AMREP Corporation operates land development and homebuilding businesses primarily in New Mexico, with approximately 16,600 acres of owned property centered in Rio Rancho. The land development segment acquires and develops raw land for sale or lease to national, regional and local homebuilders, commercial developers and industrial users, handling infrastructure planning, permitting, utilities installation and community amenities. The homebuilding segment constructs single-family detached and attached homes at various price points in New Mexico, using both built-to-order and speculative models, with independent subcontractors performing construction under supervision. The company generates revenue from land sales, land leasing, homebuilding operations and related services, with profitability dependent on real estate market conditions, material availability, labor supply and regulatory compliance in its operating markets.