AMREP (AXR) 10-Q 10 Dec 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2019	Dec. 04, 2019
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	AMREP CORP.
Entity Central Index Key	0000006207
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,136,904

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
ASSETS
Cash and cash equivalents	$ 12,583	$ 13,267
Cash and cash equivalents - restricted	305	969
Real estate inventory	54,243	57,773
Investment assets, net	16,951	17,227
Other assets	6,963	6,475
Taxes receivable, net	283	283
Deferred income taxes, net	4,301	4,536
TOTAL ASSETS	95,629	100,530
LIABILITIES:
Accounts payable and accrued expenses	2,498	2,964
Notes payable, net	574	1,319
Accrued pension costs	2,718	6,401
TOTAL LIABILITIES	5,790	10,684
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,362,154 at October 31, 2019 and 8,353,154 at April 30, 2019	836	835
Capital contributed in excess of par value	51,261	51,205
Retained earnings	46,687	49,052
Accumulated other comprehensive loss, net	(4,730)	(7,031)
Treasury stock, at cost - 225,250 shares at October 31, 2019 and April 30, 2019	(4,215)	(4,215)
TOTAL SHAREHOLDERS' EQUITY	89,839	89,846
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 95,629	$ 100,530

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2019	Apr. 30, 2019
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	8,362,154	8,353,154
Treasury stock, shares	225,250	225,250

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
REVENUES:
Revenues	$ 3,960	$ 2,620	$ 8,727	$ 6,858
COSTS AND EXPENSES:
Real estate land sales	2,771	2,162	6,426	5,893
Real estate operating expenses	443	245	1,002	521
General and administrative expenses:
Real estate operations	159	116	272	304
Corporate operations	590	866	1,484	1,793
Pension settlement	2,929	0	2,929	0
Operating expenses	6,892	3,389	12,113	8,511
Operating loss from continuing operations	(2,932)	(769)	(3,386)	(1,653)
Interest income, net	141	39	265	67
Loss from continuing operations before income taxes	(2,791)	(730)	(3,121)	(1,586)
Benefit for income taxes	(622)	(150)	(756)	(344)
Loss from continuing operations	(2,169)	(580)	(2,365)	(1,242)
Income from discontinued operations, net of income taxes (Note 2)	0	635	0	1,358
Net (loss) income	$ (2,169)	$ 55	$ (2,365)	$ 116
Continuing operations	$ (0.27)	$ (0.08)	$ (0.29)	$ (0.16)
Discontinued operations	0	0.08		0.17
(Loss) earnings per share, net	$ (0.27)	$ 0	$ (0.29)	$ 0.01
Weighted average number of common shares outstanding - basic	8,129	8,095	8,125	8,090
Weighted average number of common shares outstanding - diluted	8,129	8,146	8,125	8,135
Real estate land sales [Member]
REVENUES:
Revenues	$ 3,432	$ 2,367	$ 7,814	$ 6,548
Rental income [Member]
REVENUES:
Revenues	341	0	682
Other [Member]
REVENUES:
Revenues	$ 187	$ 253	$ 231	$ 310

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Capital Contributed in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Balance at Apr. 30, 2018	$ 832	$ 50,922	$ 47,525	$ (7,934)	$ (4,215)	$ 87,130
Balance (in shares) at Apr. 30, 2018	8,324
Issuance of restricted common stock	$ 3	203	0	0	0	206
Issuance of restricted common stock (in shares)	29
Net income	$ 0	0	116	0	0	116
Other comprehensive income	0	0	0	314	0	314
Balance at Oct. 31, 2018	$ 835	51,125	47,641	(7,620)	(4,215)	87,766
Balance (in shares) at Oct. 31, 2018	8,353
Balance at Jul. 31, 2018	$ 835	51,125	47,586	(7,777)	(4,215)	87,554
Balance (in shares) at Jul. 31, 2018	8,353
Net income			55			55
Other comprehensive income				157		157
Balance at Oct. 31, 2018	$ 835	51,125	47,641	(7,620)	(4,215)	87,766
Balance (in shares) at Oct. 31, 2018	8,353
Balance at Apr. 30, 2019	$ 835	51,205	49,052	(7,031)	(4,215)	89,846
Balance (in shares) at Apr. 30, 2019	8,353
Issuance of restricted common stock	$ 1	56	0	0	0	57
Issuance of restricted common stock (in shares)	9
Net income	$ 0	0	(2,365)	0	0	(2,365)
Other comprehensive income	0	0	0	2,301	0	2,301
Balance at Oct. 31, 2019	$ 836	51,261	46,687	(4,730)	(4,215)	89,839
Balance (in shares) at Oct. 31, 2019	8,362
Balance at Jul. 31, 2019	$ 836	51,261	48,856	(6,877)	(4,215)	89,861
Balance (in shares) at Jul. 31, 2019	8,362
Net income			(2,169)			(2,169)
Other comprehensive income				2,147		2,147
Balance at Oct. 31, 2019	$ 836	$ 51,261	$ 46,687	$ (4,730)	$ (4,215)	$ 89,839
Balance (in shares) at Oct. 31, 2019	8,362

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (2,169)	$ 55	$ (2,365)	$ 116
Other comprehensive income, net of tax:
Pension settlement, net of tax ($880 in 2019)	2,049		2,049
Decrease in pension liability, net of tax	98	157	252	314
Other comprehensive income	2,147	157	2,301	314
Total comprehensive (loss) income	$ (22)	$ 212	$ (64)	$ 430

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Consolidated Statements of Comprehensive (Loss) Income
Pension settlement, net of tax	$ 880		$ 880
Decrease in pension liability, tax	$ 43	$ 69	$ 110	$ 138

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (2,365)	$ 116
Income from discontinued operations	0	1,358
Loss from continuing operations	(2,365)	(1,242)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	289	254
Amortization of deferred financing fees	56	11
Non-cash credits and charges:
Interest earned on deferred purchase price	(160)	0
Stock-based compensation	107	74
Deferred income tax benefit	(756)	(102)
Net periodic pension cost	279	371
Pension settlement	2,929	0
Deferred Rent	110	0
Changes in assets and liabilities:
Real estate inventory and investment assets	3,526	(93)
Other assets	(469)	(67)
Accounts payable and accrued expenses	(466)	137
Taxes receivable and payable	0	253
Other liabilities and deferred revenue	0	(76)
Accrued pension costs	(3,600)	(2,000)
Total adjustments	1,845	(1,238)
Net cash used in operating activities of continuing operations	(520)	(2,480)
Net cash provided by operating activities of discontinued operations	0	2,263
Net cash used in operating activities	(520)	(217)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from corporate-owned life insurance policy	0	85
Capital expenditures	(26)	0
Net cash (used in) provided by investing activities of continuing operations	(26)	85
Net cash used in investing activities of discontinued operations	0	(34)
Net cash (used in) provided by investing activities	(26)	51
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	583	1,335
Principal debt payments	(1,385)	(1,171)
Payments for debt issuance costs	0	(46)
Net cash (used in) provided by financing activities	(802)	118
Decrease in cash, cash equivalents and restricted cash	(1,348)	(48)
Cash, cash equivalents and restricted cash, beginning of period	14,236	14,041
Cash, cash equivalents and restricted cash, end of period	12,888	13,993
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes refunded, net	0	(271)
Right-of-use assets obtained in exchange for operating lease liabilities	$ 198	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	6 Months Ended
	Oct. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	(1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in one business segment: the real estate business. The Company has no foreign sales or activities outside the United States. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless the context otherwise indicates, all references to 2020 and 2019 are to the fiscal years ending April 30, 2020 and 2019 and all references to the second quarter and first six months of 2020 and 2019 mean the fiscal three month and six month periods ended October 31, 2019 and 2018. The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2019, which was filed with the SEC on July 26, 2019 (the “2019 Form 10-K”). Certain 2019 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on net (loss) income or shareholders’ equity. Summary of Significant Accounting Policies The significant accounting policies used in preparing these consolidated financial statements are consistent with the accounting policies described in the 2019 Form 10-K, except for those adopted as described below. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases . Since that date, the FASB has issued additional ASUs providing further guidance for lease transactions (collectively “ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In addition, ASU 2016-02 requires fixed lease payments under tenant leases to be recognized on a straight-line basis over the term of the related lease where the Company is lessor. The cumulative difference between lease revenue recognized under the straight-line method and contractual lease payments is recorded within Other assets on the consolidated balance sheets. ASU 2016-02 was effective for the Company on May 1, 2019, with the Company recognizing and measuring leases at the beginning of the earliest period presented using a modified retrospective approach. During the first six months of 2020, right-of-use assets obtained in exchange for operating lease liabilities amounted to $198,000 as a result of adoption of ASU 2016-02. The adoption of ASU 2016-02 by the Company did not have a material effect on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) – Improvements to Nonemployee Share-based Payment Accounting . ASU 2018-07 addresses several aspects of the accounting for nonemployee share-based payment transactions, including share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 was effective for the Company on May 1, 2019. The adoption of ASU 2018-07 by the Company had no impact on its consolidated financial statements. In January 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits but does not require the reclassification to retained earnings of certain tax effects resulting from the U.S. Tax Cuts and Jobs Act related to items in accumulated other comprehensive income. ASU 2018-02 may be applied retrospectively to each period in which the effect of the U.S. Tax Cuts and Jobs Act is recognized or may be applied in the period of adoption. ASU 2018-02 was effective for the Company on May 1, 2019. The Company opted not to reclassify items from other comprehensive income to retained earnings, as was permitted in ASU 2018-02, therefore the adoption of ASU 2018-02 had no impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Oct. 31, 2019
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	(2) DISCONTINUED OPERATIONS Refer to Note 2 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the sale in 2019 of the Company’s fulfillment services business reported as discontinued operations in the accompanying financial statements. The following table provides a reconciliation of the carrying amounts of components of pretax income of the discontinued operations to the amounts reported in the accompanying consolidated statements of operations: Three Months ended Six Months ended October 31, 2018 October 31, 2018 (in thousands) Components of pretax income from discontinued operations: Revenues $ 6,941 $ 14,386 Operating expenses 5,870 12,103 General and administrative expenses 334 680 Interest income, net 1 — Income from discontinued operations before income taxes 738 1,603 Provision for income taxes 103 245 Income from discontinued operations $ 635 $ 1,358

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Oct. 31, 2019
RESTRICTED CASH
RESTRICTED CASH	(3) RESTRICTED CASH As of April 30, 2019, the Company was subject to two Subdivision Improvement Agreements with the City of Rio Rancho, New Mexico. In connection with these agreements, the Company has signed a promissory note for each subdivision and deposited restricted funds in a reserve bank account for each subdivision. Following successful completion and acceptance of the Company’s performance in a subdivision, the applicable promissory note would be cancelled and the related restricted funds would be returned to the Company’s general cash. During the first six months of 2020, $664,000 of cash was released from restrictions under the Subdivision Improvement Agreements. The total amount of restricted funds at October 31, 2019 was $305,000 and at April 30, 2019 was $969,000. The following provides a reconciliation of the Company’s cash and cash equivalents and restricted cash as reported in the consolidated balance sheets to the amounts reported in the statement of cash flows: October 31, April 30, 2019 2019 (in thousands) Cash and cash equivalents $ 12,583 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 12,888 $ 14,236

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET	6 Months Ended
	Oct. 31, 2019
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET	(4) INVESTMENT ASSETS, NET Investment assets, net consist of: October 31, April 30, 2019 2019 (in thousands) Land held for long-term investment $ 9,715 $ 9,706 Leased warehouse and office facilities 13,527 13,527 Less accumulated depreciation (6,291) (6,006) 7,236 7,521 $ 16,951 $ 17,227 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of April 30, 2019, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment. The warehouse and office facilities are located in Palm Coast, Florida, aggregate 204,000 square feet and are leased to a third party with a lease term scheduled to expire in 2029. Depreciation associated with the warehouse and office facilities was $279,000 and $245,000 for the first six months of 2020 and 2019 and $157,000 and $123,000 for the second quarters of 2020 and 2019.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Oct. 31, 2019
OTHER ASSETS
OTHER ASSETS	(5) OTHER ASSETS Other assets consist of: October 31, April 30, 2019 2019 (in thousands) Deferred purchase price $ 5,504 $ 5,636 Prepaid expenses and other, net 1,459 839 $ 6,963 $ 6,475 The Company recognized deferred purchase price upon the sale of the Company’s fulfillment services business in April 2019. The deferred purchase price is being amortized over the lease term (scheduled to expire in 2029) with respect to the warehouse and office facilities included in investment assets, net, with $132,000 of tenant lease payments reducing the deferred purchase price for the first six months of 2020. Prepaid expenses and other, net includes property and equipment for which there was $9,000 of depreciation during the first six months of 2020 and 2019 and $5,000 of depreciation during the second quarters of 2020 and 2019. Right-of-use assets associated with the leases of the warehouse and office facilities were $161,000 as of October 31, 2019, net of $52,000 of depreciation during the first six months of 2020 which included $29,000 of depreciation during the second quarter of 2020.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Oct. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of: October 31, April 30, 2019 2019 (in thousands) Real estate operations $ 2,011 $ 2,359 Corporate operations 487 605 $ 2,498 $ 2,964 As of October 31, 2019, accounts payable and accrued expenses for the Company’s real estate business included accrued expenses of $548,000, trade payables of $319,000, real estate customer deposits of $1,118,000 and other of $26,000. As of April 30, 2019, accounts payable and accrued expenses for the Company’s real estate business included accrued expenses of $491,000, trade payables of $652,000, real estate customer deposits of $1,198,000 and other of $18,000.

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Oct. 31, 2019
NOTES PAYABLE
NOTES PAYABLE	(7) NOTES PAYABLE Notes payable, net consist of: October 31, April 30, 2019 2019 (in thousands) Real estate notes payable $ 583 $ 1,384 Unamortized debt issuance costs (9) (65) $ 574 $ 1,319 Refer to Note 7 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the loan agreement entered into with Main Bank in July 2018 with respect to the development of certain planned residential lots within the Hawksite subdivision located in Rio Rancho, New Mexico. During the second quarter of 2020, the outstanding principal amount of the loan was fully paid and the loan was terminated. The Company made principal repayments related to this loan of $813,000 during the second quarter of 2020 and $1,203,000 during the first six months of 2020. Refer to Note 7 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the loan agreement entered into with BOKF, NA dba Bank of Albuquerque (“BoABQ”) in December 2017 with respect to the development of certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. During the three months ended July 31, 2019, the outstanding principal amount of the loan was fully repaid and the loan was terminated. The Company made principal repayments related to this loan of $182,000 during the first six months of 2020. The Company capitalized $4,000 and $26,000 of interest related to this loan in the first six months of 2020 and 2019. Refer to Note 15 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the loan agreement entered into with BoABQ during the three months ended July 31, 2019, with respect to the development of certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. The outstanding principal amount of the loan as of October 31, 2019 was $583,000 and the Company made no principal repayments related to this loan during the first six months of 2020. The total book value of the property within the Lomas Encantadas subdivision mortgaged to BoABQ under this loan was $1,418,000 as of October 31, 2019. The interest rate on the loan at October 31, 2019 was 5.01%. The Company capitalized interest related to this loan of $2,000 in the second quarter of 2020 and $3,000 in the first six months of 2020. At October 31, 2019, the Company was in compliance with the financial covenants contained within the loan documentation.

OTHER REVENUES

OTHER REVENUES	6 Months Ended
	Oct. 31, 2019
OTHER REVENUES
OTHER REVENUES	(8) OTHER REVENUES Other revenues were $187,000 for the second quarter of 2020 and $253,000 for the second quarter of 2019. Other revenues were $231,000 for the first six months of 2020 and $310,000 for the first six months of 2019. Other revenues primarily consisted of forfeited deposits and amortization of deferred revenue.

BENEFIT PLANS

BENEFIT PLANS	6 Months Ended
	Oct. 31, 2019
BENEFIT PLANS
BENEFIT PLANS	(9) BENEFIT PLANS Pension Plan Refer to Note 10 to the consolidated financial statements contained in the 2019 Form 10-K for detail regarding the Company’s defined benefit pension plan. The Company recognizes the known changes in the funded status of the pension plan in the period in which the changes occur through other comprehensive income, net of the related deferred income tax effect. The Company recognized other comprehensive income of $2,147,000 and $157,000 for the second quarters of 2020 and 2019, and $2,301,000 and $314,000 for the first six months of 2020 and 2019 related to the amortization of the plan’s unrecognized net loss included in accumulated other comprehensive loss, net in the accompanying financial statements. The Company funds the pension plan in compliance with IRS funding requirements. The Company made voluntary contributions to the pension plan of $3,600,000 during the second quarter and first six months of 2020 and $2,000,000 during the second quarter and first six months of 2019. Refer to Note 10 to the consolidated financial statements contained in the 2019 Form 10-K for detail regarding the acceleration of the funding of $5,194,000 of accrued pension-related obligations to the Company’s defined benefit pension plan and the Company’s election to satisfy this accelerated funding obligation over a period of seven years beginning in fiscal year 2021. Notwithstanding such election, the contribution to the pension plan of $3,600,000 during 2020 eliminated any requirement for the Company to further satisfy the $5,194,000 of accelerated accrued pension-related obligations to the pension plan. The Company recognized a non-cash pre-tax pension settlement charge of $2,929,000 in the second quarter and first six months of 2020, due to the Company’s defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to 309 former employees. Equity Compensation Plan Refer to Note 10 to the consolidated financial statements contained in the 2019 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “2016 Equity Plan”) and the AMREP Corporation 2006 Equity Compensation Plan (together with the 2016 Equity Plan, the “Equity Plans”). The Company issued 9,000 shares and 29,200 shares of restricted common stock under the 2016 Equity Plan during the first six months of 2020 and 2019. During the first six months of 2020 and 2019, 14,833 shares and 16,583 shares of restricted common stock previously issued under the Equity Plans vested. As of October 31, 2019 and October 31, 2018, 36,834 shares and 47,367 shares of restricted common stock previously issued under the Equity Plans had not vested. For the first six months of 2020 and 2019, the Company recognized $54,000 and $74,000 of non-cash compensation expense related to the vesting of restricted shares of common stock. As of October 31, 2019 and October 31, 2018, there was $135,000 and $221,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plans that had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. In addition, the Company recognized $30,000 and $53,000 of expense during the second quarter of 2020 and the first six months of 2020 related to deferred stock units expected to be issued to non-employee members of the Company’s Board of Directors in December 2019.

INTEREST INCOME, NET

INTEREST INCOME, NET	6 Months Ended
	Oct. 31, 2019
INTEREST INCOME, NET
INTEREST INCOME, NET	(10) INTEREST INCOME, NET Interest income, net consists of: Three Months ended October 31, October 31, 2019 2018 (in thousands) Interest income on savings $ 45 $ 39 Interest income on deferred purchase price 96 — Interest expense — — $ 141 $ 39 Six Months ended October 31, October 31, 2019 2018 (in thousands) Interest income on savings $ 105 $ 71 Interest income on deferred purchase price 160 — Interest expense — (4) $ 265 $ 67

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	6 Months Ended
	Oct. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Recently Adopted And Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases . Since that date, the FASB has issued additional ASUs providing further guidance for lease transactions (collectively “ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In addition, ASU 2016-02 requires fixed lease payments under tenant leases to be recognized on a straight-line basis over the term of the related lease where the Company is lessor. The cumulative difference between lease revenue recognized under the straight-line method and contractual lease payments is recorded within Other assets on the consolidated balance sheets. ASU 2016-02 was effective for the Company on May 1, 2019, with the Company recognizing and measuring leases at the beginning of the earliest period presented using a modified retrospective approach. During the first six months of 2020, right-of-use assets obtained in exchange for operating lease liabilities amounted to $198,000 as a result of adoption of ASU 2016-02. The adoption of ASU 2016-02 by the Company did not have a material effect on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) – Improvements to Nonemployee Share-based Payment Accounting . ASU 2018-07 addresses several aspects of the accounting for nonemployee share-based payment transactions, including share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 was effective for the Company on May 1, 2019. The adoption of ASU 2018-07 by the Company had no impact on its consolidated financial statements. In January 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits but does not require the reclassification to retained earnings of certain tax effects resulting from the U.S. Tax Cuts and Jobs Act related to items in accumulated other comprehensive income. ASU 2018-02 may be applied retrospectively to each period in which the effect of the U.S. Tax Cuts and Jobs Act is recognized or may be applied in the period of adoption. ASU 2018-02 was effective for the Company on May 1, 2019. The Company opted not to reclassify items from other comprehensive income to retained earnings, as was permitted in ASU 2018-02, therefore the adoption of ASU 2018-02 had no impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements

DISCONTINUED OPERATIONS_ (Table

DISCONTINUED OPERATIONS: (Tables)	6 Months Ended
	Oct. 31, 2019
DISCONTINUED OPERATIONS
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Additional Disclosures	Three Months ended Six Months ended October 31, 2018 October 31, 2018 (in thousands) Components of pretax income from discontinued operations: Revenues $ 6,941 $ 14,386 Operating expenses 5,870 12,103 General and administrative expenses 334 680 Interest income, net 1 — Income from discontinued operations before income taxes 738 1,603 Provision for income taxes 103 245 Income from discontinued operations $ 635 $ 1,358

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	6 Months Ended
	Oct. 31, 2019
RESTRICTED CASH
Schedule Of Restricted Cash	October 31, April 30, 2019 2019 (in thousands) Cash and cash equivalents $ 12,583 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 12,888 $ 14,236

INVESTMENT ASSETS, NET (Tables)

INVESTMENT ASSETS, NET (Tables)	6 Months Ended
	Oct. 31, 2019
INVESTMENT ASSETS, NET
Schedule Of Investment And Other Non Current Assets, Net	October 31, April 30, 2019 2019 (in thousands) Land held for long-term investment $ 9,715 $ 9,706 Leased warehouse and office facilities 13,527 13,527 Less accumulated depreciation (6,291) (6,006) 7,236 7,521 $ 16,951 $ 17,227

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Oct. 31, 2019
OTHER ASSETS
Schedule of Other Assets	October 31, April 30, 2019 2019 (in thousands) Deferred purchase price $ 5,504 $ 5,636 Prepaid expenses and other, net 1,459 839 $ 6,963 $ 6,475

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Oct. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of Accounts Payable and Accrued Expenses	October 31, April 30, 2019 2019 (in thousands) Real estate operations $ 2,011 $ 2,359 Corporate operations 487 605 $ 2,498 $ 2,964

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Oct. 31, 2019
NOTES PAYABLE
Schedule of Notes Payable	Notes payable, net consist of: October 31, April 30, 2019 2019 (in thousands) Real estate notes payable $ 583 $ 1,384 Unamortized debt issuance costs (9) (65) $ 574 $ 1,319

INTEREST INCOME, NET (Tables)

INTEREST INCOME, NET (Tables)	6 Months Ended
	Oct. 31, 2019
INTEREST INCOME, NET
Schedule of Interest income net	Interest income, net consists of: Three Months ended October 31, October 31, 2019 2018 (in thousands) Interest income on savings $ 45 $ 39 Interest income on deferred purchase price 96 — Interest expense — — $ 141 $ 39 Six Months ended October 31, October 31, 2019 2018 (in thousands) Interest income on savings $ 105 $ 71 Interest income on deferred purchase price 160 — Interest expense — (4) $ 265 $ 67

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: (Details Textual)	Oct. 31, 2019USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Operating Lease, Right-of-Use Asset	$ 198,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Components of pretax income from discontinued operations:
Revenues		$ 6,941		$ 14,386
Operating expenses		5,870		12,103
General and administrative expenses		334		680
Interest income, net		1
Income from discontinued operations before income taxes		738		1,603
Provision for income taxes		103		245
Income from discontinued operations	$ 0	$ 635	$ 0	$ 1,358

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019	Oct. 31, 2018	Apr. 30, 2018
RESTRICTED CASH
Cash and cash equivalents	$ 12,583	$ 13,267
Restricted cash	305	969
Total cash, cash equivalents and restricted cash	$ 12,888	$ 14,236	$ 13,993	$ 14,041

RESTRICTED CASH - Additional In

RESTRICTED CASH - Additional Information (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
RESTRICTED CASH
Cash	$ 664,000
Restricted cash	$ 305,000	$ 969,000

INVESTMENT ASSETS, NET (Details

INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
INVESTMENT ASSETS, NET
Land held for long-term investment	$ 9,715	$ 9,706
Leased warehouse and office facilities	13,527	13,527
Less accumulated depreciation	(6,291)	(6,006)
Real Estate Investment Property, at Cost	7,236	7,521
Real Estate Investment Property, Net, Total	$ 16,951	$ 17,227

INVESTMENT ASSETS, NET- Additio

INVESTMENT ASSETS, NET- Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019USD ($)	Oct. 31, 2018USD ($)	Oct. 31, 2019USD ($)	Oct. 31, 2018USD ($)	Apr. 30, 2019a
Area of Land					12,000
Lease Expiration Date					Dec. 31, 2029
Depreciation On Warehouse And Other Facilities | $	$ 157,000	$ 123,000	$ 279,000	$ 245,000
Florida
Area of Land					204,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Prepaid expenses and other, net	$ 6,963	$ 6,475
Other Assets	6,963	6,475
Deferred purchase price
Deferred purchase price (see Note 2)	5,504	5,636
Prepaid expenses and other, net
Prepaid expenses and other, net	$ 1,459	$ 839

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Depreciation			$ 289,000	$ 254,000
Operating Lease, Payments			132,000
Operating Lease, Right-of-Use Asset	$ 198,000		198,000
Property, Plant and Equipment
Depreciation	5,000	$ 5,000	9,000	$ 9,000
Right of use assets
Depreciation	29,000		52,000
Operating Lease, Right-of-Use Asset	$ 161,000		$ 161,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Accounts Payable and Accrued Liabilities	$ 2,498	$ 2,964
Real estate operations
Accounts Payable and Accrued Liabilities	2,011	2,359
Corporate operations
Accounts Payable and Accrued Liabilities	$ 487	$ 605

ACCOUNTS PAYABLE AND ACCRUED _4

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Additional information (Details) - Real estate operations - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accrued Liabilities	$ 548,000	$ 491,000
Accounts Payable, Trade	319,000	652,000
Real estate customer deposits	1,118,000	1,198,000
Other Accounts Payable and Accrued Liabilities	$ 26,000	$ 18,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Notes Payable [Abstract]
Notes Payable	$ 574	$ 1,319
Real Estate Operations And Corporate [Member]
Notes Payable [Abstract]
Notes Payable	583	1,384
Unamortized Debt Issuance Costs [Member]
Notes Payable [Abstract]
Notes Payable	$ (9)	$ (65)

NOTES PAYABLE - Additional info

NOTES PAYABLE - Additional information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2019	Oct. 31, 2018
Debt Instrument [Line Items]
Interest Costs Capitalized		$ 4,000	$ 26,000
Repayments of Notes Payable		1,385,000	$ 1,171,000
Nonrevolving Line Of Credit [Member] | Hawksite Development Company LLC [Member]
Debt Instrument [Line Items]
Repayments of Notes Payable	$ 813,000	1,203,000
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member]
Debt Instrument [Line Items]
Repayments of Notes Payable		182,000
Nonrevolving Line Of Credit Two [Member]
Debt Instrument [Line Items]
Book Value Of Real Estate Property Collateralized	1,418,000	1,418,000
Interest Costs Capitalized	2,000	3,000
Other Notes Payable	$ 583,000	583,000
Repayments of Notes Payable		$ 0
Debt Instrument, Interest Rate, Stated Percentage	5.01%	5.01%

OTHER REVENUES (Details)

OTHER REVENUES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
OTHER REVENUES
Deposits Forfeited and Amortization of Deferred Revenue	$ 187,000	$ 253,000	$ 231,000	$ 310,000

BENEFIT PLANS (Details)

BENEFIT PLANS (Details)	3 Months Ended		6 Months Ended
	Oct. 31, 2019USD ($)shares	Oct. 31, 2018USD ($)shares	Oct. 31, 2019USD ($)employeeshares	Oct. 31, 2018USD ($)shares
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 2,147,000	$ 157,000	$ 2,301,000	$ 314,000
Voluntary Contributions To The Pension Plan	3,600,000	$ 2,000,000	3,600,000	2,000,000
Accrued Pension Related Obligation	$ 5,194,000		5,194,000
Expected lump sum payments from the pension funds			2,929,000
Estimated Pension Settlement Expenses Before Tax			$ 7,280,000
Number of Former Employees | employee			309
Share-based Compensation, Total			$ 107,000	74,000
Non employee Individual of Board of Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense			$ 30,000	$ 53,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares			14,833	16,583
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares	36,834	47,367	36,834	47,367
Two Thousand Six Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares			9,000	29,200
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total			$ 54,000	$ 74,000
Restricted Stock [Member] | Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 135,000	$ 221,000	$ 135,000	$ 221,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years

INTEREST INCOME, NET (Details)

INTEREST INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
INTEREST INCOME, NET
Interest income on savings	$ 45	$ 39	$ 105	$ 71
Interest income on deferred purchase price	96	0	160	0
Interest expense	0	0		(4)
Interest income, net	$ 141	$ 39	$ 265	$ 67