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 six month periods ending June 30, 2007. For the operating period of April 1 through June 30, 2007, the Company had total income of approximately $58,000 compared to $120,000 for the quarter ended June 30, 2006. The Company attributes this decrease to a decrease of approximately $101,290 in interest on mortgages. The Company reported a net loss of approximately $22,000 or ($.01) per share for the quarter ended June 30, 2007, compared to a net income of approximately $95,000 or $.05 per share for the quarter ended June 30, 2006. For the six-month period ending June 30, 2007, the Company reported total income of approximately $129,000 compared to approximately $233,000 for the same period during fiscal 2006. This decrease is due primarily to a decrease of approximately $162,000 in interest on mortgages and an increase of approximately $57,000 in interest on temporary investments. The Company reported a net loss of approximately $100,000 or ($.05) per share for the period from January 1, 2007 through June 30, 2007. The net income for the comparable prior period in 2006 was approximately $179,000 or $0.10 per share. The net loss in income is primarily attributable to a decrease in interest on mortgages and an increase in fees for professional services and administration and general expenses. 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. 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-K, subsequent quarterly filings on Form 10-Q 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.