Arizona Land Income Corp. Reports Second Quarter Results.

PHOENIX -- Arizona Land Income Corp. (AMEX: AZL), an independent real estate investment trust (REIT), today announced earnings for the three and six-month periods ending June 30, 2006.

For the operating period of April 1 through June 30, 2006, the company had total income of approximately $120,000, compared to $95,000 for the quarter ended June 30, 2005. The company attributes this increase to an increase of approximately $24,000 in interest on mortgages. The company reported net income of approximately $95,000, or $.05 per share, for the quarter ended June 30, 2006, compared to a net income of approximately $32,000, or $.02 per share, for the quarter ended June 30, 2005.

For the six-month period ending June 30, 2006, the company reported total income of approximately $233,000, compared to approximately $186,000 for the same period during fiscal 2005. This increase is due primarily to an increase of approximately $50,000 in interest on mortgages.

The company reported net income of approximately $179,000, or $.10 per share, for the period from Jan. 1, 2006 through June 30, 2006. The net income for the comparable prior period in 2005 was approximately $75,000, or $0.04 per share. This increase in net income is attributable to an increase in interest on mortgages.

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.