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What changed in AMREP CORP.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of AMREP CORP.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+89 added−99 removedSource: 10-K (2025-07-25) vs 10-K (2024-07-23)

Top changes in AMREP CORP.'s 2025 10-K

89 paragraphs added · 99 removed · 79 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeThe Company competes with other owners and developers of land that offer for sale developed and undeveloped residential lots and sites for commercial and industrial use. ​ 1 The following table presents information on the large land development projects of the Company in New Mexico as of April 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developed 1 ​ Under Development 2 ​ ​ ​ ​ ​ ​ Commercial ​ ​ Commercial ​ ​ ​ ​ Residential ​ / Industrial ​ Residential ​ / Industrial ​ Undeveloped 3 ​ ​ Lots ​ Acres ​ Acres ​ Acres ​ Acres Lomas Encantadas 61 — 218 6 — Hawk Site 23 35 104 111 — Hawk Adjacent ​ — ​ — ​ 45 ​ — ​ — Enchanted Hills/ Commerce Center — 29 — — — Papillon ​ — ​ — ​ — ​ — ​ 693 Paseo Gateway — — — — 290 La Mirada 41 1 — — — ​ Lomas Encantadas is located in the eastern section of Unit 20 in Rio Rancho.
Biggest changeThe Company competes with other owners and developers of land that offer for sale developed and undeveloped residential lots and sites for commercial and industrial use. ​ 1 The following table presents the property owned by the Company in certain development projects in New Mexico as of April 30, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developed 1 ​ Under Development 2 ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ Commercial ​ ​ ​ ​ ​ ​ Residential ​ / Industrial ​ Residential ​ / Industrial ​ Undeveloped 3 ​ ​ ​ ​ Lots ​ Acres ​ Acres ​ Acres ​ Acres ​ Location Lomas Encantadas 120 — 126 6 — ​ Commerce Center ​ — ​ 29 ​ — ​ — ​ — ​ Unit 20 in Rio Rancho Paseo Gateway ​ — ​ — ​ — ​ — ​ 327 ​ ​ Hawk Site 2 35 93 101 — ​ Hawk Adjacent ​ — ​ — ​ 45 ​ — ​ — ​ Unit 25 in Rio Rancho Papillon ​ — ​ — ​ — ​ — ​ 656 ​ ​ Park West Village ​ 22 ​ — ​ — ​ — ​ — ​ Unit 22 in Rio Rancho La Mirada 30 1 — — — Albuquerque, New Mexico Playa del Sur — — 5.5 — — ​ ​ In addition to the property listed in the tables above, as of April 30, 2025, the Company held undeveloped property in Sandoval County, New Mexico of approximately 15,500 acres in either high contiguous ownership areas or low contiguous ownership areas.
Similar to a public improvement district, the covenants are expected to reimburse the Company for certain on-site and off-site costs of developing the subject property by imposing an assessment on the real property owners subject to the covenants. The Company has accepted and may in the future accept discounted prepayments of amounts due under the private infrastructure reimbursement covenants.
Similar to a public improvement district, the covenants are expected to reimburse the Company for certain costs of developing the subject property by imposing an assessment on the real property owners subject to the covenants. The Company has accepted and may in the future accept discounted prepayments of amounts due under the private infrastructure reimbursement covenants.
The Company conducts a substantial portion of its business in Rio Rancho, New Mexico (“Rio Rancho”) and certain adjoining areas of Sandoval County, New Mexico. Rio Rancho is the third largest city in New Mexico with a population of approximately 111,000. Land Development As of April 30, 2024, the Company owned approximately 17,000 acres in Sandoval County, New Mexico.
The Company conducts a substantial portion of its business in Rio Rancho, New Mexico (“Rio Rancho”) and certain adjoining areas of Sandoval County, New Mexico. Rio Rancho is the third largest city in New Mexico with a population of approximately 112,500. Land Development As of April 30, 2025, the Company owned approximately 16,600 acres in Sandoval County, New Mexico.
Increased competitive conditions in the residential resale or rental markets could decrease demand for new homes or unfavorably impact pricing for new homes. Materials and Labor Generally, construction materials for the Company’s operations are available from numerous sources.
The Company also competes with resales of existing homes and available rental housing. Increased competitive conditions in the residential resale or rental markets could decrease demand for new homes or unfavorably impact pricing for new homes. Materials and Labor Generally, construction materials for the Company’s operations are available from numerous sources.
These matters may result in delays, may cause the Company to incur substantial compliance, remediation, mitigation and other costs, and can prohibit or severely restrict land development and homebuilding activity in environmentally sensitive areas. Human Capital Resources As of April 30, 2024, the Company employed 42 employees, all of which were full-time.
These matters may result in delays, may cause the Company to incur substantial 3 compliance, remediation, mitigation and other costs, and can prohibit or severely restrict land development and homebuilding activity in environmentally sensitive areas. Human Capital Resources As of April 30, 2025, the Company employed 49 employees, of which 48 were full-time employees and one was a part-time employee.
Numerous national, regional and local homebuilders compete for homebuyers on the basis of location, price, quality, reputation, design and community amenities. This competition with other homebuilders could reduce the number of homes the Company delivers or cause the Company to accept reduced margins to maintain sales volume. The Company also competes with resales of existing homes and available rental housing.
The housing industry in New Mexico is highly competitive. Numerous national, regional and local homebuilders compete for homebuyers on the basis of location, price, quality, reputation, design and community amenities. This competition with other homebuilders could reduce the number of homes the Company delivers or cause the Company to accept reduced margins to maintain sales volume.
The Company may experience extended timelines for receiving required approvals from municipalities or other government agencies that can delay anticipated development and construction activities. 3 Government restrictions, standards and regulations intended to reduce greenhouse gas emissions or potential climate change impacts or related to the availability of water may result in restrictions on land development or homebuilding in certain areas and may increase energy, transportation or raw material costs, which could reduce the Company’s profit margins and adversely affect the Company’s results of operations.
Government restrictions, standards and regulations intended to reduce greenhouse gas emissions or potential climate change impacts or related to the availability of water may result in restrictions on land development or homebuilding in certain areas and may increase energy, transportation or raw material costs, which could reduce the Company’s profit margins and adversely affect the Company’s results of operations.
The Company provides built-to-order homes where construction of the homes does not begin until the customer signs the purchase agreement and speculative (“spec”) homes for homebuyers who require a home within a short time frame.
The Company utilizes internal and external sales brokers for home sales. Model homes are generally used to showcase the Company’s homes and their design features. The Company provides built-to-order homes where construction of the homes does not begin until the customer signs the purchase agreement and speculative (“spec”) homes for homebuyers who require a home within a short time frame.
However, the cost and availability of certain building materials is influenced by changes in local and global commodity prices and capacity as well as government regulation, such as government-imposed tariffs or trade restrictions. The ability to consistently source qualified labor at reasonable prices remains challenging as labor supply growth has not kept pace with construction demand.
However, the cost and availability of certain building materials is influenced by changes in local and global commodity prices and capacity as well as government regulation, such as government-imposed tariffs or trade restrictions.
The Company opportunistically acquires land, focusing primarily in New Mexico, after completion of market research, soil tests, environmental studies and other engineering work, a review of zoning and other governmental requirements, discussions with homebuilders or other prospective end-users of the property and financial analysis of the project and estimated development costs.
Prior to acquiring large properties, the Company generally performs market research, soil tests, environmental studies and other engineering work, reviews zoning and other governmental requirements, has discussions with homebuilders or other prospective end-users of the property and performs financial analysis of the project and estimated development costs.
In 2024, the Company sold its approximately 147-acre property in Brighton, Colorado. Homebuilding The Company operates a homebuilder in New Mexico. The Company offers a variety of home floor plans and elevations at different prices and with varying levels of options and amenities to meet the needs of homebuyers. The Company focuses on selling single-family detached and attached homes.
The Company offers a variety of home floor plans and elevations at different prices and with varying levels of options and amenities to meet the needs of homebuyers. The Company focuses on building and selling single-family detached and attached homes. The Company selects locations for homebuilding based on available land inventory and the feasibility of the project.
With respect to residential development, the Company generally focuses its sales efforts on a limited number of homebuilders, with 100% of 2024 developed residential third-party land sale revenues having been made to three homebuilders.
With respect to residential development, the Company generally focuses its sales efforts on a limited number of homebuilders, with 100% of 2025 developed residential land sales having been made to three homebuilders. The number of new construction single-family residential starts in Rio Rancho by the Company, the Company’s customers and other builders was 973 in 2025 and 1,007 in 2024.
The public improvement district reimburses the Company for certain on-site and off-site costs of developing the subdivisions by imposing a special levy on the real property owners within the district.
The public improvement district reimburses the Company for certain costs of developing the subdivisions by imposing a special levy on the real property owners within the district. The Company has accepted and may in the future accept discounted prepayments of amounts due under the public improvement district. The Company instituted private infrastructure reimbursement covenants on various land development projects.
The number of new construction single-family residential starts in Rio Rancho by the Company, the Company’s customers and other builders was 1,007 in 2024 and 588 in 2023. The development of residential, commercial and industrial properties requires, among other things, financing or other sources of funding, which may not be available.
The development of residential, commercial and industrial properties requires, among other things, financing or other sources of funding, which may not be available. The Company opportunistically acquires land, focusing primarily in New Mexico.
The Company has accepted and may in the future accept discounted prepayments of amounts due under the public improvement district. 1 Developed lots/acreage are any tracts of land owned by the Company that have been entitled with infrastructure work that is substantially complete. ​ 2 Acreage under development is real estate owned by the Company for which entitlement or infrastructure work is currently being completed.
The Company receives credits, allowances and offsets applicable to impact fees in connection with certain costs incurred by the Company in developing subdivisions, which the Company generally sells to homebuilders. 1 Developed lots/acreage are any tracts of land owned by the Company that have been entitled with infrastructure work that is substantially complete, but excludes any lots that have been leased to third parties. 2 Acreage under development is real estate owned by the Company for which entitlement or infrastructure work has been started but not completed.
Undeveloped acreage is real estate that can be sold “as is” (e.g., where no entitlement or infrastructure work has begun on such property). ​ 2 The Company instituted private infrastructure reimbursement covenants on various land development projects.
Undeveloped acreage is real estate that can be sold “as is” (e.g., where no entitlement or infrastructure work has begun on such property). ​ 2 Mineral Rights . The Company owns certain minerals and mineral rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. Homebuilding The Company operates a homebuilder in New Mexico.
But any such seasonal effect on sales is expected to be relatively insignificant compared to the effect of the timing of opening of a property for sale and the subsequent timing of closings. The housing industry in New Mexico is highly competitive.
As a result of the seasonality of the Company’s operations, the Company’s quarterly results of operations are not necessarily indicative of the results that may be expected for the full year; however any seasonal effect on revenues is expected to be relatively insignificant compared to the effect of the timing of opening of a property for sale and the subsequent timing of closings.
Removed
Hawk Site and Hawk Adjacent are located in the northern section of Unit 25 in Rio Rancho. Enchanted Hills/Commerce Center is located in the eastern section of Unit 20 in Rio Rancho. Papillon is located in the northern section of Unit 25 in Rio Rancho. Paseo Gateway is located in the southern section of Unit 20 in Rio Rancho.
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Although significant changes in market conditions could impact our seasonal patterns, the Company has historically experienced variability in its quarterly results from operations due to the seasonal nature of the homebuilding industry. The Company generally experiences increases in revenues and cash flow from operations during its fiscal first quarter and fourth quarter based on the timing of home closings.
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La Mirada is located in Albuquerque, New Mexico.
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This seasonal activity increases the Company’s working capital requirements in the Company’s third and fourth quarters to support home production volume.
Removed
The following table presents information on certain small residential land development projects of the Company in New Mexico as of April 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Developed 1 ​ Under Development 2 ​ ​ ​ Lots Acres Location Tierra Contenta 13 — Santa Fe, New Mexico GeoPark ​ 15 ​ — ​ Santa Fe, New Mexico Park West Village ​ 24 ​ — ​ Southern section of Unit 22 in Rio Rancho Playa del Sur ​ — ​ 5.5 ​ Albuquerque, New Mexico ​ In addition to the property listed in the tables above, as of April 30, 2024, the Company held undeveloped property in Sandoval County, New Mexico of approximately 16,000 acres in either high contiguous ownership areas or low contiguous ownership areas.
Added
The ability to consistently source qualified labor at reasonable prices remains challenging as labor supply growth has not kept pace with construction demand, which is compounded by the limited supply of certain specialized trades and contractors in the market.
Removed
The Company receives credits, allowances and offsets applicable to impact fees in connection with certain costs incurred by the Company in developing subdivisions, which the Company generally sells to homebuilders. Mineral Rights . The Company owns certain minerals and mineral rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. Other Real Estate Interests .
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The applicable governing authorities frequently have broad discretion in administering these regulations. The Company has experienced, and may continue to experience, extended timelines for receiving required approvals from municipalities or other government agencies that can delay anticipated development and construction activities.
Removed
The Company selects locations for homebuilding based on available land inventory and completion of a feasibility study. The Company utilizes internal and external sales brokers for home sales. Model homes are generally used to showcase the Company’s homes and their design features.
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Although the Company does not yet have sufficient historical experience or volume to observe any seasonal effect on sales and construction activities, the Company does expect some seasonality in sales and construction activities which can affect the timing of closings.
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The applicable governing authorities frequently have broad discretion in administering these regulations.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeDuring 2024 and 2023, the Company is not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. 4 The Board of Directors of the Company oversees the Company’s risk management program as part of its general oversight function.
Biggest changeDuring 2025 and 2024, the Company is not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition.
The Audit Committee engages in regular discussions with the Company’s executive officers regarding the Company’s significant risk exposures and the measures implemented to monitor and control these risks, including cybersecurity risks. The Audit Committee also reports relevant material information regarding any such risks to the Board of Directors.
The Audit Committee engages in regular discussions with the Company’s executive officers regarding the Company’s significant risk exposures and the measures implemented 4 to monitor and control these risks, including cybersecurity risks. The Audit Committee also reports relevant material information regarding any such risks to the Board of Directors.
Added
The Board of Directors of the Company oversees the Company’s risk management program as part of its general oversight function.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeWhile the ultimate results of these matters cannot be predicted with certainty, management believes that they will not have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations. ​
Biggest changeItem 3. Legal Proceedings The Company is involved in various pending or threatened claims and legal actions arising in the ordinary course of business. While the ultimate results of these matters cannot be predicted with certainty, management believes that they will not have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations. ​
Removed
Item 3. Legal Proceedings The Company and its subsidiaries are involved in various pending or threatened claims and legal actions arising in the ordinary course of business.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeUleau had been Controller of United Tectonics Corp., a construction services company, from 2016 to 2018. From 2014 to 2016, Ms. Uleau was Financial Manager of Cushman and Wakefield. Prior to 2014, Ms. Uleau held various accounting positions.
Biggest changeUleau was Vice President, Finance and Accounting of the Company from March 2020 to July 2025 and Controller of the Company from 2018 to March 2020. Prior to joining the Company, Ms. Uleau had been Controller of United Tectonics Corp., a construction services company, from 2016 to 2018. From 2014 to 2016, Ms.
Item 4. Mine Safety Disclosures Not applicable. Information about the Company’s Executive Officers Set forth below is certain information concerning persons who are the current executive officers of the Company. Christopher V. Vitale , age 48, has been a director of the Company since July 2021 and has been President and Chief Executive Officer of the Company since 2017.
Item 4. Mine Safety Disclosures Not applicable. Information about the Company’s Executive Officers Set forth below is certain information concerning persons who are the current executive officers of the Company. Christopher V. Vitale , age 49, has been a director of the Company since July 2021 and President and Chief Executive Officer of the Company since 2017.
Vitale was an attorney with the law firms of Morgan, Lewis & Bockius LLP and Sullivan & Cromwell LLP. Adrienne M. Uleau , age 56, has been Vice President, Finance and Accounting of the Company since March 2020. From 2018 to March 2020, Ms. Uleau was Controller of the Company. Prior to joining the Company, Ms.
Vitale was an attorney with the law firms of Morgan, Lewis & Bockius LLP and Sullivan & Cromwell LLP. Adrienne M. Uleau , age 57, has been Chief Financial Officer and Vice President of the Company since July 2025. Ms.
The executive officers are elected or appointed by the Board of Directors of the Company or its appropriate subsidiary to serve until the appointment or election of their successors or their earlier death, resignation or removal. ​ PART II
Uleau was Financial Manager of Cushman and Wakefield. Prior to 2014, Ms. Uleau held various accounting positions. The executive officers are elected or appointed by the Board of Directors of AMREP Corporation or its appropriate subsidiary to serve until the appointment or election of their successors or their earlier death, resignation or removal. ​ ​ 5 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s common stock is traded on the New York Stock Exchange under the symbol “AXR”. On July 19, 2024, there were 258 holders of record of the common stock. 5 The Company’s common stock is often thinly traded.
Biggest changeItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s common stock is traded on the New York Stock Exchange under the symbol “AXR”. On July 21, 2025, there were 246 holders of record of the common stock. The Company’s common stock is often thinly traded.
Equity Compensation Plan Information See Item 12, which incorporates such information by reference from the Company’s Proxy Statement for its 2024 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission. ​
Equity Compensation Plan Information See Item 12, which incorporates such information by reference from the Company’s Proxy Statement for its 2025 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission. ​
The average trading volume in the Company’s common stock on the New York Stock Exchange over the thirty-day trading period ending on April 30, 2024 was 7,948 shares per day.
The average trading volume in the Company’s common stock on the New York Stock Exchange over the thirty-day trading period ending on April 30, 2025 was 16,350 shares per day.
Among other reasons, the stock is thinly traded due to the fact that four of the Company’s shareholders beneficially owned approximately 59% of the outstanding common stock as of July 19, 2024 according to available information.
Among other reasons, the stock is thinly traded due to the fact that three of the Company’s shareholders beneficially owned approximately 51% of the outstanding common stock as of July 21, 2025 according to available information.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

51 edited+5 added−12 removed21 unchanged
Biggest changeTherefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. ​ The forward-looking statements contained in this annual report on Form 10-K include, but are not limited to, statements regarding (1) the Company’s ability to finance its future working capital, land development, acquisition of land, homebuilding, commercial projects, general and administrative expenses and capital expenditure needs, (2) the Company’s expected liquidity sources, including the availability of bank financing for projects and the utilization of existing bank financing, (3) anticipated development of the Company’s real estate holdings, (4) the development and construction of possible future commercial properties to be marketed to tenants, (5) the designs, pricing and levels of options and amenities with respect to the Company’s homebuilding operations, (6) the amount and timing of reimbursements under, and the general effectiveness of, the Company’s public improvement districts and private infrastructure reimbursement covenants, (7) the number of planned residential lots in the Company’s subdivisions, (8) estimates of the Company’s exposure to warranty claims, estimates of the cost to complete of common land development costs and the estimated relative sales value of individual parcels of land in connection with the allocation of common land development costs, (9) the sale of the property located in Brighton, Colorado and the sale of two buildings leased to commercial tenants not being indicative of future operating results, (10) estimates and assumptions used in determining future cash flows of real estate projects, (11) the conditions resulting in homebuyer affordability challenges persisting through calendar year 2024, (12) the backlog of homes under contract and in production, the dollar amount of expected sale revenues when such homes are closed and homes and buildings leased or intended to be leased to third parties, (13) the effect of recent accounting pronouncements, (14) the timing of recognizing unrecognized compensation expense related to shares of common stock issued under the AMREP Corporation 2016 Equity Compensation Plan, (15) the Company’s belief that its compensation package and benefits offered to employees are competitive with others in the industry, (16) the future issuance of deferred stock units to directors of the Company, (17) the future business conditions that may be experienced by the Company, including the pace of the Company’s housing starts and land development projects, (18) the dilution to earnings per share that outstanding options to purchase shares of common stock of the Company may cause in the future, (19) the adequacy of the Company’s facilities, (20) the materiality of claims and legal actions, (21) projections of future earnings for the future recoverability of deferred tax assets and state net operating losses that are not expected to be realizable, (22) the duration, effect and severity of any pandemic and (23) the measures that governmental authorities may take to address a pandemic which may precipitate or exacerbate one or more of the above-mentioned or other risks and significantly disrupt or prevent the Company from operating in the ordinary course for an extended period of time.
Biggest changeTherefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. ​ The forward-looking statements contained in this annual report on Form 10-K include, but are not limited to, statements regarding (1) the Company’s ability to finance its future working capital, land development, acquisition of land, homebuilding, commercial projects, general and administrative expenses and capital expenditure needs, (2) the Company’s expected liquidity sources, including the availability of bank financing for projects and the utilization of existing bank financing, (3) anticipated development of the Company’s real estate holdings, (4) the development and construction of possible future commercial properties to be marketed to tenants, (5) the designs, pricing and levels of options and amenities with respect to the Company’s homebuilding operations, (6) the amount and timing of reimbursements under, and the general effectiveness of, the Company’s public improvement districts and private infrastructure reimbursement covenants, (7) the number of planned residential lots in the Company’s subdivisions, (8) estimates of the Company’s exposure to warranty claims and liabilities for litigation and legal claims, estimates of the cost to complete of common land development costs and the estimated relative sales values of individual parcels of land in connection with the allocation of common land development costs, (9) the adequacy of warranty reserves, subcontractor indemnities and third-party insurance to cover the ultimate resolution of any potential liabilities associated with known and anticipated warranty and construction defect related claims and litigation, (10) the conditions resulting in homebuyer affordability challenges, (11) estimates and assumptions used in determining future cash flows of real estate projects, (12) the amount of revenues from the sale of developed residential land during the fiscal year ending April 30, 2026, (13) the backlog of homes under contract and in production and the dollar amount of expected sale revenues when such homes are closed, (14) the effect of seasonality on the Company’s operations, (15) the categorization of homes and buildings leased or intended to be leased to third parties, (16) the effect of recent accounting pronouncements, (17) the timing of recognizing unrecognized compensation expense related to shares of common stock issued under the AMREP Corporation 2016 Equity Compensation Plan, (18) the Company’s belief that its compensation package and benefits offered to employees are competitive with others in the industry, (19) the future issuance of deferred stock units to directors of the Company, (20) the future business conditions that may be experienced by the Company, including the pace of the Company’s housing starts and land development projects, (21) the dilution to earnings per share that outstanding options to purchase shares of common stock of the Company may cause in the future, (22) the adequacy of the 13 Company’s facilities, (23) the materiality of claims and legal actions, (24) projections of future earnings for the future recoverability of deferred tax assets and state net operating losses that are not expected to be realizable and (25) the Company’s belief that its insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations and the listing standards of the New York Stock Exchange.
IMPACT OF INFLATION The Company’s operations can be impacted by inflation. Inflation can cause increases in the cost of land, materials, services, interest rates and labor. Unless such increased costs are recovered through increased sales prices or improved operating efficiencies, operating margins will decrease.
IMPACT OF INFLATION The Company’s operations can be impacted by inflation. Inflation can cause increases in interest rates and the cost of land, materials, services and labor. Unless such increased costs are recovered through increased sales prices or improved operating efficiencies, operating margins will decrease.
Actual results could differ from those estimates. There are numerous critical assumptions that may influence accounting estimates in these and other areas. Management bases its critical assumptions on historical experience, third-party data and various other estimates that it believes to be reasonable under the circumstances.
Actual results could differ from those estimates. 6 There are numerous critical assumptions that may influence accounting estimates in these and other areas. Management bases its critical assumptions on historical experience, third-party data and various other estimates that it believes to be reasonable under the circumstances.
For real estate projects under development, an estimate of future cash flows on an undiscounted basis is determined using estimated future expenditures necessary to complete 6 such projects and using management’s best estimates about sales prices and holding periods.
For real estate projects under development, an estimate of future cash flows on an undiscounted basis is determined using estimated future expenditures necessary to complete such projects and using management’s best estimates about sales prices and holding periods.
Off-Balance Sheet Arrangements . As of April 30, 2024 and April 30, 2023, the Company did not have any off-balance sheet arrangements (as defined in Item 303(a)(4)(ii) of Regulation S-K). Recent Accounting Pronouncements . Refer to Note 1 to the consolidated financial statements contained in this annual report on Form 10-K for a discussion of recently issued accounting pronouncements.
As of April 30, 2025 and April 30, 2024, the Company did not have any off-balance sheet arrangements (as defined in Item 303(a)(4)(ii) of Regulation S-K). Recent Accounting Pronouncements . Refer to Note 1 to the consolidated financial statements contained in this annual report on Form 10-K for a discussion of recently issued accounting pronouncements.
Further, the Company regularly evaluates property available for purchase from third parties for possible acquisition and development by the Company. To the extent the sources of capital described above are insufficient to meet its needs, the Company may conduct public or private offerings of securities, dispose of certain assets or draw on existing or new debt facilities.
Further, the Company regularly evaluates property available for purchase from third parties for possible acquisition by the Company. To the extent the sources of capital described above are insufficient to meet its needs, the Company may conduct public or private offerings of securities, dispose of certain assets or draw on existing or new debt facilities.
As a result, the impact of such public health issues and the related governmental actions could materially impact the Company’s financial position, results of operations and cash flows. Pension Plan . The Company’s defined benefit pension plan was terminated in 2024. The Company did not make any contributions to the pension plan during 2024 or 2023.
As a result, the impact of such public health issues and the related governmental actions could materially impact the Company’s financial position, results of operations and cash flows. Pension Plan . The Company’s defined benefit pension plan was terminated in 2024. The Company did not make any contributions to the pension plan during 2024.
Given the affordability challenges described above and the resulting impact on demand, the Company has provided sales incentives on certain homes, reduced the size of lots and homes, opportunistically leased completed homes and slowed the pace of housing starts and land development projects.
Given the affordability challenges and the resulting impact on demand, the Company has provided sales incentives on certain homes, reduced the size of lots and homes, opportunistically leased completed homes and slowed the pace of housing starts and land development projects.
The Company believes that it has adequate cash and cash equivalents, bank financing and cash flows from operations to provide for its anticipated spending in its fiscal year ending April 30, 2025.
The Company believes that it has adequate cash and cash equivalents, bank financing and cash flows from operations to provide for its anticipated spending in its fiscal year ending April 30, 2026.
The rising cost of housing due to increases in average sales prices in recent years and increases in mortgage interest rates, coupled with general inflation in the U.S. economy and other macroeconomic factors, have placed pressure on overall housing affordability and have caused many potential homebuyers to pause and reconsider their housing choices.
The rising cost of housing due to increases in average sales prices in recent years and the level of mortgage interest rates, coupled with general inflation in the U.S. economy and other macroeconomic factors, have placed pressure on overall housing affordability, negatively affecting demand and have caused many potential homebuyers to pause and reconsider their housing choices.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations For a description of the Company’s business, refer to Item 1 of Part I of this annual report on Form 10-K. As indicated in Item 1, the Company is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations For a description of the Company’s business, refer to Item 1 of Part I of this annual report on Form 10-K. As indicated in Item 1, the Company is primarily engaged in two business segments: land development and homebuilding.
During 2024, the Company reduced the number and scope of its active land development projects and delayed proceeding with certain new land development projects due to market headwinds and uncertainty and an increase in entitlement and infrastructure delays as compared to 2023.
During 2025 and 2024, the Company reduced the number and scope of its active land development projects and delayed proceeding with certain new land development projects due to market headwinds and uncertainty and an increase in entitlement and infrastructure delays as compared to prior years.
The Company expects the primary demand for funds in the future will be for the development and acquisition of land, construction of home and commercial projects and general and administrative expenses. In many instances, the development of land and construction of home and commercial projects is required to satisfy delivery obligations of developed land or finished homes to customers.
The Company expects the primary demand for funds in the future will be for the development and acquisition of land, construction of home and commercial projects and general and administrative expenses. In many instances, the development of land and construction of home and commercial projects are required to satisfy delivery obligations to customers.
During 2024 and 2023, the Company experienced delays in municipal approvals and inspections and utility response times in both the land development business segment and homebuilding business segment, which caused delays in construction and the realization of revenues and increases in cost of revenues.
During 2025 and 2024, the Company experienced material delays in municipal entitlements, infrastructure availability, approvals and inspections and utility response times in both the land development business segment and homebuilding business segment, which caused delays in construction and the realization of revenues and increases in cost of revenues.
As of April 30, 2023, the Company had 18 homes in production, including 10 homes under contract, which homes under contract represented $5,640,000 of expected home sale revenues when closed, subject to customer cancellations and change orders. ● Other revenues consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2024 2023 Sale of investment assets ​ $ 5,701 ​ $ — Oil and gas royalties ​ — ​ 146 Landscaping revenues ​ 1,186 ​ 585 Miscellaneous other revenues ​ 470 ​ 580 Total ​ $ 7,357 ​ $ 1,311 ​ ​ ​ 1 Revenues per acre may not calculate precisely due to the rounding of revenues to the nearest thousand dollars. ​ 8 Sale of investment assets for 2024 consists of the sale of two buildings leased to commercial tenants.
As of April 30, 2024, the Company had 64 homes in production, including 20 homes under contract, which homes under contract represented $8,719,000 of expected home sale revenues when closed, subject to customer cancellations and change orders. 1 Revenue per acre may not calculate precisely due to the rounding of revenue to the nearest thousand dollars. 8 ● Other revenues consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2025 2024 Sale of investment assets ​ $ — ​ $ 5,701 Landscaping revenues ​ 2,089 ​ 1,186 Miscellaneous other revenues ​ 709 ​ 470 Total ​ $ 2,798 ​ $ 7,357 ​ Sale of investment assets for 2024 consists of the sale of two buildings leased to commercial tenants.
Future economic conditions and the demand for land and homes are subject to continued uncertainty due to many factors, including changes in mortgage interest rates, inflation, supplies of new and existing home inventory available for sale, labor shortages and other factors.
Future economic conditions and the demand for land and homes are subject to continued uncertainty due to many factors, including changes in mortgage interest rates, inflation, tariffs, supplies of new and existing home inventory available for sale, labor shortages and other factors. The Company’s past performance may not be indicative of future results. 7 Revenues .
The Company’s home sale revenues consist of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2024 2023 Homes sold ​ 36 ​ 32 Average selling price ​ $ 477 ​ $ 525 ​ As of April 30, 2024, the Company had 64 homes in production, including 20 homes under contract, which homes under contract represented $8,719,000 of expected home sale revenues when closed, subject to customer cancellations and change orders.
The Company’s home sale revenues consist of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2025 2024 Homes sold ​ 50 ​ 36 Average selling price ​ $ 425 ​ $ 477 ​ As of April 30, 2025, the Company had 88 homes in production, including 28 homes under contract, which homes under contract represented $12,787,000 of expected home sale revenues when closed, subject to customer cancellations and change orders.
While construction and land costs remain elevated, the Company has been able partially to offset these cost increases through land and home price increases in 2024 and 2023 due to a strong pricing environment, which may not continue. The Company’s past performance may not be indicative of future results. Revenues .
While construction and land costs remain elevated, the Company has been able to partially offset these cost increases through land and home price increases in 2025 and 2024 due to a strong pricing environment, which may not continue.
There were no such charges in 2024. During 2024, the Company transferred $547,000, which was the amount of residual assets (after satisfying any pension plan liabilities) following termination of the defined benefit pension plan, from the defined benefit pension plan to a 401(k) retirement plan available to eligible employees of the Company.
During 2024, the Company transferred $547,000, which was the amount of residual assets (after satisfying any pension plan liabilities) following termination of the defined benefit pension plan, from the defined benefit pension plan to the Company’s 401(k) retirement plan available for future awards to eligible employees.
RESULTS OF OPERATIONS Year Ended April 30, 2024 Compared to Year Ended April 30, 2023 For 2024, the Company had net income of $6,690,000, or $1.25 per diluted share, compared to net income of $21,790,000, or $4.11 per diluted share, in 2023.
RESULTS OF OPERATIONS Year Ended April 30, 2025 Compared to Year Ended April 30, 2024 For 2025, the Company had net income of $12,716,000, or $2.37 per diluted share, compared to net income of $6,690,000, or $1.25 per diluted share, in 2024.
The Company’s land sale revenues consist of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, 2024 ​ Acres Sold Revenue Revenue Per Acre 1 Developed ​ ​ ​ Residential 27.8 ​ $ 18,522 ​ $ 666 Commercial 1.5 ​ 549 ​ 366 Total Developed 29.3 ​ ​ 19,071 ​ ​ 651 Undeveloped 222.9 ​ 7,754 ​ 35 Total 252.2 ​ $ 26,825 ​ ​ 106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, 2023 ​ Acres Sold Revenue Revenue Per Acre 1 Developed ​ ​ ​ Residential 46.5 ​ $ 25,651 ​ $ 552 Commercial 3.8 ​ 4,832 ​ 1,272 Total Developed 50.3 ​ ​ 30,483 ​ ​ 606 Undeveloped 10.8 ​ 176 ​ 16 Total 61.1 ​ $ 30,659 ​ ​ 502 ​ The changes in the revenue per acre of developed residential land, developed commercial land and undeveloped land for 2024 compared to 2023 were primarily due to the location and mix of land sold.
The Company’s land sale revenues consist of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, 2025 ​ Acres Sold Revenue Revenue Per Acre 4 Developed ​ ​ ​ Residential 28.6 ​ $ 21,910 ​ $ 766 Commercial — ​ — ​ — Total Developed 28.6 ​ ​ 21,910 ​ ​ 766 Undeveloped 690.4 ​ 3,738 ​ 5 Total 719.0 ​ $ 25,648 ​ ​ 36 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, 2024 ​ Acres Sold Revenue Revenue Per Acre 1 Developed ​ ​ ​ Residential 27.8 ​ $ 18,522 ​ $ 666 Commercial 1.5 ​ 549 ​ 366 Total Developed 29.3 ​ ​ 19,071 ​ ​ 651 Undeveloped 222.9 ​ 7,754 ​ 35 Total 252.2 ​ $ 26,825 ​ ​ 106 ​ The changes in the revenue per acre of developed residential land, developed commercial land and undeveloped land for 2025 compared to 2024 were primarily due to the location and mix of land sold.
There was no such pension settlement general and administrative expense in 2024. The Company did not record any non-cash impairment charges on real estate inventory or investment assets in 2024 or 2023. Due to volatility in market conditions and development costs, the Company may experience future impairment charges. Interest Income, net .
The Company did not record any non-cash impairment charges on real estate inventory or investment assets in 2025 or 2024. Due to volatility in market conditions and development costs, the Company may experience future impairment charges. Interest Income, net . Interest income, net was $1,622,000 for 2025 and $823,000 for 2024.
Refer to Note 13 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding the Company’s worthless stock deduction.
Refer to Note 11 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding the Company’s 401(k) plan. Cash Flow .
Miscellaneous other revenues for 2023 primarily consist of extension fees for purchase contracts, forfeited deposits from land sale contracts and residential rental revenues. ​ Cost of Revenues .
Miscellaneous other revenues for 2024 primarily consist of extension fees for purchase contracts and residential rental revenues. ​ Cost of Revenues .
LIQUIDITY AND CAPITAL RESOURCES As of April 30, 2024, the Company had cash, cash equivalents and restricted cash as follows (in thousands): ​ ​ ​ ​ ​ Cash, Cash ​ ​ Equivalents and ​ ​ Restricted Cash Cash ​ $ 10,465 U.S.
LIQUIDITY AND CAPITAL RESOURCES The Company had cash, cash equivalents and restricted cash as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ ​ ​ 2025 ​ 2024 ​ Increase (decrease) ​ Cash ​ $ 10,651 ​ $ 10,465 ​ $ 186 ​ 2 % U.S.
As a result of these inflationary pressures, the Company has experienced significant increases in the prices of labor and certain materials. Inflation may also increase the Company’s financing costs. While the Company attempts to pass on to its customers increases in costs through increased sales prices, market forces may limit the Company’s ability to do so.
Inflation may also increase the Company’s financing costs. While the Company attempts to pass on to its customers increases in costs through increased sales prices, market forces may limit the Company’s ability to do so.
The net cash provided by operating activities for 2024 was primarily due to cash generated from business operations, a net decrease in real estate inventory and investment assets and a decrease in other assets.
The net cash provided by operating activities for 2024 was primarily due to cash generated from business operations, a net decrease in real estate inventory and investment assets and a decrease in other assets. Notes payable decreased from $35,000 as of April 30, 2024 to $26,000 as of April 30, 2025 due to principal debt repayments.
All forward-looking statements speak only as of the date of this annual report on Form 10-K or, in the case of any document incorporated by reference, the date of that 13 document.
All forward-looking statements speak only as of the date of this annual report on Form 10-K or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are qualified by the cautionary statements in this section.
The Company’s primary sources of funding for working capital requirements are cash flows from operations, bank financing for specific real estate projects, a revolving line of credit, interest income and existing balances of cash and cash equivalents.
The Company’s liquidity is affected by many factors, including some that are based on normal operations and some that are related to the real estate industry and the economy generally. 10 The Company’s primary sources of funding for working capital requirements are cash flows from operations, a revolving line of credit, bank financing for specific real estate projects, interest income and existing balances of cash and cash equivalents.
Given the impact on 12 demand as a result of affordability challenges, the Company has opportunistically leased completed homes.
As of April 30, 2025, the Company leased 21 homes to residential tenants. As of April 30, 2024, the Company leased 10 homes to residential tenants. Given the impact on demand as a result of affordability challenges, the Company has opportunistically leased completed homes.
Notes payable decreased from $44,000 as of April 30, 2023 to $35,000 as of April 30, 2024 due to principal debt repayments. Refer to Note 6 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding the Company’s notes payable. Asset and Liability Levels .
Refer to Note 6 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding the Company’s notes payable. 11 Asset and Liability Levels .
The Company does not expect the sale of the property located in Brighton, Colorado to be indicative of future land sale revenues. ● The change in home sale revenues for 2024 compared to 2023 was primarily due to an increase in the number of homes sold offset in part by a decrease in average selling prices and by the affordability challenges described above, supply chain constraints and delays in municipal approvals and inspections.
The Company does not expect the sale of the properties in the prior sentence to be indicative of future undeveloped land sale revenues. ● The change in home sale revenues for 2025 compared to 2024 was primarily due to an increase in the number of homes sold offset in part by a decrease in average selling prices.
The following presents information on revenues (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2024 2023 Increase (decrease) Land sale revenues ​ $ 26,825 ​ $ 30,659 $ (3,834) ​ (13) % Home sale revenues ​ 17,177 ​ 16,706 ​ 471 ​ 3 % Other revenues ​ 7,357 ​ 1,311 ​ 6,046 ​ (a) ​ Total ​ $ 51,369 ​ $ 48,676 ​ 2,693 ​ 6 % ​ (a) Percentage not meaningful. 7 ● The change in land sale revenues for 2024 compared to 2023 was primarily due to a decrease in revenues from the sale of developed land offset in part by an increase in revenues from the sale of undeveloped land.
The following presents information on revenues (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2025 2024 Increase (decrease) Land sale revenues ​ $ 25,648 ​ $ 26,825 $ (1,177) ​ (4) % Home sale revenues ​ 21,248 ​ 17,187 ​ 4,061 ​ 24 % Other revenues ​ 2,798 ​ 7,357 ​ (4,559) ​ (62) % Total ​ $ 49,694 ​ $ 51,369 ​ (1,675) ​ (3) % ​ ● The change in land sale revenues for 2025 compared to 2024 was primarily due to a decrease in revenues from the sale of undeveloped land offset in part by an increase in revenues from the sale of developed land.
The following presents information on cost of revenues (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2024 2023 Increase (decrease) Land sale cost of revenues, net ​ $ 17,224 ​ $ 17,379 $ (155) ​ (1) % Home sale cost of revenues ​ 12,946 ​ 12,037 ​ 909 ​ 8 % Other cost of revenues ​ 6,726 ​ 361 ​ 6,365 ​ ​ (a) Total ​ $ 36,896 ​ $ 29,777 ​ 7,119 ​ 24 % ​ (a) Percentage not meaningful. ● Land sale cost of revenues, net consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ ​ 2024 2023 Land sale cost of revenues ​ $ 20,415 ​ $ 22,477 Less: ​ ​ ​ ​ Public improvement district reimbursements ​ (681) ​ (759) Private infrastructure covenant reimbursements ​ (544) ​ (626) Payments for impact fee credits ​ (1,966) ​ (3,713) Land sale cost of revenues, net ​ $ 17,224 ​ $ 17,379 ​ Land sale gross margins were 36% for 2024 compared to 42% for 2023.
The following presents information on cost of revenues (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2025 2024 Increase (decrease) Land sale cost of revenues, net ​ $ 12,361 ​ $ 17,224 $ (4,863) ​ (28) % Home sale cost of revenues ​ 16,812 ​ 12,946 ​ 3,866 ​ 30 % Other cost of revenues ​ 1,136 ​ 6,726 ​ (5,590) ​ (83) % Total ​ $ 30,309 ​ $ 36,896 ​ (6,587) ​ (18) % ​ ● Land sale cost of revenues, net consist of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ ​ 2025 2024 Land sale cost of revenues ​ $ 16,603 ​ $ 20,415 Less: ​ ​ ​ ​ Public improvement district reimbursements ​ (1,183) ​ (681) Private infrastructure covenant reimbursements ​ (518) ​ (544) Payments for impact fee credits ​ (2,541) ​ (1,966) Land sale cost of revenues, net ​ $ 12,361 ​ $ 17,224 ​ Land sale gross margins were 52% for 2025 compared to 36% for 2024.
The costs associated with the sale of investment assets primarily represented the costs to construct two buildings leased to commercial tenants, which costs were higher than the costs projected at the time the Company committed to each construction project. Other cost of revenues for 2023 consists of cost of goods sold for landscaping services.
Other cost of revenues for 2024 consist of the costs associated with the sale of investment assets and cost of goods sold for landscaping services. The costs associated with the sale of investment assets in 2024 primarily represented the costs to construct two buildings leased to commercial tenants.
The net cash provided by operating activities for 2023 was primarily due to cash generated from business operations offset in part by a net increase in real estate inventory and investment assets, an increase in other assets and a reduction in accounts payable and accrued expenses and income taxes payable. ● Investing Activities .
The following presents information on cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2025 2024 Net cash provided by operating activities ​ $ 10,242 ​ $ 10,714 Net cash used in investing activities ​ (553) ​ (457) Net cash used in financing activities ​ (9) ​ (9) Increase in cash and cash equivalents ​ $ 9,680 ​ $ 10,248 ​ The net cash provided by operating activities for 2025 was primarily due to cash generated from business operations and a reduction in real estate inventory and investment assets, net and other assets offset in part by an increase in other assets and a reduction in accounts payable and accrued expenses.
This may result in reduced developed residential revenues in the Company’s land development business segment during the Company’s fiscal year ending April 30, 2025 as compared to 2024.
This is expected to result in a reduction of revenues from the sale of developed residential land during the fiscal year ending April 30, 2026 as compared to 2024 and 2025.
Revenues from the sale of undeveloped land include the sale of a 147-acre property in Brighton, Colorado in 2024, representing $7,200,000 of revenue, to one purchaser.
Revenues from the sale of undeveloped land included the sale in 2025 of 549 acres of contiguous undeveloped land in Sandoval County, New Mexico, representing $2,502,000 of revenue, to one purchaser and the sale in 2024 of 147 acres in Brighton, Colorado, representing $7,200,000 of revenue, to one purchaser.
From April 30, 2023 to April 30, 2024, the change in land inventory in New Mexico was primarily due to land development activity and the acquisition and sale of land, the change in land inventory in Colorado was primarily due to the sale of an approximately 147-acre property in Brighton, Colorado, the change in homebuilding model and completed inventory was primarily due to the completion of homes not yet sold offset in part by the sale of homes and the change in homebuilding construction in process was primarily due to an increase in the number of homes that started construction. ● Investment assets, net consist of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ Increase ​ 2024 2023 (decrease) Land held for long-term investment ​ $ 9,200 ​ $ 8,961 $ 239 ​ 3 % Owned real estate leased or intended to be leased ​ 3,449 ​ 4,802 ​ (1,353) ​ (28) % Less accumulated depreciation ​ (98) ​ (16) ​ (82) ​ ​ (a) Owned real estate leased or intended to be leased, net ​ 3,351 ​ 4,786 ​ (1,435) ​ (30) % Total ​ $ 12,551 ​ $ 13,747 ​ ​ (1,196) ​ ​ ​ ​ (a) Percentage not meaningful.
From April 30, 2024 to April 30, 2025, the change in land inventory was primarily due to the sale of land offset in part by land development activity, the change in homebuilding model and completed inventory was primarily due to the completion of homes not yet sold offset in part by the sale of homes and the change in homebuilding construction in process was primarily due to a decrease in the number of homes that started construction. ● Investment assets, net consist of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ Increase ​ 2025 2024 (decrease) Land held for long-term investment ​ $ 8,843 ​ $ 9,200 $ (357) ​ (4) % Owned real estate leased or intended to be leased ​ 6,207 ​ 3,449 ​ 2,758 ​ 80 % Less accumulated depreciation ​ (170) ​ (98) ​ (72) ​ 73 % Owned real estate leased or intended to be leased, net ​ 6,037 ​ 3,351 ​ 2,686 ​ 80 % Total ​ $ 14,880 ​ $ 12,551 ​ ​ ​ ​ ​ ​ ​ Refer to Note 3 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding investment assets.
Depreciation associated with owned real estate leased or intended to be leased was $82,000 for 2024 and $16,000 for 2023. ● From April 30, 2023 to April 30, 2024: o The change in other assets was primarily due to a decrease in prepaid expenses related to the termination of a land development cash collateralized performance guaranty and a decrease in prepaid stock compensation offset by an increase in property and equipment related to software and equipment purchases. o The change in deferred income taxes, net was primarily due to the income tax effect of the amount of income before income taxes during the year. o The change in prepaid pension costs was primarily due to the transfer of $547,000, which was the amount of residual assets (after satisfying any pension plan liabilities) following termination of the defined benefit pension plan, from the defined benefit pension plan to a 401(k) retirement plan available to eligible employees of the Company.
Depreciation associated with owned real estate leased or intended to be leased was $115,000 for 2025 and $82,000 for 2024. ● From April 30, 2024 to April 30, 2025: o The change in other assets was primarily due to an increase in the number of residential rental homes offset in part by a decrease in prepaid expenses related to the termination of a land development cash collateralized performance guaranty. o The change in deferred income taxes, net was primarily due to the income tax effect of the amount of income before income taxes during the year. o The change in accounts payable and accrued expenses was primarily due to a decrease in accounts payable, accrued expenses and customer deposits. o The change in income taxes receivable, net was primarily due to the payment of estimated taxes and the accrual of state income taxes receivable. 12 Off-Balance Sheet Arrangements .
The change in gross margin was primarily due to higher than estimated costs associated with certain completed projects and the location, size and mix of property sold (including the sale of a 147-acre property in Brighton, Colorado in 2024 with an associated land sale cost of revenues of $4,007,000). ● The change in home sale cost of revenues for 2024 compared to 2023 was primarily due to the number, location, size and mix of homes sold and increases in the prices of building materials and skilled labor.
The change in gross margin was primarily due to changes in public improvement district reimbursements, private infrastructure covenant reimbursements and payments for impact fee credits and the location, size and mix of property sold (including the sale of 690.4 acres for 2025 as compared to 222.9 acres for 2024 of undeveloped land with a low associated land sale cost of revenues). ● The change in home sale cost of revenues for 2025 compared to 2024 was primarily due to the number, location, size and mix of homes sold and increases in the prices of building materials and skilled labor.
If this situation were to exist, the demand for homes produced by the Company’s homebuilding segment could decrease and the demand for the Company’s land by homebuilder customers could decrease. Although the rate of inflation has been historically low in recent years, it increased significantly in 2024 and 2023.
If this situation were to exist, the demand for homes produced by the Company’s homebuilding segment could decrease and the demand for the Company’s land by homebuilder customers could decrease. As a result of inflationary pressures, the Company has experienced increases in the prices of labor and certain materials in 2025 and 2024.
Home sale gross margins were 25% for 2024 compared to 28% for 2023. The change in gross margin was primarily due to the location, size and mix of homes sold. ● Other cost of revenues for 2024 consist of the costs associated with the sale of investment assets and cost of goods sold for landscaping services.
The change in gross margin was primarily due to the location, size and mix of homes sold, increases in the amount of sales incentives to homebuyers and increases in the prices of building materials and skilled labor. ● Other cost of revenues for 2025 consist of the cost of goods sold for landscaping services.
In 2023, the Company sold such minerals and mineral rights. Landscaping revenues consist of landscaping services provided by the Company primarily to homebuilders. Miscellaneous other revenues for 2024 primarily consist of extension fees for purchase contracts and residential rental revenues.
The Company does not expect the sale of the properties in the prior sentence to be indicative of future sales of investments assets. Landscaping revenues consist of landscaping services provided by the Company primarily to homebuilders. Miscellaneous other revenues for 2025 primarily consist of extension fees for purchase contracts, management fees for homeowners’ associations and residential rental revenues.
As a holding company, AMREP Corporation is dependent on its available cash and cash equivalents and on cash and cash equivalents from subsidiaries to pay expenses and fund operations. The Company’s liquidity is affected by many factors, including some that are based on normal operations and some that are related to the real estate industry and the economy generally.
AMREP Corporation is a holding company that conducts substantially all of its operations through subsidiaries. As a holding company, AMREP Corporation is dependent on its available cash and cash equivalents and on cash and cash equivalents from subsidiaries to pay expenses and fund operations.
Interest income, net was $823,000 for 2024 and $8,000 for 2023. Interest and loan costs of $2,000 were capitalized in real estate inventory for the year ended April 30, 2024. Interest and loan costs of $57,000 were capitalized in real estate inventory for the year ended April 30, 2023. Other Income . There was no other income in 2024.
There were no interest or loan costs capitalized in real estate inventory in 2025. Interest and loan costs of $2,000 were capitalized in real estate inventory in 2024. Income Taxes . The Company had a provision for income taxes of $1,009,000 for 2025 and $1,735,000 for 2024.
The provision for income taxes for 2024 correlated to the amount of income before income taxes during the year. The benefit for income taxes for 2023 was primarily due to the income tax benefit related to the Company’s worthless stock deduction offset in part by income taxes for the amount of income before income taxes during the year.
The provision for income taxes for 2024 correlated to the amount of income before income taxes during the year.
All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are qualified by the cautionary statements in this section. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict.
Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict.
The following presents information on certain assets and liabilities (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ Increase ​ 2024 2023 (decrease) Real estate inventory ​ $ 65,983 ​ $ 65,625 $ 358 1 % Investment assets, net ​ 12,551 ​ 13,747 ​ (1,196) ​ (9) % Other assets ​ 2,990 ​ 3,249 ​ (259) ​ (8) % Deferred income taxes, net ​ 11,038 ​ 12,493 ​ (1,455) ​ (12) % Prepaid pension costs ​ — ​ 747 ​ (747) ​ ​ (a) Accounts payable and accrued expenses ​ 4,745 ​ 4,851 ​ (106) ​ (2) % Income taxes receivable, net ​ 27 ​ 41 ​ (14) ​ (34) % ​ (a) Percentage not meaningful. ● Real estate inventory consists of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ Increase ​ 2024 2023 (decrease) Land inventory in New Mexico ​ $ 57,527 ​ $ 59,361 $ (1,834) (3) % Land inventory in Colorado ​ — ​ 3,445 ​ (3,445) ​ ​ (a) Homebuilding model and completed inventory ​ 4,138 ​ 1,171 ​ 2,967 ​ ​ (a) Homebuilding construction in process ​ 4,318 ​ 1,648 ​ 2,670 ​ ​ (a) Total ​ $ 65,983 ​ $ 65,625 ​ ​ ​ ​ ​ ​ ​ (a) Percentage not meaningful.
The following presents information on certain assets and liabilities (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ Increase ​ 2025 2024 (decrease) Real estate inventory ​ $ 66,750 ​ $ 65,983 $ 767 1 % Investment assets, net ​ 14,880 ​ 12,551 ​ 2,329 ​ 19 % Other assets ​ 2,939 ​ 2,990 ​ (51) ​ (2) % Deferred income taxes, net ​ 8,969 ​ 11,038 ​ (2,069) ​ (19) % Accounts payable and accrued expenses ​ 3,789 ​ 4,745 ​ (956) ​ (20) % Income taxes receivable, net ​ 317 ​ 27 ​ 290 ​ 1,074 % ​ ● Real estate inventory consists of (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ Increase ​ 2025 2024 (decrease) Land inventory ​ $ 50,030 ​ $ 57,527 $ (7,497) (13) % Homebuilding model and completed inventory ​ 13,090 ​ 4,138 ​ 8,952 ​ 216 % Homebuilding construction in process ​ 3,630 ​ 4,318 ​ (688) ​ (16) % Total ​ $ 66,750 ​ $ 65,983 ​ ​ ​ ​ ​ ​ ​ Refer to Note 2 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding real estate inventory.
The following presents information on general and administrative expenses (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2024 2023 Increase (decrease) Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land development ​ $ 3,677 ​ $ 2,843 $ 834 ​ 29 % Homebuilding ​ 1,214 ​ 1,016 ​ 198 ​ 20 % Corporate ​ 1,979 ​ 1,613 ​ 366 ​ 23 % Total ​ $ 6,871 ​ $ 5,472 ​ ​ 1,151 ​ 21 % Pension settlement ​ $ — ​ $ 7,597 ​ (7,597) ​ ​ (a) ​ (a) Percentage not meaningful. ​ ● The change in land development general and administrative expenses for 2024 compared to 2023 was primarily due increases in the accrual for property taxes and the payment of broker commissions for a commercial lease. ● The change in homebuilding general and administrative expenses for 2024 compared to 2023 was primarily due to expansion of the Company’s homebuilding operations. ● The change in corporate general and administrative expenses for 2024 compared to 2023 was primarily due to increases in pension benefit expenses in connection with termination of the pension plan and bank charges. ● The pension settlement general and administrative expense in 2023 was due to (a) the Company’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and (b) the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase.
The following presents information on general and administrative expenses (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ 2025 2024 Increase (decrease) Land development ​ $ 3,847 ​ $ 3,677 $ 170 ​ 5 % Homebuilding ​ 1,764 ​ 1,214 ​ 550 ​ 45 % Corporate ​ 1,667 ​ 1,980 ​ (313) ​ (16) % Total ​ $ 7,278 ​ $ 6,871 ​ ​ 407 ​ 6 % ​ ● The change in land development general and administrative expenses for 2025 compared to 2024 was primarily due to an increase in payroll costs for landscaping services and a decrease in property taxes as a result of refunds of previously paid amounts. ● The change in homebuilding general and administrative expenses for 2025 compared to 2024 was primarily due to expansion of the Company’s homebuilding operations and information technology expenses. ● The change in corporate general and administrative expenses for 2025 compared to 2024 was primarily due to a decrease in professional services and pension benefit expenses as a result of the termination of the Company’s pension plan and an increase in bank charges.
Refer to Note 2 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding real estate inventory.
Government Securities ​ ​ 28,815 ​ 19,229 ​ 9,586 ​ 50 % Restricted Cash ​ ​ 455 ​ 547 ​ (92) ​ (17) % Total ​ $ 39,921 ​ $ 30,241 ​ ​ 9,680 ​ 32 % ​ Refer to Note 11 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding restricted cash.
Removed
As discussed in more detail below, during 2023, the Company recognized a non-cash income tax benefit of $16,071,000 as a result of a worthless stock deduction related to its former fulfillment services business and a non-cash pre-tax pension settlement general and administrative expense of $7,597,000 due to (a) the Company’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and (b) the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase.
Added
In addition, any tariffs on goods used as inputs in both the land development business segment and homebuilding business segment may result in further increases in the cost of housing and average sales prices.
Removed
In addition, in response to inflation, the Federal Reserve increased benchmark interest rates during 2024 and 2023, which resulted in a significant increase in mortgage interest rates during 2024 and 2023, impacting home affordability and consumer sentiment and tempering demand for new homes and finished residential lots.
Added
Home sale gross margins were 21% for 2025 compared to 25% for 2024.
Removed
The Company believes these conditions will continue to impact the land development and homebuilding industries for at least the remainder of calendar year 2024.
Added
The provision for income taxes for 2025 related to the amount of income before income taxes during the year and to the reclassification of the balance of accumulated other comprehensive income (loss) to a benefit for income taxes.
Removed
The Company does not expect the sale of the two buildings leased to commercial tenants to be indicative of future sales of investments assets. Oil and gas royalties consist of amounts received from the lease of minerals and mineral rights in and under approximately 147 surface acres of land in Brighton, Colorado.
Added
In connection with the termination of the Company’s defined benefit pension plan, $1,230,000 of income tax effects that remained in accumulated other comprehensive income (loss) were reclassified to a benefit for income taxes during 2025. Refer to Note 12 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding accumulated other comprehensive income (loss).
Removed
Other income of $1,803,000 for 2023 primarily consists of the sale of all of the Company’s minerals and mineral rights in and under approximately 147 surface acres of land in Brighton, Colorado. Income Taxes . The Company had a provision for income taxes of $1,735,000 for 2024 and a benefit for income taxes of $14,149,000 for 2023.
Added
This amount that was transferred to the Company’s 401(k) retirement plan is recognized as restricted cash on the Company’s balance sheet. During 2025, the Company utilized $92,000 of this restricted cash to fund its 401(k) employer contribution for the calendar year ended December 31, 2024.
Removed
Government Securities ​ 19,229 Restricted Cash ​ 547 Total ​ $ 30,241 ​ As of April 30, 2023, the Company had cash of $19,993,000, no cash equivalents and no restricted cash. 10 AMREP Corporation is a holding company that conducts substantially all of its operations through subsidiaries.
Removed
The Company recognized a non-cash pre-tax pension settlement general and administrative expense of $7,597,000 during 2023 due to (a) the Company’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and (b) the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase.
Removed
This amount is recognized as restricted cash on the Company’s balance sheet and is available for future awards to eligible employees. Cash Flow .
Removed
The following presents information on the cash flows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended April 30, ​ Increase ​ 2024 2023 (decrease) ​ Net cash provided by operating activities ​ $ 10,714 ​ $ 6,389 $ 4,325 ​ 68 % Net cash used in investing activities ​ (457) ​ (131) ​ (326) ​ ​ (a) Net cash used in financing activities ​ (9) ​ (1,986) ​ 1,977 ​ ​ (a) Increase in cash and cash equivalents ​ $ 10,250 ​ $ 4,272 ​ 5,978 ​ ​ (a) ​ (a) Percentage not meaningful. ​ ● Operating Activities .
Removed
The net cash used in investing activities each of 2024 and 2023 was due to an increase in capital expenditures for property and equipment. 11 ● Financing Activities . The net cash used in financing activities for each of 2024 and 2023 was primarily due to principal debt repayments.
Removed
Refer to Note 3 to the consolidated financial statements contained in this annual report on Form 10-K for detail regarding investment assets. As of April 30, 2024, ten homes were leased to residential tenants. As of April 30, 2023, eight homes were leased to residential tenants and two buildings under construction were leased to commercial tenants.
Removed
The Company recorded, net of tax, other comprehensive income of $60,000 for 2024 and $5,743,000 for 2023 reflecting the change in accrued pension costs during each period net of the related deferred tax and unrecognized prepaid pension amounts. o The change in accounts payable and accrued expenses was primarily due to an increase in accrued property taxes offset by a decrease in homebuilder customer deposits. o The change in taxes receivable, net was primarily due to the payment of taxes and the accrual of state income taxes payable related to the amount of income before income taxes for 2024.

Other AXR 10-K year-over-year comparisons