AMREP Corporation (NYSE: AXR) announced that its shareholders approved the adoption of the AMREP Corporation 2026 Equity Compensation Plan at the company’s 2026 Annual Meeting of Shareholders, which was held on September 10, 2026. The plan was approved by a vote of 3,245,813 shares, with 33,362 shares voted against it and 5,735 abstentions.
The plan, which becomes effective on September 20, 2026, is designed to provide equity-based awards to eligible directors and employees, including named executive officers Christopher V. Vitale and Adrienne M. Uleau. The maximum number of shares of common stock that may be granted under the plan is 500,000, subject to adjustments for corporate events such as mergers or stock splits.
Under the plan, eligible participants may receive awards in the form of options, restricted stock, restricted stock units, deferred stock units, and stock appreciation rights. The exercise price for option awards is required to be at least 100% of the fair market value of the common stock on the grant date. Specific annual limits apply to the number of shares that may be granted to eligible participants, with different caps for options versus other awards and for non-employee directors.
In addition to the plan approval, the company reported its financial results for the three-month period ended July 31, 2026. AMREP reported net income of $276,000, or $0.05 per diluted share, for the fiscal first quarter of 2027, a decrease from the $4,692,000, or $0.87 per diluted share, reported in the same period of the prior year. Revenues for the 2027 first quarter were $6,051,000, compared to $17,851,000 in the prior year.
