Amrep Corp. (NYSE: AXR)

AMREP Corp., known by its stock symbol AXR, operates in the land development and homebuilding industry. Founded in 1961 as an Oklahoma corporation, the company has its primary operations based in Rio Rancho, New Mexico, with no foreign sales or activities outside the United States.

AMREP Corp.'s main business activities revolve around the development and sale of both developed and undeveloped real properties. These activities are carried out in the United States, specifically in Rio Rancho, New Mexico, and surrounding areas of Sandoval County. The company's primary offerings include land and site planning, securing governmental and environmental approvals, installing utilities and storm drains, ensuring water service availability, constructing necessary roads, and developing community amenities. Additionally, the company provides landscaping services primarily for homebuilders.

The company generates revenue through the sale of developed and undeveloped real properties to various clients, including national, regional, and local homebuilders, commercial and industrial property developers, and others. AMREP Corp.'s primary products and services include land development, site planning, and construction of community amenities. The company's homebuilding segment offers a variety of home floor plans and elevations at different price points and with varying levels of options and amenities. The company focuses on building single-family detached and attached homes, constructing both built-to-order and speculative homes based on customer needs.

In terms of competition, AMREP Corp. competes with other landowners and developers offering developed and undeveloped residential lots and sites for commercial and industrial use in the New Mexico region. The company's competitive advantages include its focus on developing residential, commercial, and industrial properties in New Mexico, its ability to provide a variety of home floor plans and elevations, and its use of internal and external sales brokers.

AMREP Corp.'s customers include national, regional, and local homebuilders, commercial and industrial property developers, and others. As of 2024, the company's developed residential third-party land sale revenues were primarily from three homebuilders, with 100% of such revenues coming from these three clients.