AZL Arizona Land Income Corp

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.