Arizona Land Income Corporation Reports Third Quarter Results
16 November 2006 - 2:50AM
Business Wire
Arizona Land Income Corporation (AMEX:AZL), an independent real
estate investment trust (REIT), today announced earnings for the
three and nine month periods ending September 30, 2006. For the
operating period of July 1, 2006 through September 30, 2006, the
Company had total income of approximately $107,000 compared to
$99,000 for the quarter ended September 30, 2005. The Company
reported net income of approximately $3,600,000 for the quarter
ended September 30, 2006 compared to a net loss of approximately
$51,000 for the quarter ended September 30, 2005. The increase in
net income is primarily attributable to a gain on sale of
properties of approximately $3,568,000. For the operating period of
January 1, 2006 through September 30, 2006, the Company reported
total income before gain on sale of properties of approximately
$341,000 compared to $285,000 for the same period in the prior
fiscal year. For the nine months ended September 30, 2006, the
Company�s expenses totaled approximately $118,000 compared to
approximately $137 ,000 for the same period in the prior fiscal
year. The decrease in expenses is primarily attributable to a
decrease in advisory fees and a decrease of approximately $15,000
in administration and general expenses. The Company reported net
income of approximately $3,783,000 for the nine months ended
September 30, 2006 compared to net income of approximately $24,000
for the same period in 2005. The increase in net income is a result
of a gain on real estate sale of approximately $3,568,000. As
disclosed in the Company�s quarterly report on Form 10-QSB filed
with the Securities and Exchange Commission on November 14, 2006,
the Company announced that it had entered into a definitive
agreement whereby AZL would acquire the West Coast office portfolio
of POP Venture, LLC, a Delaware limited liability company
affiliated with The Shidler Group, and reincorporate in Maryland
under the name Pacific Office Properties Trust, Inc. The
transaction is subject to approval by AZL�s shareholders and other
closing conditions. On November 3, 2006, the Company and POP
Venture, LLC changed one material term of the agreement, and POP
Venture, LLC agreed to increase from $2.79 to $5.00 per share the
price at which POP Venture, LLC or affiliates will purchase $5
million of the AZL�s common stock. 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, nor can any
assurance be given with respect to a possible dissolution of the
Company. 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-KSB, subsequent quarterly filings on Form
10-QSB 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. Arizona Land
Income Corporation (AMEX:AZL), an independent real estate
investment trust (REIT), today announced earnings for the three and
nine month periods ending September 30, 2006. For the operating
period of July 1, 2006 through September 30, 2006, the Company had
total income of approximately $107,000 compared to $99,000 for the
quarter ended September 30, 2005. The Company reported net income
of approximately $3,600,000 for the quarter ended September 30,
2006 compared to a net loss of approximately $51,000 for the
quarter ended September 30, 2005. The increase in net income is
primarily attributable to a gain on sale of properties of
approximately $3,568,000. For the operating period of January 1,
2006 through September 30, 2006, the Company reported total income
before gain on sale of properties of approximately $341,000
compared to $285,000 for the same period in the prior fiscal year.
For the nine months ended September 30, 2006, the Company's
expenses totaled approximately $118,000 compared to approximately
$137 ,000 for the same period in the prior fiscal year. The
decrease in expenses is primarily attributable to a decrease in
advisory fees and a decrease of approximately $15,000 in
administration and general expenses. The Company reported net
income of approximately $3,783,000 for the nine months ended
September 30, 2006 compared to net income of approximately $24,000
for the same period in 2005. The increase in net income is a result
of a gain on real estate sale of approximately $3,568,000. As
disclosed in the Company's quarterly report on Form 10-QSB filed
with the Securities and Exchange Commission on November 14, 2006,
the Company announced that it had entered into a definitive
agreement whereby AZL would acquire the West Coast office portfolio
of POP Venture, LLC, a Delaware limited liability company
affiliated with The Shidler Group, and reincorporate in Maryland
under the name Pacific Office Properties Trust, Inc. The
transaction is subject to approval by AZL's shareholders and other
closing conditions. On November 3, 2006, the Company and POP
Venture, LLC changed one material term of the agreement, and POP
Venture, LLC agreed to increase from $2.79 to $5.00 per share the
price at which POP Venture, LLC or affiliates will purchase $5
million of the AZL's common stock. 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, nor can any
assurance be given with respect to a possible dissolution of the
Company. 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-KSB, subsequent quarterly filings on Form
10-QSB 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.
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