AZL Arizona Land Income Corp

Arizona Land Income Corporation (AMEX: AZL), an independent real estate investment trust (REIT), today announced earnings for the three-month period ending March 31, 2007. For the operating period of January 1 through March 31, 2007, the Company had total income of approximately $72,000 compared to approximately $113,000 for the quarter ended March 31, 2006. The Company reported a net loss of approximately $79,000 or ($0.04) per share for the period ended March 31, 2007, compared to net income of approximately $84,000 or $0.05 per share for the quarter ended March 31, 2006.