaining revenue variability between fiscal 2024 (Revenue of $51,369,000) and fiscal 2025 (Revenue of $49,694,000).

Here's a look at the scale of the business in fiscal year 2025, which frames the cost base:

Metric	Amount (FY 2025)
Total Revenue	$49,694,000
Net Income	$12,716,000
Reported Profit Margin	25.6%
Employee Count	49

The cost structure is highly sensitive to the timing of large land sales, which can cause significant swings in the Cost of Revenues component.

• Land sale gross margins improved versus prior periods in Q4 FY2025.
• The company adjusted by slowing starts and projects due to macro pressures.
• Infrastructure delays directly increase the time-related costs embedded in inventory.

Finance: review the Q4 FY2025 breakdown of SG&A expenses against the 32.3% EBITDA margin to isolate overhead spend by Friday.

AMREP Corporation (AXR) - Canvas Business Model: Revenue Streams

You're looking at how AMREP Corporation converts its real estate assets into cash flow, and honestly, it's all about timing the big property deals.

The primary revenue drivers for AMREP Corporation are centered on its core operations in New Mexico as a major landholder, developer, and homebuilder. The revenue streams are heavily weighted toward property transactions, which inherently introduces period-to-period lumpiness.

• Land sales (developed and undeveloped lots), which generate the majority of revenue.
• Home sales from the homebuilding segment.

For the full fiscal year 2025, which ended April 30, 2025, AMREP Corporation reported total revenue of $49.694 million. This figure represents a slight decrease from the $51.369 million reported in fiscal year 2024. Also contributing to the bottom line was interest income from cash reserves, which amounted to $1.622 million in 2025.

The variability in revenue is clear when you look at the quarterly performance within fiscal 2025, showing how much the timing of large land sales impacts the top line. For instance, Q1 FY2025 saw revenues of $19.091 million, which then stepped down to $11.906 million in Q2 FY2025, and further to $7.52 million in Q3 FY2025. This fluctuation reflects the nature of the business, where large undeveloped land sales can skew any given quarter.

Here's a look at the revenue progression across the first three quarters of fiscal 2025, demonstrating the revenue stream volatility:

Fiscal 2025 Period Ended	Total Revenues	Net Income	Diluted EPS
July 31, 2024 (Q1)	$19,091,000	$4,064,000	$0.76
October 31, 2024 (Q2)	$11,906,000	$4,042,000	$0.75
January 31, 2025 (Q3)	$7,520,000	$717,000	$0.13

The homebuilding segment faces margin pressure; for example, the home sale gross margin compressed to 20% in Q2 2025 compared to approximately 29-30% in the prior year, partly due to higher input costs. Conversely, land sale gross margins saw an inflection, reaching 60% in Q2 2025 versus 27% year-over-year, driven by sales of undeveloped acreage and reimbursements/credits. This mix shift between developed land, undeveloped land, and home sales is what you're really tracking when you analyze AMREP Corporation's revenue quality.

You should keep an eye on the backlog, as the 15 homes under contract at the end of Q2 2025, representing about $6.61 million in expected revenue, are a key near-term driver for the home sales component of revenue.