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AMREP Announces Record Date For Rights Offering

PRINCETON, N.J., May 21, 2013 /PRNewswire/ -- AMREP Corporation (the "Company") (NYSE:AXR) expects to distribute to the holders of its common stock, non-transferable subscription rights (the "Rights") that will enable its shareholders to purchase an aggregate of 1,199,242 shares of its common stock.  The Rights will be distributed to the holders of record of its common stock as of the close of business on May 31, 2013 (the "Record Date") on the basis of one Right for each share of its common stock.  Each Right can be exercised to purchase two-tenths (0.2) of a share for each share of its common stock (the "Rights Offering").  The price per whole share at which shareholders may exercise the Rights (the "Subscription Price"), which will be determined shortly before the Rights Offering is made, is expected to be less than the then-existing market price of the Company's common stock when that price is set.

The Company has filed with the Securities and Exchange Commission a Registration Statement under the Securities Act of 1933 with respect to the Rights Offering.  The Rights Offering will be made only after the Registration Statement has become effective, which is presently expected to occur on or about May 23, 2013. 

Shortly after the effectiveness of the Registration Statement, the Company will mail to each shareholder as of the Record Date, (i) a final prospectus setting forth the terms of the Rights Offering and information about the Company (the "Final Prospectus"), (ii) a non-transferable subscription Rights certificate, which will evidence the shareholder's Rights and (iii) additional information to assist the shareholder in exercising Rights to purchase the Company's common stock.  The Subscription Price and the expiration date of the Rights will be shown in the Final Prospectus.  Shareholders should carefully review the Final Prospectus before taking any action with respect to the Rights Offering.

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