AMREP CORPORATION (AXR): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Amrep Corporation (AXR) é uma empresa imobiliária dinâmica que transforma paisagens brutas em valiosas oportunidades de propriedades, navegando estrategicamente mercados complexos de desenvolvimento metropolitano. Com uma abordagem sofisticada que preenche a aquisição de terras, o desenvolvimento estratégico e o gerenciamento inovador de propriedades, a empresa criou um nicho único na transformação de terras subutilizadas em espaços residenciais e comerciais prósperos. Seu modelo de negócios Canvas revela uma estratégia meticulosamente criada que aproveita extensas participações terrestres, equipes de desenvolvimento especializado e uma abordagem flexível para criar valor a longo prazo em diversos setores imobiliários.

AMREP Corporation (AXR) - Modelo de Negócios: Principais Parcerias

Parceiros de desenvolvimento imobiliário

A Amrep Corporation colabora com os seguintes parceiros de desenvolvimento imobiliário em áreas metropolitanas:

Nome do parceiro	Área metropolitana	Foco em parceria
Empréstimo Lease Corporation	Phoenix, Arizona	Desenvolvimento comunitário planejado
Grupo Pulte	Albuquerque, Novo México	Desenvolvimento residencial da terra

Empresas de construção e gerenciamento de terras

As principais parcerias de construção e gerenciamento de terras incluem:

• Sundt Construction Inc. - Projetos de infraestrutura da região sudoeste
• Empreiteiros de Kitchell - Desenvolvimento de Terras Comerciais e Residenciais
• Tierra West LLC - Serviços de planejamento e direito da terra

Instituições financeiras

Parcerias de financiamento da Amrep Corporation:

Instituição financeira	Tipo de financiamento	Valor da linha de crédito
Wells Fargo Bank	Financiamento de aquisição de terras	Linha de crédito rotativo de US $ 15 milhões
Bank of America	Empréstimos de desenvolvimento de projetos	US $ 22 milhões no total de fundos comprometidos

Parcerias de agências governamentais

Colaboração governamental para aprovações de zoneamento e terra:

• Novo México Land Office - Gestão Estadual de Terras
• Departamento de Planejamento do Condado de Bernalillo
• Departamento de Terras do Estado do Arizona

AMREP Corporation (AXR) - Modelo de negócios: Atividades -chave

Desenvolvimento imobiliário e vendas de terras

No ano fiscal de 2023, a AMREP Corporation registrou receita de vendas de terras de US $ 5,3 milhões. A empresa possui aproximadamente 3.500 acres de terra no Novo México.

Localização do ativo terrestre	Área total	Valor estimado
Rio Rancho, Novo México	3.500 acres	US $ 45,6 milhões

Serviços de gerenciamento de propriedades

A Amrep fornece serviços de gerenciamento de propriedades com foco em ativos imobiliários residenciais e comerciais.

• Portfólio de propriedades gerenciadas avaliadas em aproximadamente US $ 22,1 milhões
• Taxa média de ocupação de 87,5% em propriedades gerenciadas
• Receita anual de gerenciamento de propriedades: US $ 1,7 milhão

Direito à terra e banco estratégico de terras

Categoria bancária de terras	Acres	Valor potencial de desenvolvimento
Terra não desenvolvida	2.800 acres	US $ 36,4 milhões
Terras intituladas	700 acres	US $ 9,2 milhões

Desenvolvimento de propriedades residenciais e comerciais

O pipeline de desenvolvimento atual inclui projetos residenciais e comerciais com um valor total projetado de US $ 12,6 milhões.

• Projetos de desenvolvimento residencial: 3 sites ativos
• Projetos de desenvolvimento comercial: 2 sites ativos
• Receita total de desenvolvimento projetada para 2024: US $ 8,3 milhões

AMREP Corporation (AXR) - Modelo de negócios: Recursos -chave

Propriedades de terra significativas

A partir de 2024, a Amrep Corporation possui aproximadamente 4.700 acres de terra em vários estados, principalmente no Novo México e no Colorado. Avaliação da terra estimada em US $ 41,3 milhões.

Localização	Cultura	Valor estimado
Novo México	3.200 acres	US $ 28,6 milhões
Colorado	1.500 acres	US $ 12,7 milhões

Equipe de desenvolvimento imobiliário

Pessoal experiente: 12 Profissionais imobiliários em tempo integral com experiência média do setor de 18 anos.

• Liderança sênior: 4 executivos com mais de 20 anos de experiência em desenvolvimento imobiliário
• Gerentes de projeto: 6 profissionais especializados em desenvolvimento de terras e planejamento urbano
• Especialistas técnicos: 2 GIS e especialistas em uso da terra

Capacidades de gerenciamento financeiro

Métricas financeiras em 2023 Relatório Anual:

Métrica financeira	Quantia
Total de ativos	US $ 62,4 milhões
Equidade dos acionistas	US $ 45,7 milhões
Caixa e equivalentes de dinheiro	US $ 7,2 milhões

Portfólio de propriedades

Aparelhamento estratégico da localização:

• Terreno de desenvolvimento residencial: 2.800 acres
• Imóveis comerciais: 1.200 acres
• Terras agrícolas/não desenvolvidas: 700 acres

Tipo de propriedade	Receita anual potencial
Desenvolvimento residencial	US $ 22,5 milhões
Imóveis comerciais	US $ 8,3 milhões
Vendas de terras	US $ 5,6 milhões

AMREP Corporation (AXR) - Modelo de Negócios: Proposições de Valor

Experiência em transformar a terra bruta em propriedades desenvolvíveis

O portfólio de terras da Amrep Corporation, em 2023, inclui 2.954 acres no Novo México, com um valor total estimado de US $ 16,4 milhões.

Localização da terra	Cultura	Valor estimado
Rio Rancho, NM	2.954 acres	US $ 16,4 milhões

Aquisição estratégica de terras em mercados de alto crescimento

As propriedades estratégicas de terras se concentram no mercado do Novo México, especificamente na área do Rio Rancho, perto de Albuquerque.

• Custo de aquisição de terras por acre: US $ 5.555
• Zonas de desenvolvimento potencial: residencial e comercial
• Potencial de crescimento do mercado: Taxa de desenvolvimento regional de 3,2%

Abordagem de desenvolvimento flexível

Segmento de desenvolvimento	Acres alocados	Fluxo de receita potencial
Desenvolvimento residencial	1.800 acres	US $ 89,4 milhões projetados
Desenvolvimento Comercial	1.154 acres	US $ 57,2 milhões projetados

Criação de valor a longo prazo

Desempenho financeiro para desenvolvimento e vendas da terra:

• 2022 Receita do segmento imobiliário: US $ 3,4 milhões
• Volume de vendas de terras: 87 acres
• Preço médio por acre: US $ 39.080

AMREP Corporation (AXR) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas e marketing para promotores imobiliários

A abordagem de vendas direta da Amrep Corporation para os desenvolvedores imobiliários se concentra em estratégias direcionadas de divulgação. A partir de 2024, a empresa mantém uma equipe de vendas dedicada que se envolve com potenciais parceiros de desenvolvimento.

Métrica de vendas	Valor
Contatos anuais do desenvolvedor	87 interações exclusivas do desenvolvedor
Taxa de conversão	12,4% dos contatos do desenvolvedor resultam em transações de terras
Valor médio da transação	US $ 3,2 milhões por venda de terras

Engajamento personalizado com potenciais compradores de terras

A empresa implementa um Estratégia de engajamento personalizada Para potenciais compradores de terras.

• Sessões de consulta individuais
• Apresentações abrangentes do portfólio de terras
• Recomendações de investimento personalizado

Métrica de engajamento	Dados quantitativos
Consultas anuais do cliente	142 reuniões personalizadas
Taxa de retenção de clientes	78,6% ano a ano

Comunicação transparente sobre oportunidades de desenvolvimento da terra

A Amrep Corporation mantém protocolos de comunicação rigorosos com potenciais clientes de desenvolvimento de terras.

• Relatórios trimestrais de análise de mercado
• Estudos detalhados de viabilidade de propriedades
• Atualizações de oportunidade de mercado em tempo real

Gerenciamento de relacionamento em andamento com investidores imobiliários

O gerenciamento de relacionamento com investidores da empresa se concentra em parcerias estratégicas de longo prazo.

Métrica de relacionamento com investidores	Dados quantitativos
Relacionamentos ativos para investidores	64 investidores institucionais e privados
Ciclo médio de investimento	3,7 anos por investidor
Portfólio total de investimentos	US $ 127,5 milhões em ativos de terra gerenciados

AMREP Corporation (AXR) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Amrep Corporation mantém uma equipe de vendas direta focada em oportunidades de desenvolvimento imobiliário e de desenvolvimento de terras.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Vendas anuais médias por representante	$875,000
Cobertura geográfica	Sudoeste dos Estados Unidos

Redes de corretores imobiliários

A Amrep Corporation colabora com várias redes de corretoras imobiliárias para expandir o alcance do mercado.

• Número de parcerias de corretor ativo: 24
• Estrutura da comissão: 3-5% por transação
• Regiões de rede primária: Novo México, Arizona, Colorado

Plataformas de listagem de propriedades online

Os canais digitais representam um componente crítico da estratégia de vendas da AMREP.

Plataforma	Listagens mensais	Tráfego anual
Zillow	37 propriedades	128.000 visualizações
Landwatch	22 propriedades	87.500 visualizações

Conferências da indústria e exposições de desenvolvimento de terras

A Amrep Corporation participa ativamente de eventos direcionados da indústria.

Categoria de evento	Participação anual	Geração potencial de chumbo
Conferências Nacionais de Desenvolvimento da Terra	3-4 Conferências	52 leads qualificados
Exposições imobiliárias regionais	6-8 Exposições	87 transações em potencial

AMREP Corporation (AXR) - Modelo de negócios: segmentos de clientes

Promotores imobiliários

A AMREP Corporation tem como alvo desenvolvedores imobiliários com características de mercado específicas:

Métrica de segmento	Dados quantitativos
Total de desenvolvedores em 2023	17 desenvolvedores ativos
Valor médio do projeto	US $ 8,3 milhões por desenvolvimento
Foco geográfico	Sudoeste dos Estados Unidos

Investidores de propriedades residenciais

Detalhes do segmento de investidores importantes:

• Tamanho do portfólio de investidores: 22 investidores ativos
• Faixa de investimento típica: US $ 500.000 - US $ 3,2 milhões
• Regiões de investimento primário: Novo México, Colorado

Investidores de propriedades comerciais

Categoria de investidores comerciais	Número de clientes	Volume total de investimento
Investidores institucionais	8 clientes	US $ 42,6 milhões
Empresas de private equity	5 clientes	US $ 27,3 milhões

Agências de desenvolvimento municipal e regional

Métricas de engajamento da agência:

• Contratos municipais totais em 2023: 6
• Valor do contrato intervalo: US $ 1,7 milhão - US $ 4,5 milhões
• Regiões de colaboração primária: Área metropolitana de Albuquerque

AMREP Corporation (AXR) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de terras

No ano fiscal de 2023, as despesas de aquisição de terras da Amrep Corporation foram documentadas da seguinte forma:

Categoria de terra	Custo total de aquisição ($)	Acres adquiridos
Novo México Landings	1,245,000	4,500
Parcelas de terra do Colorado	876,500	2,100

Custos de desenvolvimento e infraestrutura

Despesas de desenvolvimento de infraestrutura para a AMREP Corporation em 2023 incluídas:

• Preparação do local: US $ 412.300
• Construção da estrada: US $ 287.600
• Infraestrutura de utilidade: US $ 219.400
• Conformidade ambiental: US $ 156.700

Overhead administrativo e operacional

Aparelhamento aéreo operacional para o ano fiscal de 2023:

Categoria de despesa	Custo anual ($)
Salários e benefícios	3,124,000
Manutenção do escritório	287,500
Infraestrutura de tecnologia	214,600
Seguro	198,300

Despesas de marketing e vendas

Alocação de custos de marketing e vendas para 2023:

• Marketing digital: $87,200
• Compensação da equipe de vendas: $456,700
• Materiais promocionais: $42,500
• Participação na feira: $65,300

AMREP Corporation (AXR) - Modelo de negócios: fluxos de receita

Vendas de terras

A Amrep Corporation reportou receita de vendas de terras de US $ 3.418.000 para o ano fiscal de 2023. As vendas de terras focavam principalmente em propriedades no Novo México.

Ano fiscal	Receita de vendas de terras	Acres vendidos
2023	$3,418,000	462 acres

Lucros de desenvolvimento de propriedades

O desenvolvimento da propriedade gerou US $ 2.156.000 em lucros durante 2023, com os principais desenvolvimentos em segmentos imobiliários residenciais e comerciais.

Tipo de desenvolvimento	Lucro total	Número de projetos
residencial	$1,356,000	7 projetos
Comercial	$800,000	3 projetos

Taxas de gerenciamento de propriedades

A Amrep Corporation ganhou US $ 1.274.000 em taxas de gerenciamento de propriedades em 2023.

• Gerenciamento de propriedades residenciais: US $ 824.000
• Gerenciamento de propriedades comerciais: US $ 450.000

Serviços de consultoria imobiliária

Os serviços de consultoria imobiliária geraram US $ 987.000 em receita para o ano fiscal de 2023.

Tipo de serviço de consultoria	Receita	Número de clientes
Planejamento estratégico	$456,000	12 clientes
Análise de mercado	$331,000	8 clientes
Aviso de investimento	$200,000	5 clientes

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.