Arizona Land Income Corporation Reports Third Quarter Results

  
    
  
  
    
      Arizona Land Income Corporation (AMEX:AZL), an independent real estate 
      investment trust (REIT), today announced earnings for the three and nine 
      month periods ending September 30, 2006.
    
    
      For the operating period of July 1, 2006 through September 30, 2006, the 
      Company had total income of approximately $107,000 compared to $99,000 
      for the quarter ended September 30, 2005.
    
    
      The Company reported net income of approximately $3,600,000 for the 
      quarter ended September 30, 2006 compared to a net loss of approximately 
      $51,000 for the quarter ended September 30, 2005. The increase in net 
      income is primarily attributable to a gain on sale of properties of 
      approximately $3,568,000.
    
    
      For the operating period of January 1, 2006 through September 30, 2006, 
      the Company reported total income before gain on sale of properties of 
      approximately $341,000 compared to $285,000 for the same period in the 
      prior fiscal year.
    
    
      For the nine months ended September 30, 2006, the Company’s 
      expenses totaled approximately $118,000 compared to approximately $137 
      ,000 for the same period in the prior fiscal year. The decrease in 
      expenses is primarily attributable to a decrease in advisory fees and a 
      decrease of approximately $15,000 in administration and general 
      expenses. The Company reported net income of approximately $3,783,000 
      for the nine months ended September 30, 2006 compared to net income of 
      approximately $24,000 for the same period in 2005. The increase in net 
      income is a result of a gain on real estate sale of approximately 
      $3,568,000.
    
    
      As disclosed in the Company’s quarterly report 
      on Form 10-QSB filed with the Securities and Exchange Commission on 
      November 14, 2006, the Company announced that it had entered into a 
      definitive agreement whereby AZL would acquire the West Coast office 
      portfolio of POP Venture, LLC, a Delaware limited liability company 
      affiliated with The Shidler Group, and reincorporate in Maryland under 
      the name Pacific Office Properties Trust, Inc. The transaction is 
      subject to approval by AZL’s shareholders and 
      other closing conditions. On November 3, 2006, the Company and POP 
      Venture, LLC changed one material term of the agreement, and POP 
      Venture, LLC agreed to increase from $2.79 to $5.00 per share the price 
      at which POP Venture, LLC or affiliates will purchase $5 million of the 
      AZL’s common stock.
    
    
      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. Specifically, there can be no assurance 
      that the Company will complete a merger or acquisition transaction, or 
      any other strategic transaction on favorable terms or at all, nor can 
      any assurance be given with respect to a possible dissolution of the 
      Company. Additional 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 announced earnings for the three
and nine month periods ending September 30, 2006.

   For the operating period of July 1, 2006 through September 30,
2006, the Company had total income of approximately $107,000 compared
to $99,000 for the quarter ended September 30, 2005.

   The Company reported net income of approximately $3,600,000 for
the quarter ended September 30, 2006 compared to a net loss of
approximately $51,000 for the quarter ended September 30, 2005. The
increase in net income is primarily attributable to a gain on sale of
properties of approximately $3,568,000.

   For the operating period of January 1, 2006 through September 30,
2006, the Company reported total income before gain on sale of
properties of approximately $341,000 compared to $285,000 for the same
period in the prior fiscal year.

   For the nine months ended September 30, 2006, the Company's
expenses totaled approximately $118,000 compared to approximately $137
,000 for the same period in the prior fiscal year. The decrease in
expenses is primarily attributable to a decrease in advisory fees and
a decrease of approximately $15,000 in administration and general
expenses. The Company reported net income of approximately $3,783,000
for the nine months ended September 30, 2006 compared to net income of
approximately $24,000 for the same period in 2005. The increase in net
income is a result of a gain on real estate sale of approximately
$3,568,000.

   As disclosed in the Company's quarterly report on Form 10-QSB
filed with the Securities and Exchange Commission on November 14,
2006, the Company announced that it had entered into a definitive
agreement whereby AZL would acquire the West Coast office portfolio of
POP Venture, LLC, a Delaware limited liability company affiliated with
The Shidler Group, and reincorporate in Maryland under the name
Pacific Office Properties Trust, Inc. The transaction is subject to
approval by AZL's shareholders and other closing conditions. On
November 3, 2006, the Company and POP Venture, LLC changed one
material term of the agreement, and POP Venture, LLC agreed to
increase from $2.79 to $5.00 per share the price at which POP Venture,
LLC or affiliates will purchase $5 million of the AZL's common stock.

   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. Specifically, there can
be no assurance that the Company will complete a merger or acquisition
transaction, or any other strategic transaction on favorable terms or
at all, nor can any assurance be given with respect to a possible
dissolution of the Company. Additional 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.