AMREP (AXR) 10-Q10 Mar 222021 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 31, 2022	Mar. 07, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-4702
Amendment Flag	false
Document Period End Date	Jan. 31, 2022
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	AMREP Corp.
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	59-0936128
Entity Central Index Key	0000006207
Entity Address, Address Line One	850 West Chester Pike
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	Havertown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19083
City Area Code	610
Local Phone Number	487-0905
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		7,336,370
Title of 12(b) Security	Common Stock $0.10 par value
Trading Symbol	AXR
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
ASSETS
Cash and cash equivalents	$ 27,300	$ 24,801
Real estate inventory	64,786	55,589
Investment assets, net	9,775	13,582
Other assets	1,924	645
Taxes receivable, net	284	0
Deferred income taxes, net	885	2,749
Prepaid pension costs	186	0
TOTAL ASSETS	105,140	97,366
Liabilities:
Accounts payable and accrued expenses	4,196	4,458
Notes payable, net	5,726	3,448
Taxes payable, net	0	95
Accrued pension costs	0	476
TOTAL LIABILITIES	9,922	8,477
Shareholders' Equity:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 7,336,370 at October 31, 2021 and 7,323,370 at April 30, 2021	733	730
Capital contributed in excess of par value	45,325	45,072
Retained earnings	53,583	47,710
Accumulated other comprehensive loss, net	(4,423)	(4,623)
TOTAL SHAREHOLDERS' EQUITY	95,218	88,889
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 105,140	$ 97,366

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2022	Apr. 30, 2021
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	7,336,370	7,323,370

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
REVENUES:
Total revenues	$ 9,816	$ 7,864	$ 36,559	$ 21,326
COSTS AND EXPENSES:
General and administrative expenses	1,540	1,342	3,983	4,306
Total costs and expenses	8,658	5,340	29,246	17,590
Operating income	1,158	2,524	7,313	3,736
Interest income (expense), net	0	(21)	1	(27)
Other income	0	300	260	950
Income before income taxes	1,158	2,803	7,574	4,659
Provision for income taxes	248	710	1,701	1,175
Net income	$ 910	$ 2,093	$ 5,873	$ 3,484
Basic earnings per share	$ 0.12	$ 0.29	$ 0.80	$ 0.44
Diluted earnings per share	$ 0.12	$ 0.28	$ 0.80	$ 0.44
Weighted average number of common shares outstanding - basic	7,363	7,343	7,357	7,872
Weighted average number of common shares outstanding - diluted	7,385	7,372	7,380	7,903
Land sale revenues
REVENUES:
Total revenues	$ 5,879	$ 5,957	$ 21,535	$ 17,970
COSTS AND EXPENSES:
Cost of revenues	4,495	2,916	16,259	12,028
Home sale revenues
REVENUES:
Total revenues	3,376	1,261	6,606	1,463
COSTS AND EXPENSES:
Cost of revenues	2,623	1,082	5,167	1,256
Building sales and other revenues
REVENUES:
Total revenues	561	646	8,418	$ 1,893
COSTS AND EXPENSES:
Cost of revenues	$ 0	$ 0	$ 3,837

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 910	$ 2,093	$ 5,873	$ 3,484
Other comprehensive income, net of tax:
Decrease in pension liability	98	132	293	396
Income tax effect	(31)	(42)	(93)	(126)
Decrease in pension liability, net of tax	67	90	200	270
Other comprehensive income	67	90	200	270
Total comprehensive income	$ 977	$ 2,183	$ 6,073	$ 3,754

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Capital Contributed in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at Apr. 30, 2020	$ 836	$ 51,334	$ 43,149	$ (6,467)	$ (4,215)	$ 84,637
Balance (in shares) at Apr. 30, 2020	8,358
Issuance of restricted common stock	$ 1	41	0	0	0	42
Issuance of restricted common stock (in shares)	9
Issuance of deferred common stock units	$ 0	90	0	0	0	90
Repurchase of common stock	$ (83)	(5,033)	0	0	0	(5,116)
Repurchase of common stock (in shares)	(831)
Retirement of treasury stock	$ (24)	(1,360)	(2,831)	0	4,215	0
Retirement of treasury stock (in shares)	(225)
Net income	$ 0	0	3,484	0	0	3,484
Other comprehensive income	0	0	0	270	0	270
Balance at Jan. 31, 2021	$ 730	45,072	43,802	(6,197)	0	83,407
Balance (in shares) at Jan. 31, 2021	7,323
Balance at Oct. 31, 2020	$ 768	47,216	44,540	(6,287)	(4,215)	82,022
Balance (in shares) at Oct. 31, 2020	7,692
Issuance of common stock settled from deferred common share units		90				90
Repurchase of common stock	$ (14)	(874)	0	0	0	(888)
Repurchase of common stock (in shares)	(144)
Retirement of treasury stock	$ (24)	(1,360)	(2,831)	0	4,215	0
Retirement of treasury stock (in shares)	(225)
Net income	$ 0	0	2,093	0	0	2,093
Other comprehensive income	0	0	0	90	0	90
Balance at Jan. 31, 2021	$ 730	45,072	43,802	(6,197)	0	83,407
Balance (in shares) at Jan. 31, 2021	7,323
Balance at Apr. 30, 2021	$ 730	45,072	47,710	(4,623)	0	88,889
Balance (in shares) at Apr. 30, 2021	7,323
Issuance of restricted common stock	$ 1	149	0	0	0	150
Issuance of restricted common stock (in shares)	13
Reclassification of common stock settled from deferred common share units	$ 2	(2)	0	0	0	0
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition	0	16	0	0	0	16
Issuance of deferred common stock units	$ 0	90	0	0	0	90
Issuance of common stock settled from deferred common share units (in shares)	12
Net income	$ 0	0	5,873	0	0	5,873
Other comprehensive income	0	0	0	200	0	200
Balance at Jan. 31, 2022	$ 733	45,325	53,583	(4,423)	0	95,218
Balance (in shares) at Jan. 31, 2022	7,336
Balance at Oct. 31, 2021	$ 731	45,221	52,673	(4,490)	0	94,135
Balance (in shares) at Oct. 31, 2021	7,336
Reclassification of common stock settled from deferred common share units	$ 2	(2)	0	0	0	0
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition	0	16	0	0	0	16
Issuance of deferred common stock units	0	90	0	0	0	90
Net income	0	0	910	0	0	910
Other comprehensive income	0	0	0	67	0	67
Balance at Jan. 31, 2022	$ 733	$ 45,325	$ 53,583	$ (4,423)	$ 0	$ 95,218
Balance (in shares) at Jan. 31, 2022	7,336

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,873	$ 3,484
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	217	424
Amortization of debt issuance costs	71	30
Non-cash credits and charges:
Stock-based compensation	178	132
Deferred income tax provision	1,771	1,301
Net periodic pension cost	(369)	298
Gain on debt forgiveness	(45)	(300)
Changes in assets and liabilities:
Real estate inventory and investment assets	(5,608)	(2,750)
Other assets	(34)	(297)
Accounts payable and accrued expenses	(262)	951
Accrued pension costs		(1,847)
Taxes receivable	(379)
Net cash provided by operating activities	1,413	1,426
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from corporate-owned life insurance policy	92
Capital expenditures	(1,259)	(3)
Net cash used in investing activities	(1,167)	(3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	6,857	5,466
Principal debt payments	(4,554)	(3,782)
Payments for debt issuance costs	(50)	(87)
Repurchase of common stock		(5,116)
Net cash provided by (used in) financing activities	2,253	(3,519)
Increase (decrease) in cash and cash equivalents	2,499	(2,096)
Cash and cash equivalents, beginning of period	24,801	17,502
Cash and cash equivalents, end of period	27,300	15,406
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes refunded, net	3
Interest paid, net of amount capitalized		$ 52
Right-of-use assets obtained in exchange for operating lease liabilities	$ 42

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	9 Months Ended
	Jan. 31, 2022
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 two business segments: land development and homebuilding. The Company has no foreign sales or activities outside the United States. All references to the Company in this quarterly report on Form 10-Q include the Registrant and its subsidiaries. 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 2022 and 2021 are to the fiscal years ending April 30, 2022 and 2021. 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, 2021, which was filed with the SEC on July 27, 2021 (the “2021 Form 10-K”). Certain 2021 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on net 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 2021 Form 10-K, except as described below. Share-based compensation: The Company accounts for awards of restricted stock, stock options and deferred stock units in accordance with Accounting Standards Codification 718-10, which requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Compensation expense for awards of restricted stock, stock options and deferred stock units are based on the fair value of the awards at their grant dates. To estimate the grant-date fair value of stock options, the Company uses the Black-Scholes option-pricing model. The Black-Scholes model estimates the per share fair value of an option on its date of grant based on the following: the option’s exercise price; the price of the underlying stock on the date of grant; the estimated dividend yield; a “risk-free” interest rate; the estimated option term; and the expected volatility. For the “risk-free” interest rate, the Company uses a U.S. Treasury bond due in a number of years equal to the option’s expected term. To estimate expected volatility, the Company analyzes the historic volatility of the Company’s common stock. New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements.

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY	9 Months Ended
REAL ESTATE INVENTORY	Jan. 31, 2022
REAL ESTATE INVENTORY
REAL ESTATE INVENTORY	(2) REAL ESTATE INVENTORY Real estate inventory consists of (in thousands): January 31, April 30, 2022 2021 Land held for development or sale in New Mexico $ 55,773 $ 49,918 Land held for development or sale in Colorado 4,022 3,975 Homebuilding finished inventory 1,410 417 Homebuilding construction in process 3,581 1,279 $ 64,786 $ 55,589

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET	9 Months Ended
INVESTMENT ASSETS, NET	Jan. 31, 2022
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET	(3) INVESTMENT ASSETS, NET Investment assets, net consist of (in thousands): January 31, April 30, 2022 2021 Land held for long-term investment $ 9,775 $ 9,775 Buildings — 10,003 Less accumulated depreciation — (6,196) Buildings, net — 3,807 $ 9,775 $ 13,582 As of April 30, 2021, buildings were comprised of a 143,000 square foot warehouse and office facility located in Palm Coast, Florida. In October 2021, the Company sold this 143,000 square foot warehouse and office facility. Depreciation associated with buildings was $152,000 for the three months ended January 31, 2021 and $200,000 and $415,000 for the nine months ended January 31, 2022 and January 31, 2021.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
OTHER ASSETS	Jan. 31, 2022
OTHER ASSETS
OTHER ASSETS	(4) OTHER ASSETS Other assets consist of (in thousands): January 31, April 30, 2022 2021 Prepaid expenses $ 412 $ 324 Receivables 39 37 Right-of-use assets associated with leases of office facilities 123 84 Other assets 80 172 Property 1,244 — Equipment 235 222 Less accumulated depreciation (209) (194) Property and equipment, net 1,270 28 $ 1,924 $ 645 Prepaid expenses as of January 31, 2022 primarily consisted of stock compensation, insurance, real estate taxes and utility deposits. Amortized lease cost for right-of-use assets associated with the leases of office facilities was $8,000 and $41,000 for the three months ended January 31, 2022 and January 31, 2021 and $46,000 and $83,000 for the nine months ended January 31, 2022 and January 31, 2021. In August 2021, the Company acquired a 7,000 square foot office building in Rio Rancho, New Mexico from which its real estate business now operates. Depreciation expense associated with property and equipment was $14,000 and $2,000 for the three months ended January 31, 2022 and January 31, 2021 and $17,000 and $9,000 for the nine months ended January 31, 2022 and January 31, 2021.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Jan. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of (in thousands): January 31, April 30, 2022 2021 Real estate operations Accrued expenses $ 970 $ 658 Trade payables 1,486 1,377 Real estate customer deposits 1,373 1,769 3,829 3,804 Corporate operations 367 654 $ 4,196 $ 4,458

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
NOTES PAYABLE	Jan. 31, 2022
NOTES PAYABLE
NOTES PAYABLE	(6) NOTES PAYABLE Notes payable, net consist of (in thousands): January 31, April 30, 2022 2021 Real estate notes payable $ 5,739 $ 3,482 Unamortized debt issuance costs (13) (34) $ 5,726 $ 3,448 The following tables present information on the Company’s notes payable in effect during the nine months ended January 31, 2022 (dollars in thousands): Principal Amount Available for Outstanding Borrowing Principal Amount Principal Repayments January 31, January 31, April 30, Three Months ended Nine Months ended Loan Identifier 2022 2022 2021 January 31, 2022 January 31, 2022 Revolving Line of Credit $ 2,427 $ — $ — $ — $ — Lomas Encantadas U2B P3 — — 410 — 1,770 Hawk Site U37 — — — — — Hawk Site U23 U40 1,678 — 30 — 30 Lavender Fields – acquisition — — 1,749 — 1,704 Lavender Fields – development 2,194 241 1,293 263 1,052 La Mirada 1,877 5,498 — — — $ 5,739 $ 3,482 Mortgaged Property Interest Rate Book Value Capitalized Interest and Fees January 31, January 31, Three Months ended Nine Months ended Loan Identifier 2022 2022 January 31, 2022 January 31, 2022 Revolving Line of Credit 3.75 % $ 1,693 $ — $ — Hawk Site U23 U40 3.75 % 4,709 — — Lavender Fields – development 3.75 % 6,560 6 23 La Mirada 3.75 % 8,851 90 151 As of January 31, 2022, the Company and each of its subsidiaries were in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Notes 6 and 19 to the consolidated financial statements contained in the 2021 Form 10-K for additional detail about each of the above notes payable. As of January 31, 2022, the Company had a letter of credit outstanding under its Revolving Line of Credit in the principal amount of $1,323,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company. As of January 31, 2022, the Company had loan reserves outstanding under its note payable for La Mirada in the aggregate principal amount of $2,364,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company. The amounts under the letter of credit and loan reserves are not reflected as outstanding principal in notes payable. The note payable identified as “Hawk Site U37” was terminated in October 2021. The note payable identified as “Lomas Encantadas U2B P3” was terminated in January 2022. The outstanding principal amount of the note payable identified as “Lavender Fields – acquisition” was prepaid in full without penalty in June 2021 following the parties agreeing to reduce the outstanding principal amount by $45,000, which was recognized as Other income during the nine months ended January 31, 2022. In April 2020, BOKF, NA dba Bank of Albuquerque provided a loan to the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration. The amount of the loan was $298,000. The Company made no principal repayments and accrued interest in the amount of $2,000 related to this loan during the nine months ended January 31, 2021. During the three months ended January 31, 2021, the Company received notice of forgiveness pursuant to the terms of the program of the entire principal amount of the loan and all accrued interest. The Company recognized this gain on debt forgiveness in Other income during the three and nine months ending January 31, 2021. The following table summarizes the notes payable scheduled principal repayments subsequent to January 31, 2022 (in thousands): Fiscal Year Scheduled Payments 2022 $ — 2023 241 2024 5,498 Total $ 5,739

REVENUES

REVENUES	9 Months Ended
REVENUES	Jan. 31, 2022
REVENUES
REVENUES	(7) REVENUES Land sale revenues Building sales and other revenues Three Months ended January 31, Nine Months ended January 31, 2022 2021 2022 2021 Sale of building $ — $ — $ 6,750 $ — Oil and gas royalties 48 46 223 82 Public improvement district reimbursements 291 110 530 354 Private infrastructure reimbursement covenants 48 84 131 462 Miscellaneous other revenues 174 406 784 995 $ 561 $ 646 $ 8,418 $ 1,893 The Company owned a 143,000 square foot warehouse and office facility located in Palm Coast, Florida during the nine months ended January 31, 2022, which was leased to a third party through August 2020 and a portion of which was leased to the same third party after August 2020. Sale of building during the nine months ended January 31, 2022 consisted of the sale of this 143,000 square foot warehouse and office facility in October 2021. Refer to Note 7 to the consolidated financial statements contained in the 2021 Form 10-K for additional detail about each category of building sales and other revenues. Miscellaneous other revenues for the three and nine months ended January 31, 2022 primarily consisted of rent received from the tenant of the building in Palm Coast, Florida and tenants at a shopping center in Albuquerque,New Mexico, payments for impact fee credits, a non-refundable option payment and sale of equipment. Miscellaneous other revenues for the three and nine months ended January 31, 2021 primarily consisted of rent received from the tenant of the buildings in Palm Coast, Florida and a tenant at the 14,000 square foot, single tenant retail building in Rio Rancho, New Mexico, payments for impact fee credits, installation of telecommunications equipment in subdivisions and a land condemnation. Major customers ● There were two customers with revenues in excess of 10% of the Company’s revenues during the three months ended January 31, 2022. The revenues for each such customer during the three months ended January 31, 2022 were as follows: $1,458,000 and $4,068,000, with each of these revenues reported in the Company’s land development business segment. ● There were three customers with revenues in excess of 10% of the Company’s revenues during the nine months ended January 31, 2022. The revenues for each such customer during the nine months ended January 31, 2022 were as follows: $3,699,000, $4,844,000 and $10,754,000, with each of these revenues reported in the Company’s land development business segment. ● There were two customers with revenues in excess of 10% of the Company’s revenues during the three months ended January 31, 2021. The revenues for each such customer during the three months ended January 31, 2021 were as follows: $2,034,000 and $2,427,000, with each of these revenues reported in the Company’s land development business segment. ● There were four customers with revenues in excess of 10% of the Company’s revenues during the nine months ended January 31, 2021. The revenues for each such customer during the nine months ended January 31, 2021 were as follows: $2,490,000, $3,011,000, $4,596,000 and $7,244,000, with each of these revenues reported in the Company’s land development business segment.

COST OF REVENUES

COST OF REVENUES	9 Months Ended
COST OF REVENUES	Jan. 31, 2022
COST OF REVENUES
COST OF REVENUES	(8) COST OF REVENUES Building sales and other cost of revenues during the nine months ended January 31, 2022 consist of the sale of a 143,000 square foot warehouse and office facility located in Palm Coast, Florida.

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	9 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES	Jan. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	(9) GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of Three Months ended January 31, Nine Months ended January 31, 2022 2021 2022 2021 Land development $ 1,098 $ 829 $ 2,359 $ 1,826 Homebuilding 222 137 621 368 Corporate 220 376 1,003 2,112 $ 1,540 $ 1,342 $ 3,983 $ 4,306

BENEFIT PLANS

BENEFIT PLANS	9 Months Ended
BENEFIT PLANS	Jan. 31, 2022
BENEFIT PLANS
BENEFIT PLANS	(10) BENEFIT PLANS Pension plan Refer to Note 11 to the consolidated financial statements contained in the 2021 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 recorded, net of tax, other comprehensive income of $67,000 $90,000 $200,000 $270,000 Equity compensation plan Refer to Note 11 to the consolidated financial statements contained in the 2021 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity during the nine months ended January 31, 2022 presented below represents the maximum number of shares that could become vested after these dates: Number of Restricted share awards Shares Non-vested as of April 30, 2021 29,000 Granted during the nine months ended January 31, 2022 13,000 Vested during the nine months ended January 31, 2022 (20,500) Forfeited during the nine months ended January 31, 2022 — Non-vested as of January 31, 2022 21,500 The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $25,000 and $20,000 during the three months ended January 31, 2022 and January 31, 2021 and $72,000 and $27,000 during the nine months ended January 31, 2022 and January 31, 2021. As of January 31, 2022 and January 31, 2021, there was $111,000 and $53,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. In November 2021, the Company granted Christopher V. Vitale, the President and Chief Executive Officer of the Company, an option to purchase 50,000 shares of common stock of the Company under the Equity Plan with an exercise price of $14.24 per share, which was the closing price on the New York Stock Exchange on the date of grant. The option will become exercisable for 100% of the option shares on November 1, 2026 if Mr. Vitale is employed by, or providing service to, the Company on such date. Subject to the definitions in the Equity Plan, in the event (a) Mr. Vitale has a termination of employment with the Company on account of death or disability, (b) the Company terminates Mr. Vitale’s employment with the Company for any reason other than cause or (c) of a change in control, then the option will become immediately exercisable for 100% of the option shares. The option has a term of ten years from the date of grant and terminates at the expiration of that period. The option automatically terminates upon: (i) the expiration of the three month period after Mr. Vitale ceases to be employed by the Company, if the termination of his employment by Mr. Vitale or the Company is for any reason other than as hereinafter set forth in clauses (ii), (iii) or (iv); (ii) the expiration of the one year period after Mr. Vitale ceases to be employed by the Company on account of Mr. Vitale’s disability; (iii) the expiration of the one year period after Mr. Vitale ceases to be employed by the Company, if Mr. Vitale dies while employed by the Company; or (iv) the date on which Mr. Vitale ceases to be employed by the Company, if the termination is for cause. If Mr. Vitale engages in conduct that constitutes cause after Mr. Vitale’s employment terminates, the option immediately terminates. Notwithstanding the foregoing, in no event may the option be exercised after the date that is immediately before the tenth anniversary of the date of grant. Except as described above, any portion of the option that is not exercisable at the time Mr. Vitale has a termination of employment with the Company immediately terminates. The fair value of the option was $252,000 as of the date of grant using the Black-Scholes fair value option valuation model. The following assumptions were used for determining the fair value of the option: expected volatility of 38.04%; average risk-free interest rate of 1.46%; dividend yield of 0%; and expected life of 7.5 years. As of January 31, 2022, the option has not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $16,000 during each of the three and nine months ended January 31, 2022. As of January 31, 2022, the option was out-of-the-money and therefore was not included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. The option could be dilutive to earnings per share in the future. In connection with the resignation of a director in September 2020, the Company (i) issued 12,411 shares of common stock in October 2020 pursuant to an equivalent number of deferred common share units previously issued to such director and (ii) paid $20,000 in September 2020 to such director in lieu of issuance of deferred common share units earned for calendar year 2020. Director compensation non-cash expense, which is recognized for the expected annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over the director’s service in office during the calendar year, was $23,000 and $15,000 during the three months ended January 31, 2022 and January 31, 2021 and $68,000 and $58,000 during the nine months ended January 31, 2022 and January 31, 2021. As of January 31, 2022, there was $8,000 of accrued compensation expense related to the deferred stock units expected to be issued in December 2022. As of January 31, 2021, there was $8,000 of accrued compensation expense related to the deferred stock units issued in December 2021.

OTHER INCOME

OTHER INCOME	9 Months Ended
OTHER INCOME	Jan. 31, 2022
OTHER INCOME.
OTHER INCOME	(11) OTHER INCOME There was no other income for the three months ended January 31, 2022. Other income for the nine months ended January 31, 2022 consisted of $185,000 received in connection with a bankruptcy of a warranty provider, $45,000 of debt forgiveness with respect to the note payable identified as “Lavender Fields – acquisition” in Note 6 above and $30,000 received from a life insurance policy for a retired executive of the Company. Other income for the three months ended January 31, 2021 consisted of $300,000 of debt forgiveness with respect to the loan received by the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration (refer to Note 6 of the notes to these consolidated financial statements for detail regarding this debt forgiveness). Other income for the nine months ended January 31, 2021 consisted of the $300,000 of debt forgiveness and a settlement payment of $650,000 from a former business segment (refer to Note 3 to the consolidated financial statements contained in the 2021 Form 10-K for detail regarding the settlement agreement).

STOCK REPURCHASES

STOCK REPURCHASES	9 Months Ended
STOCK REPURCHASES	Jan. 31, 2022
STOCK REPURCHASES
STOCK REPURCHASES	(12) STOCK REPURCHASES In August 2020, the Company repurchased 11,847 shares of common stock of the Company at a price of $4.48 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. In September 2020, the Board of Directors of the Company authorized the Company to purchase up to 1,000,000 shares of common stock of the Company from time to time pursuant to a share repurchase program, subject to the total expenditure for the purchase of shares under the share repurchase program not exceeding $5,000,000, exclusive of any fees, commissions and other expenses related to such repurchases. Under the share repurchase program, the Company was authorized to repurchase its common stock from time to time, in amounts, at prices, and at such times as the Company deemed appropriate, subject to market conditions, legal requirements and other considerations. The Company’s repurchases could be executed using open market purchases, unsolicited or solicited privately negotiated transactions or other transactions, and could be effected pursuant to trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The share repurchase program did not obligate the Company to repurchase any specific number of shares and could be suspended, modified or terminated at any time without prior notice. The share repurchase program did not contain a time limitation during which repurchases were permitted to occur. In October 2020, the Company repurchased 675,616 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction pursuant to the share repurchase program. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. In November 2020, the Company repurchased 143,482 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. The share repurchase was not completed pursuant to the Company’s share repurchase program. In November 2020, the Company’s share repurchase program was terminated.

TREASURY STOCK

TREASURY STOCK	9 Months Ended
TREASURY STOCK	Jan. 31, 2022
TREASURY STOCK
TREASURY STOCK	(13) TREASURY STOCK During the three months ended January 31, 2021, 225,250 shares of common stock of the Company held as treasury stock were retired and returned to the status of authorized but unissued shares of common stock.

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	9 Months Ended
	Jan. 31, 2022
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	(14) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated Three months ended January 31, 2022 (a) Revenues $ 7,046 $ 2,770 $ — $ 9,816 Net income (loss) 770 366 (226) 910 Provision for income taxes 22 95 131 248 Depreciation 12 — 2 14 EBITDA (c) $ 804 $ 461 $ (93) $ 1,172 Capital expenditures $ — $ 4 $ — $ 4 Three months ended January 31, 2021 (a) Revenues $ 6,531 $ 1,262 $ 71 $ 7,864 Net income (loss) 2,284 35 (226) 2,093 Provision for income taxes 483 7 220 710 Interest income, net (b) 20 — 1 21 Depreciation 17 — 137 154 EBITDA (c) $ 2,804 $ 42 $ 132 $ 2,978 Capital expenditures $ — $ 3 $ — $ 3 Nine months ended January 31, 2022 (a) Revenues $ 24,251 $ 5,410 $ 6,898 $ 36,559 Net income 4,187 556 1,130 5,873 Provision for income taxes 612 131 958 1,701 Interest income, net (b) — — 1 1 Depreciation 12 — 205 217 EBITDA (c) $ 4,811 $ 687 $ 2,294 $ 7,792 Capital expenditures $ 1 $ 15 $ — $ 16 Total assets as of January 31, 2022 $ 87,205 $ 5,491 $ 12,444 $ 105,140 Nine months ended January 31, 2021 (a) Revenues $ 19,376 $ 1,464 $ 486 $ 21,326 Net income (loss) 4,684 (116) (1,084) 3,484 Provision (benefit) for income taxes 810 (44) 409 1,175 Interest income (expense), net (b) 30 — (3) 27 Depreciation 40 — 384 424 EBITDA (c) $ 5,564 $ (160) $ (294) $ 5,110 Capital expenditures $ — $ 3 $ — $ 3 Total assets as of January 31, 2021 $ 79,193 $ 2,182 $ 14,517 $ 95,892 (a) Revenue and net income information for the land development business segment include certain amounts classified as home sale revenues, home sale cost of revenues and building sales and other revenues in the accompanying consolidated statements of operations. For example, revenues and cost of revenues in the land development business segment include an allocation of home sales revenues and home sales cost of revenues attributable to the market value of land transferred from the land development business segment to the homebuilding business segment. Revenue and net income information for the homebuilding business segment include amounts classified as building sales and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations. (b) Interest income, net excludes inter-segment interest expense (income) that is eliminated in consolidation. (c) The Company uses EBITDA (which the Company defines as income (loss) before net interest income, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
New Accounting Pronouncements	New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements.

REAL ESTATE INVENTORY (Tables)

REAL ESTATE INVENTORY (Tables)	9 Months Ended
REAL ESTATE INVENTORY (Tables)	Jan. 31, 2022
REAL ESTATE INVENTORY
Schedule of Inventory Real Estate	Real estate inventory consists of (in thousands): January 31, April 30, 2022 2021 Land held for development or sale in New Mexico $ 55,773 $ 49,918 Land held for development or sale in Colorado 4,022 3,975 Homebuilding finished inventory 1,410 417 Homebuilding construction in process 3,581 1,279 $ 64,786 $ 55,589

INVESTMENT ASSETS, NET (Tables)

INVESTMENT ASSETS, NET (Tables)	9 Months Ended
INVESTMENT ASSETS, NET (Tables)	Jan. 31, 2022
INVESTMENT ASSETS, NET
Schedule of investment assets	Investment assets, net consist of (in thousands): January 31, April 30, 2022 2021 Land held for long-term investment $ 9,775 $ 9,775 Buildings — 10,003 Less accumulated depreciation — (6,196) Buildings, net — 3,807 $ 9,775 $ 13,582

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
OTHER ASSETS (Tables)	Jan. 31, 2022
OTHER ASSETS
Schedule of other assets	Other assets consist of (in thousands): January 31, April 30, 2022 2021 Prepaid expenses $ 412 $ 324 Receivables 39 37 Right-of-use assets associated with leases of office facilities 123 84 Other assets 80 172 Property 1,244 — Equipment 235 222 Less accumulated depreciation (209) (194) Property and equipment, net 1,270 28 $ 1,924 $ 645

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Jan. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of (in thousands): January 31, April 30, 2022 2021 Real estate operations Accrued expenses $ 970 $ 658 Trade payables 1,486 1,377 Real estate customer deposits 1,373 1,769 3,829 3,804 Corporate operations 367 654 $ 4,196 $ 4,458

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
NOTES PAYABLE (Tables)	Jan. 31, 2022
NOTES PAYABLE
Schedule of notes payable	Notes payable, net consist of (in thousands): January 31, April 30, 2022 2021 Real estate notes payable $ 5,739 $ 3,482 Unamortized debt issuance costs (13) (34) $ 5,726 $ 3,448
Summary of present information on the Company's notes payable in effect	The following tables present information on the Company’s notes payable in effect during the nine months ended January 31, 2022 (dollars in thousands): Principal Amount Available for Outstanding Borrowing Principal Amount Principal Repayments January 31, January 31, April 30, Three Months ended Nine Months ended Loan Identifier 2022 2022 2021 January 31, 2022 January 31, 2022 Revolving Line of Credit $ 2,427 $ — $ — $ — $ — Lomas Encantadas U2B P3 — — 410 — 1,770 Hawk Site U37 — — — — — Hawk Site U23 U40 1,678 — 30 — 30 Lavender Fields – acquisition — — 1,749 — 1,704 Lavender Fields – development 2,194 241 1,293 263 1,052 La Mirada 1,877 5,498 — — — $ 5,739 $ 3,482 Mortgaged Property Interest Rate Book Value Capitalized Interest and Fees January 31, January 31, Three Months ended Nine Months ended Loan Identifier 2022 2022 January 31, 2022 January 31, 2022 Revolving Line of Credit 3.75 % $ 1,693 $ — $ — Hawk Site U23 U40 3.75 % 4,709 — — Lavender Fields – development 3.75 % 6,560 6 23 La Mirada 3.75 % 8,851 90 151
Schedule of scheduled principal repayments subsequent to reporting date	The following table summarizes the notes payable scheduled principal repayments subsequent to January 31, 2022 (in thousands): Fiscal Year Scheduled Payments 2022 $ — 2023 241 2024 5,498 Total $ 5,739

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
REVENUES (Tables)	Jan. 31, 2022
REVENUES
Schedule of other revenues	Three Months ended January 31, Nine Months ended January 31, 2022 2021 2022 2021 Sale of building $ — $ — $ 6,750 $ — Oil and gas royalties 48 46 223 82 Public improvement district reimbursements 291 110 530 354 Private infrastructure reimbursement covenants 48 84 131 462 Miscellaneous other revenues 174 406 784 995 $ 561 $ 646 $ 8,418 $ 1,893

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	9 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	Jan. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of components of general and administrative expenses	General and administrative expenses consist of Three Months ended January 31, Nine Months ended January 31, 2022 2021 2022 2021 Land development $ 1,098 $ 829 $ 2,359 $ 1,826 Homebuilding 222 137 621 368 Corporate 220 376 1,003 2,112 $ 1,540 $ 1,342 $ 3,983 $ 4,306

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	9 Months Ended
BENEFIT PLANS (Tables)	Jan. 31, 2022
BENEFIT PLANS
Schedule of restricted share award activity	Number of Restricted share awards Shares Non-vested as of April 30, 2021 29,000 Granted during the nine months ended January 31, 2022 13,000 Vested during the nine months ended January 31, 2022 (20,500) Forfeited during the nine months ended January 31, 2022 — Non-vested as of January 31, 2022 21,500

INFORMATION ABOUT THE COMPANY_2

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	9 Months Ended
	Jan. 31, 2022
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Schedule of data relative to the industry segments in which the Company operated	The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated Three months ended January 31, 2022 (a) Revenues $ 7,046 $ 2,770 $ — $ 9,816 Net income (loss) 770 366 (226) 910 Provision for income taxes 22 95 131 248 Depreciation 12 — 2 14 EBITDA (c) $ 804 $ 461 $ (93) $ 1,172 Capital expenditures $ — $ 4 $ — $ 4 Three months ended January 31, 2021 (a) Revenues $ 6,531 $ 1,262 $ 71 $ 7,864 Net income (loss) 2,284 35 (226) 2,093 Provision for income taxes 483 7 220 710 Interest income, net (b) 20 — 1 21 Depreciation 17 — 137 154 EBITDA (c) $ 2,804 $ 42 $ 132 $ 2,978 Capital expenditures $ — $ 3 $ — $ 3 Nine months ended January 31, 2022 (a) Revenues $ 24,251 $ 5,410 $ 6,898 $ 36,559 Net income 4,187 556 1,130 5,873 Provision for income taxes 612 131 958 1,701 Interest income, net (b) — — 1 1 Depreciation 12 — 205 217 EBITDA (c) $ 4,811 $ 687 $ 2,294 $ 7,792 Capital expenditures $ 1 $ 15 $ — $ 16 Total assets as of January 31, 2022 $ 87,205 $ 5,491 $ 12,444 $ 105,140 Nine months ended January 31, 2021 (a) Revenues $ 19,376 $ 1,464 $ 486 $ 21,326 Net income (loss) 4,684 (116) (1,084) 3,484 Provision (benefit) for income taxes 810 (44) 409 1,175 Interest income (expense), net (b) 30 — (3) 27 Depreciation 40 — 384 424 EBITDA (c) $ 5,564 $ (160) $ (294) $ 5,110 Capital expenditures $ — $ 3 $ — $ 3 Total assets as of January 31, 2021 $ 79,193 $ 2,182 $ 14,517 $ 95,892 (a) Revenue and net income information for the land development business segment include certain amounts classified as home sale revenues, home sale cost of revenues and building sales and other revenues in the accompanying consolidated statements of operations. For example, revenues and cost of revenues in the land development business segment include an allocation of home sales revenues and home sales cost of revenues attributable to the market value of land transferred from the land development business segment to the homebuilding business segment. Revenue and net income information for the homebuilding business segment include amounts classified as building sales and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations. (b) Interest income, net excludes inter-segment interest expense (income) that is eliminated in consolidation. (c) The Company uses EBITDA (which the Company defines as income (loss) before net interest income, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.

REAL ESTATE INVENTORY (Details)

REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Inventory Real Estate [Line Items]
Homebuilding finished inventory	$ 1,410	$ 417
Homebuilding construction in process	3,581	1,279
Real estate inventory	64,786	55,589
New Mexico
Inventory Real Estate [Line Items]
Land held for development or sale	55,773	49,918
Colorado
Inventory Real Estate [Line Items]
Land held for development or sale	$ 4,022	$ 3,975

INVESTMENT ASSETS, NET (Details

INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
INVESTMENT ASSETS, NET
Land held for long-term investment	$ 9,775	$ 9,775
Buildings		10,003
Less accumulated depreciation		(6,196)
Buildings, net		3,807
Total	$ 9,775	$ 13,582

INVESTMENT ASSETS, NET - Additi

INVESTMENT ASSETS, NET - Additional Information (Details)	3 Months Ended	9 Months Ended
INVESTMENT ASSETS, NET - Additional Information (Details)	Jan. 31, 2021USD ($)	Jan. 31, 2022USD ($)ft²	Jan. 31, 2021USD ($)	Oct. 31, 2021ft²	Apr. 30, 2021ft²
Area of Land		143,000
Area of land sold		143,000
Depreciation on buildings \| $	$ 152,000	$ 200,000	$ 415,000
Warehouse and Office Buildings
Area of Land					143,000
Area of land sold				143,000
Florida
Area of land sold		14,000
Florida \| Warehouse and Office Buildings
Area of land sold		143,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Prepaid expenses	$ 412	$ 324
Receivables	39	37
Right-of-use assets associated with leases of office facilities	123	84
Other assets	80	172
Property and equipment, net	1,270	28
Other Assets	1,924	645
Equipment [Member]
Property and equipment	235	222
Less accumulated depreciation	(209)	$ (194)
Property [Member]
Property and equipment	$ 1,244

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details)	3 Months Ended		9 Months Ended
OTHER ASSETS - Additional Information (Details)	Jan. 31, 2022USD ($)ft²	Jan. 31, 2021USD ($)	Jan. 31, 2022USD ($)ft²	Jan. 31, 2021USD ($)	Aug. 31, 2021ft²
Area of Land \| ft²	143,000		143,000
Office building
Area of Land \| ft²					7,000
Property and equipment \| Right of use assets
Amortization of leased cost \| $	$ 8,000	$ 41,000	$ 46,000	$ 83,000
Right of use assets
Depreciation expense associated with property and equipment \| $	$ 14,000	$ 2,000	$ 17,000	$ 9,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 4,196	$ 4,458
Real estate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued expenses	970	658
Trade payables	1,486	1,377
Real estate customer deposits	1,373	1,769
Total	3,829	3,804
Corporate
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 367	$ 654

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
NOTES PAYABLE:
Notes Payable	$ 5,726	$ 3,448
Real estate notes payable [Member]
NOTES PAYABLE:
Notes Payable	5,739	3,482
Unamortized debt issuance costs [Member]
NOTES PAYABLE:
Notes Payable	$ (13)	$ (34)

NOTES PAYABLE - Company's Finan

NOTES PAYABLE - Company's Financing Arrangements (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2020	Jan. 31, 2022	Jan. 31, 2022	Apr. 30, 2021
Line of Credit Facility [Line Items]
Outstanding Principal Amount		$ 5,739,000	$ 5,739,000	$ 3,482,000
Revolving Line of Credit
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing		2,427,000	2,427,000
Outstanding principal amount		1,323,000	1,323,000
Outstanding Principal Amount		0	0	0
Principal Repayments		$ 0	$ 0
Interest Rate		3.75%	3.75%
Mortgaged Property Book Value		$ 1,693,000	$ 1,693,000
Capitalized Interest and Fees		0	0
Lomas Encantadas U2B P3
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing		0	0
Outstanding Principal Amount		0	0	410,000
Principal Repayments		0	1,770,000
Hawk Site U37
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing		0	0
Outstanding Principal Amount		0	0	0
Principal Repayments		0	0
Hawk Site U23 U40
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing		1,678,000	1,678,000
Outstanding Principal Amount		0	0	30,000
Principal Repayments		$ 0	$ 30,000
Interest Rate		3.75%	3.75%
Mortgaged Property Book Value		$ 4,709,000	$ 4,709,000
Capitalized Interest and Fees		0	0
Lavender Fields - acquisition
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing		0	0
Outstanding Principal Amount		0	0	1,749,000
Principal Repayments		0	1,704,000
Decrease in outstanding principal amount			45,000
Lavender Fields - development
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing		2,194,000	2,194,000
Outstanding Principal Amount		241,000	241,000	1,293,000
Principal Repayments		$ 263,000	$ 1,052,000
Interest Rate		3.75%	3.75%
Mortgaged Property Book Value		$ 6,560,000	$ 6,560,000
Capitalized Interest and Fees		6,000	23,000
SBA Paycheck Protection Program
Line of Credit Facility [Line Items]
Debt Instrument, Increase, Accrued Interest	$ 298,000		2,000
La Mirada
Line of Credit Facility [Line Items]
Principal Amount Available for Borrowing		1,877,000	1,877,000
Debt Instrument, Face Amount		2,364,000	2,364,000
Outstanding Principal Amount		5,498,000	5,498,000	$ 0
Principal Repayments		$ 0	$ 0
Interest Rate		3.75%	3.75%
Mortgaged Property Book Value		$ 8,851,000	$ 8,851,000
Capitalized Interest and Fees		$ 90,000	$ 151,000

NOTES PAYABLE - Principal repay

NOTES PAYABLE - Principal repayments (Details) $ in Thousands	Jan. 31, 2022USD ($)
NOTES PAYABLE
2022	$ 0
2023	241
2024	5,498
Total	$ 5,739

REVENUES - Other revenues (Deta

REVENUES - Other revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Other revenues
Sale of buildings			$ 6,750
Oil and gas royalties	$ 48	$ 46	223	$ 82
Public improvement district reimbursements	291	110	530	354
Private infrastructure reimbursement covenants	48	84	131	462
Miscellaneous other revenues	174	406	784	995
Other Revenue, Net	$ 561	$ 646	$ 8,418	$ 1,893

REVENUES - Additional Informati

REVENUES - Additional Information (Details)	3 Months Ended		9 Months Ended
REVENUES - Additional Information (Details)	Jan. 31, 2022USD ($)ft²customer	Jan. 31, 2021USD ($)customer	Jan. 31, 2022USD ($)ft²customer	Jan. 31, 2021USD ($)customer	Oct. 31, 2021ft²	Apr. 30, 2021ft²
Property, Plant and Equipment [Line Items]
Number of customers \| customer	2	2	3	4
Customer outstanding receivables \| $	$ 0		$ 0
Revenues \| $	$ 9,816,000	$ 7,864,000	$ 36,559,000	$ 21,326,000
Area of land sold \| ft²	143,000		143,000
Surface areas of land held \| ft²	143,000		143,000
Customer A
Property, Plant and Equipment [Line Items]
Revenues \| $	$ 1,458,000	2,034,000	$ 3,699,000	2,490,000
Customer B
Property, Plant and Equipment [Line Items]
Revenues \| $	$ 4,068,000	$ 2,427,000	4,844,000	3,011,000
Customer C
Property, Plant and Equipment [Line Items]
Revenues \| $			$ 10,754,000	4,596,000
Customer D
Property, Plant and Equipment [Line Items]
Revenues \| $				$ 7,244,000
Land sale revenue
Property, Plant and Equipment [Line Items]
Number of customers \| customer	2	2	3	4
Florida
Property, Plant and Equipment [Line Items]
Area of land sold \| ft²	14,000		14,000
Warehouse and Office Buildings
Property, Plant and Equipment [Line Items]
Area of land sold \| ft²					143,000
Surface areas of land held \| ft²						143,000
Warehouse and Office Buildings \| Florida
Property, Plant and Equipment [Line Items]
Area of land sold \| ft²	143,000		143,000

COST OF REVENUES (Details)

COST OF REVENUES (Details) - ft²	Jan. 31, 2022	Oct. 31, 2021
Area of land sold	143,000
Warehouse and Office Buildings
Area of land sold		143,000
Florida
Area of land sold	14,000
Florida \| Warehouse and Office Buildings
Area of land sold	143,000

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 1,540	$ 1,342	$ 3,983	$ 4,306
Land Development
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	1,098	829	2,359	1,826
Home building
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	222	137	621	368
Corporate
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 220	$ 376	$ 1,003	$ 2,112

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - Restricted Stock [Member]	9 Months Ended
BENEFIT PLANS (Details) - Restricted Stock [Member]	Jan. 31, 2022shares
Number of Shares
Non-vested as of April 30, 2021	29,000
Granted during the nine months ended January 31, 2022	13,000
Vested during the nine months ended January 31, 2022	(20,500)
Forfeited during the nine months ended January 31, 2022	0
Non-vested as of January 31, 2022	21,500

BENEFIT PLANS - Additional info

BENEFIT PLANS - Additional information (Details)	1 Months Ended		3 Months Ended		9 Months Ended
BENEFIT PLANS - Additional information (Details)	Nov. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)shares	Jan. 31, 2022USD ($)	Jan. 31, 2021USD ($)	Jan. 31, 2022USD ($)	Jan. 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			$ 67,000	$ 90,000	$ 200,000	$ 270,000
Share-based Compensation, Total					178,000	132,000
Percentage of options exercisable	100
Term of options from the date of grant	10 years
Threshold period after ceases from employment for automatic termination of options	3 months
Threshold period after ceases from employment on account of disability for automatic termination of options	1 year
Threshold period after ceases from employment on account of death for automatic termination of options	1 year
Fair value of options	$ 252,000
Expected volatility	38.04%
Average risk-free interest rate	1.46%
Dividend yield	0.00%
Expected life	7 years 6 months
Non cash compensation expense			16,000		16,000
Issuance of common stock settled from deferred common share units (in shares) \| shares		12,411
Issuance of common stock settled from deferred common share units		$ 20,000
Accrued compensation expense related to the deferred stock units					8,000	8,000
Board of Directors Chairman [Member]
Defined Benefit Plan Disclosure [Line Items]
Non Cash Director Fee Compensation			23,000	15,000	68,000	58,000
Equity Plan [Member] \| President and Chief Executive Officer
Defined Benefit Plan Disclosure [Line Items]
Stock option issued during the year \| shares	50,000
Exercise price \| $ / shares	$ 14.24
PBGC [Member]
Defined Benefit Plan Disclosure [Line Items]
Payment for Pension Benefits					$ 1,847,000
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Weighted-average remaining vesting period					3 years
Restricted Stock [Member] \| Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total			25,000	20,000	$ 72,000	27,000
Unrecognized compensation expense related to restricted shares			$ 111,000	$ 53,000	$ 111,000	$ 53,000

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($)	3 Months Ended		9 Months Ended
OTHER INCOME (Details) - USD ($)	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Other income	$ 0	$ 300,000	$ 260,000	$ 950,000
Life insurance policy for a retired executive
Other income			30,000
Bankruptcy of a warranty provider
Other income	$ 0		185,000
Forgiveness of debt
Other income		$ 300,000	$ 45,000	300,000
Settlement Agreement
Other income				$ 650,000

STOCK REPURCHASES (Details)

STOCK REPURCHASES (Details) - USD ($)	1 Months Ended
STOCK REPURCHASES (Details) - USD ($)	Nov. 30, 2020	Oct. 31, 2020	Aug. 31, 2020	Sep. 30, 2020
STOCK REPURCHASES
Repurchase of common stock (in shares)	143,482	675,616	11,847
Repurchase price per share	$ 6.18	$ 6.18	$ 4.48
Number of shares authorized to be repurchased in Repurchased Program				1,000,000
Amount of authorized to be repurchased in Repurchased Program				$ 5,000,000

TREASURY STOCK (Details)

TREASURY STOCK (Details)	Jan. 31, 2021shares
TREASURY STOCK
Treasury stock, shares	225,250

INFORMATION ABOUT THE COMPANY_3

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Apr. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 9,816	$ 7,864	$ 36,559	$ 21,326
Net income (loss)	910	2,093	5,873	3,484
Provision (benefit) for income taxes	248	710	1,701	1,175
Interest income (expense), net	0	(21)	1	(27)
Depreciation	14	154	217	424
EBITDA (c)	1,172	2,978	7,792	5,110
Capital expenditures	4	3	16	3
Total assets	105,140	95,892	105,140	95,892	$ 97,366
Land Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	7,046	6,531	24,251	19,376
Net income (loss)	770	2,284	4,187	4,684
Provision (benefit) for income taxes	22	483	612	810
Interest income (expense), net		20	0	30
Depreciation	12	17	12	40
EBITDA (c)	804	2,804	4,811	5,564
Capital expenditures	0	0	1	0
Total assets	87,205	79,193	87,205	79,193
Home building
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,770	1,262	5,410	1,464
Net income (loss)	366	35	556	(116)
Provision (benefit) for income taxes	95	7	131	(44)
Interest income (expense), net		0	0	0
Depreciation	0	0	0	0
EBITDA (c)	461	42	687	(160)
Capital expenditures	4	3	15	3
Total assets	5,491	2,182	5,491	2,182
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	71	6,898	486
Net income (loss)	(226)	(226)	1,130	(1,084)
Provision (benefit) for income taxes	131	220	958	409
Interest income (expense), net		1	1	(3)
Depreciation	2	137	205	384
EBITDA (c)	(93)	132	2,294	(294)
Capital expenditures	0	0	0	0
Total assets	$ 12,444	$ 14,517	$ 12,444	$ 14,517