Arizona Land Income Corp. Reports Third Quarter Results.

Business Editors

PHOENIX--(BUSINESS WIRE)--Nov. 13, 2002

Arizona Land Income Corp. (AMEX: AZL), an independent real estate investment trust (REIT), today announced earnings for the three and nine month periods ending Sept. 30, 2002.

For the operating period of July 1, 2002 through Sept. 30, 2002, the company had total income before gain on sale of properties of approximately $39,000 compared to $302,000 for the quarter ended Sept. 30, 2001.

The company reported net income of approximately $17,000 or $0.01 per common share for the quarter ended Sept. 30, 2002 compared to $277,000 or $0.14 per common share for the quarter ended Sept. 30, 2001. The decrease in total income and net income is primarily attributable to a decrease in the amount of mortgage receivables outstanding in 2002 compared to 2001, and the resulting decrease in mortgage interest of approximately $259,000.

For the operating period of Jan. 1, 2002 through Sept. 30, 2002, the company reported total income before gain on sale of properties of approximately $165,000 compared to $583,000 for the same period in the prior fiscal year.

For the first nine months of fiscal 2002, the company reported net income of approximately $41,000 or $0.02 per common share compared to net income of $462,000, or $0.24 per common share for the comparable period in the prior fiscal year. The decrease in total income and net income is primarily attributable to a decrease in mortgage receivables in 2002 compared to 2001, and the resulting decrease in mortgage interest of approximately $400,000.