安美瑞普 2026年季度报告

AMREP CORPORATION AND SUBSIDIARIES INDEX PART I. FINANCIAL INFORMATION Item 1.Financial StatementsCondensed Consolidated Balance Sheets January 31, 2026 (Unaudited) and April 30, 2025Condensed Consolidated Statements of Operations (Unaudited) Three and Nine MonthsEnded January 31, 2026 and 2025 PART II. OTHER INFORMATION PARTI. FINANCIAL INFORMATION Three and Nine Months Ended January 31, 2026 and 2025(Amounts in thousands) AMREP CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended January 31, 2026 and 2025(Amounts in thousands) AMREP CORPORATION AND SUBSIDIARIES Notesto Condensed Consolidated Financial Statements (Unaudited)Three and Nine Months Ended January 31, 2026 and 2025 (1)SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES Theaccompanying unaudited condensed consolidated financial statements have been prepared by AMREPCorporation (the “Company”) pursuant to the rulesand regulations of the Securities and Exchange Commission (the“SEC”) for interim financial information, and do not include all the information and footnotes required by accountingprinciples generally accepted in the United States of America for complete financial statements. The Company, In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments,which are of a normal recurring nature, considered necessary to reflect a fair statement of the results for the interimperiods presented. The results of operations for such interim periods are not necessarily indicative of what may occur The unaudited condensed consolidated financial statements herein should be read in conjunction with the Company’sannual report on Form 10-K for the year ended April 30, 2025, which was filed with the SEC on July 25, 2025 (the“2025 Form 10-K”). The significant accounting policies used in preparing these unaudited condensed consolidated Other than as provided in Note 1 to the consolidated financial statements contained in the 2025 Form 10-K, there areno new accounting standards or updates to be adopted that the Company currently believes might have a significant (2)REAL ESTATE INVENTORY Real estate inventory consists of (in thousands): Land inventory Refer to Note 2 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding realestate inventory. No interest or loan costs were capitalized in real estate inventory for the threeor nine months ended January 31, 2026 or January 31, 2025. Real estate taxes capitalized in real estate inventory were $15,000 and $49,000for the three and nine months ended January31, 2026 and $24,000 and $71,000 for the three and nine months ended (3)INVESTMENT ASSETS, NET Refer to Note 3 to the consolidated financial statements contained in the 2025 Form 10-K for detail regardinginvestment assets, net. As of January 31, 2026, the Company leased 28 homes to residential tenants. As of April 30,2025, the Company leased 21 homes to residential tenants. Depreciation associated with owned real estate leased orintended to be leased was $54,000 and $142,000 for the three and nine months ended January 31, 2026 and $33,000 (4)OTHER ASSETS Other assets consist of (in thousands): Prepaid expenses as of January 31, 2026 and as of April 30, 2025 primarily consist of land development cashcollateralized performance guaranties and insurance. Amortized lease cost for right-of-use assets associated with theleases of office facilities was $8,000 and $22,000 for the three and nine months ended January 31, 2026 and $7,000and $21,000 for the three and nine months ended January 31, 2025. Depreciation expense associated with property and (5)ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of (in thousands): (6)NOTESPAYABLE The following tables present information on the Company’s notes payable in effect as of January 31, 2026 (dollars inthousands): There were no capitalized interest and fees for the three and nine months ended January 31, 2026 and January 31, 2025for the Company’s notes payable in effect as of January 31, 2026. As of January 31, 2026, the Company was incompliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. In August 2025, ASW and BOKF entered into the Seventh Modification Agreement to the Loan Agreement and ASWentered into the Second Amended and Restated Revolving Line of Credit Promissory Note in favor of BOKF. Thesedocuments resulted in the following changes to the revolving line of credit financing facility: (1) the scheduledmaturity date of the loan was changed to August 15, 2028 and (2) the maximum amount available for borrowing As of January 31, 2026, the Company had (a) loan reserves outstanding under its Revolving Line of Credit in theaggregate principal amount of $1,812,000 in favor of a municipality guarantying the completion of improvements in asubdivision