AMREP CORP. Segments Disclosure
(15) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
The Company manages its operations through two reportable segments: land development and homebuilding. The land development segment develops residential lots and sites for commercial and industrial use, including land and site planning, obtaining governmental and environmental approvals (“entitlements”), installing utilities and storm drains, ensuring the availability of water service, building or improving roads necessary for land development and constructing community amenities. The homebuilding segment focuses on building and selling single-family detached and attached homes.
The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. The two segments have been identified based on the way in which financial information is regularly reviewed by the CODM to assess financial performance and allocate resources. The CODM uses each segment’s profit (loss) in assessing segment performance and deciding how to allocate resources. The Company incurs general and administrative expenses associated with certain corporate functions, which are not specific to a particular segment.
The following table sets forth summarized data relative to the industry segments in which the Company operated for 2025 (in thousands):
| Land |
|
| ||||||
For the Year Ended April 30, 2025 | Development | Homebuilding | Consolidated | ||||||
Revenues1 | $ | 28,602 | $ | 17,407 | $ | 46,009 | |||
Other Revenues | 3,655 | 30 | 3,685 | ||||||
Segment Revenues | 32,257 | 17,437 | 49,694 | ||||||
Cost of Revenues | 15,388 | 13,228 | 28,616 | ||||||
Other Cost of Revenues | 1,693 | — | 1,693 | ||||||
General and administrative expenses2 | 3,847 | 1,764 | 5,611 | ||||||
Segment profit (loss) | 11,329 | 2,445 | 13,774 | ||||||
Interest income, net | 1,622 | ||||||||
Other expense | (4) | ||||||||
Unallocated amounts: | |||||||||
Other corporate expenses | (1,667) | ||||||||
Income before income taxes | $ | 13,725 | |||||||
Segment assets3 as of April 30, 2025 | $ | 106,138 | $ | 22,913 | |||||
Depreciation and amortization for the year ended April 30, 2025 | $ | 212 | $ | 13 | |||||
Capital expenditures for the year ended April 30, 2025 | $ | 504 | $ | 79 | |||||
1 Revenue information provided for the land development segment includes certain amounts classified as home sale revenues in the accompanying consolidated statements of operations.
2 General and administrative expenses primarily relate to payroll, employee benefits and professional expenses.
3 Segment assets exclude corporate assets, such as cash and cash equivalents, corporate facilities and tax assets.
The following table sets forth summarized data relative to the industry segments in which the Company operated for 2024 (in thousands):
| Land |
|
| ||||||
For the Year Ended April 30, 2024 | Development | Homebuilding | Consolidated | ||||||
Revenues1 | $ | 29,367 | $ | 14,645 | $ | 44,012 | |||
Other Revenues | 7,354 | 3 | 7,357 | ||||||
Segment Revenues | 36,721 | 14,648 | 51,369 | ||||||
Cost of Revenues | 19,311 | 10,585 | 29,896 | ||||||
Other Cost of Revenues | 7,000 | — | 7,000 | ||||||
General and administrative expenses2 | 3,677 | 1,214 | 4,891 | ||||||
Segment profit (loss) | 6,733 | 2,849 | 9,582 | ||||||
Interest income, net | 823 | ||||||||
Other income | — | ||||||||
Unallocated amounts: | |||||||||
Other corporate expenses | (1,980) | ||||||||
Income before income taxes | $ | 8,425 | |||||||
Segment assets3 as of April 30, 2024 | $ | 97,408 | $ | 13,304 | |||||
Depreciation and amortization for the year ended April 30, 2024 | $ | 166 | $ | 4 | |||||
Capital expenditures for the year ended April 30, 2024 | $ | 312 | $ | 145 | |||||
1 Revenue information provided for the land development segment includes certain amounts classified as home sale revenues in the accompanying consolidated statements of operations.
2 General and administrative expenses primarily relate to payroll, employee benefits and professional expenses.
3 Segment assets exclude corporate assets, such as cash and cash equivalents, corporate facilities and tax assets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jul 25, 2025 | Showing above |
| 2024 | Jul 23, 2024 | |
| 2023 | Jul 25, 2023 | |
| 2022 | Jul 21, 2022 | |
| 2021 | Jul 27, 2021 | |
| 2016 | Jul 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.