U-Haul Holding Co 8-K, filed May 29, 2025

U-Haul Holding Co (UHAL)

8-K 2025-05-29 For: 2025-05-28

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Added on April 10, 2026

About this 8-K

U-Haul Holding Co filed this 8-K on May 29, 2025, reporting on events of May 28, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Nevada	001-11255	88-0106815
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5555 Kietzke Lane Suite 100
Reno, Nevada		89511
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange


Exhibit No.	Description
99.1	Press release dated May 28, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL documents)


			U-Haul Holding Company

Date:	May 28, 2025	By:	Jason A. Berg
			Jason A. Berg Chief Financial Officer


		Quarters Ended March 31,				Years Ended March 31,
		2025		2024		2025		2024
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	745,259	$	716,283	$	3,725,524	$	3,624,695
Self-storage revenues		230,532		212,701		897,913		831,069
Self-moving and self-storage product and service sales		72,729		73,018		327,490		335,805
Property management fees		8,861		8,422		36,811		37,004
Life insurance premiums		19,553		21,542		83,707		89,745
Property and casualty insurance premiums		23,540		22,419		98,900		94,802
Net investment and interest income		36,519		42,859		151,974		146,468
Other revenue		96,516		81,926		506,346		466,086
Consolidated revenue	$	1,233,509	$	1,179,170	$	5,828,665	$	5,625,674

U-Haul Holding Co 8-K, filed May 29, 2025

About this 8-K

Items reported

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.


Debt Metrics
(in thousands) (unaudited)	March 31,	December 31,	September 30,	June 30,	March 31,
	2025	2024	2024	2024	2024
Real estate secured debt	$2,703,656	$2,436,840	$2,471,044	$2,497,239	$2,562,620
Unsecured debt	1,700,000	1,700,000	1,700,000	1,200,000	1,200,000
Fleet secured debt	2,758,821	2,724,349	2,554,194	2,544,235	2,470,603
Other secured debt	66,864	68,402	69,264	70,202	70,815
Total debt	7,229,341	6,929,591	6,794,502	6,311,676	6,304,038

Moving and Storage cash	$872,467	$883,108	$1,279,493	$1,071,779	$1,380,165
Moving and Storage assets	17,522,952	17,291,214	17,164,316	16,447,193	16,149,748
Moving and Storage EBITDA (TTM)	1,619,714	1,614,146	1,566,396	1,584,461	1,567,985

Net debt to EBITDA	3.9	3.7	3.5	3.3	3.1
Net debt to total assets	36.3%	35.0%	32.1%	31.9%	30.5%

Percent of debt floating	6.1%	6.2%	5.9%	7.7%	7.2%
Percent of debt fixed	93.9%	93.8%	94.1%	92.3%	92.8%
Percent of debt unsecured	23.5%	24.5%	25.0%	19.0%	19.0%

Unencumbered asset ratio*	3.91x	3.81x	3.78x	4.72x	4.43x

* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued
at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x.


		Quarter Ended March 31,
		2025		2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	180,836	$	145,256
Depreciation expense - non rental equipment		23,934		24,388
Depreciation expense - real estate		48,408		44,008
Total depreciation expense	$	253,178	$	213,652

(Gains) losses on disposals of rental equipment	$	14,600	$	(15,813)
Losses on disposals of non-rental equipment		500		508
Total net (gains) losses on disposals equipment	$	15,100	$	(15,305)

Depreciation, net of gains on disposals	$	268,278	$	198,347

Losses on disposals of real estate	$	6,305	$	2,594


		Year Ended March 31,
		2025		2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	692,660	$	564,546
Depreciation expense - non rental equipment		95,709		94,902
Depreciation expense - real estate		183,564		158,441
Total depreciation expense	$	971,933	$	817,889

Gains on disposals of rental equipment	$	(15,014)	$	(154,989)
Losses on disposals of non-rental equipment		1,265		1,031
Total net gains on disposals equipment	$	(13,749)	$	(153,958)

Depreciation, net of gains on disposals	$	958,184	$	663,931

Losses on disposals of real estate	$	15,758	$	7,914


Self-Storage Portfolio Summary
As of March 31, 2025
(unaudited)
U-Haul Owned Store Data by State
				Annual
State/		Units	Rentable	Revenue	Occupancy
Province	Stores	Occupied	Square Feet	Per Foot	During Qtr
Texas	98	38,927	4,626,909	$14.74	77.5%
California	88	34,661	3,248,287	$21.19	81.5%
Florida	86	35,062	3,844,971	$18.46	78.6%
Illinois	83	37,087	4,087,748	$16.03	77.4%
Pennsylvania	72	27,860	3,126,879	$17.82	70.5%
New York	66	27,685	2,625,717	$23.31	78.7%
Ohio	64	25,611	2,886,419	$14.93	75.6%
Michigan	58	19,971	2,157,748	$15.75	80.6%
Georgia	53	22,272	2,609,877	$16.27	80.5%
Arizona	46	25,297	2,914,989	$15.44	77.6%
Wisconsin	44	16,620	2,025,606	$13.78	72.4%
North Carolina	40	17,138	2,043,673	$15.32	70.7%
Washington	37	14,364	1,587,201	$16.62	75.4%
Missouri	37	13,322	1,777,498	$14.25	68.3%
Tennessee	37	15,256	1,550,059	$14.90	86.6%
Ontario	34	12,072	1,353,947	$23.00	71.7%
New Jersey	33	16,195	1,500,430	$20.70	83.9%
Indiana	33	10,396	1,180,034	$13.90	77.5%
Minnesota	33	13,468	1,685,377	$14.05	72.9%
Massachusetts	31	11,166	1,007,100	$20.58	86.0%

Top 20 Totals	1,073	434,430	47,840,469	$17.03	77.1%

All Others	485	181,204	20,535,531	$16.43	77.6%

4Q FY 2024 Totals	1,558	615,634	68,376,000	$16.85	77.3%

Same Store Pool Held Constant for Prior Periods
Same Store 4Q24	893	317,736	29,661,083	$17.32	91.9%
Same Store 4Q23	893	320,411	29,639,638	$16.82	92.4%
Same Store 4Q22	893	321,055	29,615,402	$15.93	92.4%

Non-Same Store 4Q24	665	297,898	38,714,917	$16.32	66.0%
Non-Same Store 4Q23	583	256,992	32,217,390	$16.29	68.2%
Non-Same Store 4Q22	527	225,931	26,834,710	$15.89	69.2%

Same Store Pool, Prior Periods Unchanged
Same Store 4Q24	893	317,736	29,661,083	$17.32	91.9%
Same Store 4Q23	862	291,587	27,376,696	$16.87	92.3%
Same Store 4Q22	804	256,861	23,942,574	$16.00	94.2%

Non-Same Store 4Q24	665	297,898	38,714,917	$16.32	66.0%
Non-Same Store 4Q23	614	285,816	34,480,331	$16.28	70.1%
Non-Same Store 4Q22	618	289,536	32,439,826	$15.84	72.3%

Note: Store Count, Units, and NRSF reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over fiscal year 2025.
Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity
change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the
last two years. Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.


		For the Quarter Ended
		March 31,
		2025		2024
		(Unaudited)
		(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%

Net losses available to common stockholders	$	(82,291)	$	(863)
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed losses available to common stockholders	$	(91,114)	$	(9,686)
Undistributed losses available to common stockholders allocated to Voting Common Stock	$	(9,111)	$	(969)

Undistributed losses per share of Voting Common Stock	$	(0.46)	$	(0.05)
Dividends declared per share of Voting Common Stock	$	-	$	-
Basic and diluted losses per share of Voting Common Stock	$	(0.46)	$	(0.05)


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%

Net losses available to common stockholders	$	(82,291)	$	(863)
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed losses available to common stockholders	$	(91,114)	$	(9,686)
Undistributed losses available to common stockholders allocated to Non-Voting Common Stock	$	(82,003)	$	(8,717)

Undistributed losses per share of Non-Voting Common Stock	$	(0.46)	$	(0.05)
Dividends declared per share of Non-Voting Common Stock	$	0.05	$	0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock	$	(0.41)	$	0.00


		For the Years Ended
		March 31,
		2025		2024
		(Unaudited) (In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%

Net earnings available to common stockholders	$	367,090	$	628,707
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(35,294)		(31,765)
Undistributed earnings available to common stockholders	$	331,796	$	596,942
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	33,180	$	59,694

Undistributed earnings per share of Voting Common Stock	$	1.69	$	3.04
Dividends declared per share of Voting Common Stock	$	0.00	$	0.00
Basic and diluted earnings per share of Voting Common Stock	$	1.69	$	3.04


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%

Net earnings available to common stockholders	$	367,090	$	628,707
Voting Common Stock dividends declared		- -		-
Non-Voting Common Stock dividends declared		(35,294)		(31,765)
Undistributed earnings available to common stockholders	$	331,796	$	596,942
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	298,616	$	537,248

Undistributed earnings per share of Non-Voting Common Stock	$	1.69	$	3.04
Dividends declared per share of Non-Voting Common Stock	$	0.20	$	0.18
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.89	$	3.22


Moving and Storage Adjusted EBITDA Calculations
(In thousands, unaudited)
		March 31,		December 31,		September 30,		June 30,		March 31,
		2025		2024		2024		2024		2024

Net earnings available to common stockholders	$	367,090	$	448,518	$	480,576	$	567,286	$	628,707
Income tax expense		94,747		137,940		148,743		174,206		194,398
Fees on early extinguishment of debt and costs of defeasance		495		495		495		495		-
Interest expense		296,721		280,487		271,359		263,808		257,187
Other interest income		(59,489)		(87,303)		(99,292)		(111,561)		(120,501)
Other components of net periodic benefit costs		1,488		1,480		1,473		1,465		1,458
Net losses on disposal of real estate		15,758		12,047		11,273		9,997		7,914
Depreciation, net of gains on disposals		958,184		888,253		815,810		742,662		663,931
Earnings from subsidiaries		(55,280)		(67,771)		(64,041)		(63,897)		(65,109)
EBITDA	$	1,619,714	$	1,614,146	$	1,566,396	$	1,584,461	$	1,567,985


		Quarters Ended March 31,				Years Ended March 31,
		2025		2024			2025		2024
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,153,414	$	1,092,698	$	5,492,774		$	5,294,928
Earnings from operations before equity in earnings of subsidiaries		(57,258)		10,816		645,772			896,140
Property and casualty insurance
Revenues		27,384		34,091		125,164			123,085
Earnings from operations		9,976		25,687		54,745			62,509
Life insurance
Revenues		55,201		55,284		221,869			219,202
Earnings from operations		4,755		5,113		16,642			20,152
Eliminations
Revenues		(2,490)		(2,903)		(11,142)			(11,541)
Earnings from operations before equity in earnings of subsidiaries		(249)		(250)		(1,005)			(1,012)
Consolidated Results
Revenues		1,233,509		1,179,170		5,828,665			5,625,674
Earnings from operations		(42,776)		41,366		716,154			977,789


	Quarters Ended March 31,
	2025	2024
	(In thousands, except occupancy rate)
Unit count as of March 31	799	728
Square footage as of March 31	68,376	61,857
Average monthly number of units occupied	613	573
Average monthly occupancy rate based on unit count	77.3%	79.8%
End of period occupancy rate based on unit count	77.0%	79.3%
Average monthly square footage occupied	53,814	49,986


	Years Ended March 31,
	2025	2024
	(In thousands, except occupancy rate)
Unit count as of March 31	799	728
Square footage as of March 31	68,376	61,857
Average monthly number of units occupied	607	571
Average monthly occupancy rate based on unit count	79.2%	82.1%
End of period occupancy rate based on unit count	77.0%	79.3%
Average monthly square footage occupied	53,021	49,515


		March 31,		March 31,
		2025		2024
		(Unaudited)
ASSETS		(In thousands)
Cash and cash equivalents	$	988,828	$	1,534,544
Trade receivables and reinsurance recoverables, net		230,716		215,908
Inventories and parts		163,132		150,940
Prepaid expenses		282,406		246,082
Fixed maturity securities available-for-sale, net, at fair value		2,479,498		2,442,504
Equity securities, at fair value		65,549		66,274
Investments, other		678,254		633,936
Deferred policy acquisition costs, net		121,729		121,224
Other assets		126,732		111,743
Right of use assets – financing, net		138,698		289,305
Right of use assets – operating, net		46,025		53,712
Related party assets		45,003		57,934

Property, plant and equipment, at cost:
Land		1,812,820		1,670,033
Buildings and improvements		9,628,271		8,237,354
Furniture and equipment		1,047,414		1,003,770
Rental trailers and other rental equipment		1,046,135		936,303
Rental trucks		7,470,039		6,338,324
		21,004,679		18,185,784
Less: Accumulated depreciation		(5,892,079)		(5,051,132)
Total property, plant and equipment, net		15,112,600		13,134,652
Total assets	$	20,479,170	$	19,058,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	820,900	$	783,084
Notes, loans and finance leases payable, net		7,193,857		6,271,362
Operating lease liabilities		46,973		55,032
Policy benefits and losses, claims and loss expenses payable		857,521		849,113
Liabilities from investment contracts		2,511,422		2,411,352
Other policyholders' funds and liabilities		7,539		18,070
Deferred income		52,895		51,175
Deferred income taxes, net		1,489,920		1,447,125
Total liabilities		12,981,027		11,886,313