AZL Arizona Land Income Corp

Arizona Land Income Corp. (AMEX: AZL), an independent real estate investment trust (REIT), today announced earnings for the three-month period ending March 31, 2005. For the operating period of Jan. 1 through March 31, 2005, the company had total income of approximately $90,600, compared to approximately $8,700 for the quarter ended March 31, 2004. The company reported net income for the period ended March 31, 2005, of approximately $43,000 or $.02 per share, compared to a net loss of approximately $37,000 or $.02 per share in the first quarter of 2004. On March 28, 2005, the company issued a press release announcing that it intended to delay the date of its annual meeting of shareholders while it investigated strategic alternatives available to the company. In January, the company retained a financial advisor to assist in developing and evaluating a number of alternatives to achieve greater shareholder value.