AMREP is a real estate company focused on land development and homebuilding in Rio Rancho and Sandoval County, New Mexico. Land development is the core business, centered on approximately 16,200 acres of land. AMREP prepares this land for sale by obtaining zoning entitlements and installing infrastructure, such as roads and utilities. The company then sells these developed residential lots and commercial sites to national, regional, and local homebuilders. This segment is characterized by high customer concentration, with a small number of homebuilders accounting for all developed residential land sales. In its homebuilding segment, AMREP builds and sells single-family homes, offering both custom built-to-order houses and speculative homes. The company generates revenue through land sale markups, home closings, and infrastructure reimbursement mechanisms, including public improvement districts and private covenants that recover development costs from property owners. AMREP also sells impact fee credits to other homebuilders. Beyond its primary operations, the company holds surface mineral rights for approximately 55,000 acres in Sandoval County. Because AMREP’s current land inventory is finite, its strategy focuses on acquiring new properties in New Mexico or expanding into other geographic markets to sustain operations.