Arizona Land Income Corporation Declares Special Dividend

  
    
  
  
    
      Arizona Land Income Corporation (AMEX: AZL), an independent real estate 
      investment trust (REIT), today declared a $1.00 per share special 
      dividend, consistent with our Master Agreement with The Shidler Group 
      and as a means of distributing to our shareholders both the gain 
      realized by the Company in connection with its mortgage receivable and 
      other income earned in fiscal 2006. This dividend will be payable to 
      shareholders of record as of January 5, 2007 and paid on January 26, 
      2007, and will be in lieu of both the 4th 
      Quarter 2006 and the 1st Quarter 2007 quarterly 
      dividend payments. The next regular quarterly dividend payment will be 
      made for the 2nd Quarter of 2007.
    
    
      Safe Harbor Statement under the Private Securities Litigation Reform 
      Act of 1995:
    
    
      Statements contained in this release except for historical information 
      are forward-looking statements that are based on current expectations 
      and involve risks and uncertainties. Without limiting the generality of 
      the foregoing, words such as “may,” 
      “will,” “expect,” 
      “believe,” “anticipate,” 
      “intend,” “could,” 
      “estimate,” or “continue” 
      or the negative or other variations thereof or comparable terminology 
      are intended to identify forward-looking statements. The risks and 
      uncertainties inherent in such statements may cause actual future events 
      or results to differ materially and adversely from those described in 
      the forward-looking statements. Important factors that may cause a 
      difference between projected and actual results for the Company are 
      discussed in the Company’s filings from time 
      to time with the U.S. Securities and Exchange Commission, including but 
      not limited to the Company’s annual reports 
      on Form 10-KSB, subsequent quarterly filings on Form 10-QSB and current 
      reports on Form 8-K. The Company disclaims any obligation to revise or 
      update any forward-looking statements that may be made from time to time 
      by it or on its behalf.
    
  
Arizona Land Income Corporation (AMEX: AZL), an independent real
estate investment trust (REIT), today declared a $1.00 per share
special dividend, consistent with our Master Agreement with The
Shidler Group and as a means of distributing to our shareholders both
the gain realized by the Company in connection with its mortgage
receivable and other income earned in fiscal 2006. This dividend will
be payable to shareholders of record as of January 5, 2007 and paid on
January 26, 2007, and will be in lieu of both the 4th Quarter 2006 and
the 1st Quarter 2007 quarterly dividend payments. The next regular
quarterly dividend payment will be made for the 2nd Quarter of 2007.

   Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:

   Statements contained in this release except for historical
information are forward-looking statements that are based on current
expectations and involve risks and uncertainties. Without limiting the
generality of the foregoing, words such as "may," "will," "expect,"
"believe," "anticipate," "intend," "could," "estimate," or "continue"
or the negative or other variations thereof or comparable terminology
are intended to identify forward-looking statements. The risks and
uncertainties inherent in such statements may cause actual future
events or results to differ materially and adversely from those
described in the forward-looking statements. Important factors that
may cause a difference between projected and actual results for the
Company are discussed in the Company's filings from time to time with
the U.S. Securities and Exchange Commission, including but not limited
to the Company's annual reports on Form 10-KSB, subsequent quarterly
filings on Form 10-QSB and current reports on Form 8-K. The Company
disclaims any obligation to revise or update any forward-looking
statements that may be made from time to time by it or on its behalf.