Arizona Land Income Corp. Reports First Quarter Earnings and Announces Sale of Land.Business Editors PHOENIX--(BUSINESS WIRE)--May 13, 2004 Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Land Income Corp. (AMEX AMEX See: American Stock Exchange : AZL AZL Automated Zone List ), an independent real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), today announced earnings for the three month period ending March 31, 2004. For the operating period of Jan. 1 through March 31, 2004, the company had total income of approximately $8,700, compared to approximately $20,500 for the quarter ended March 31, 2003. The company reported a net loss for the period ended March 31, 2004 of approximately $37,000 or $.02 per share, compared to net loss of approximately $36,000 or $.02 per share in the first quarter of 2003. The company also announced that it has closed sale of the remaining 280 acres located in Mesa, Ariz. The sale price was approximately $6,817,000, which was paid part in cash and part by the buyer's delivery of a $5,229,000 promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. . The note is secured by the property sold and is payable in monthly installments at prime rate through May 11, 2009. |
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