U-Haul Holding Co 8-K, filed May 30, 2023

U-Haul Holding Co (UHAL)

8-K 2023-05-30 For: 2023-05-30

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Added on April 10, 2026

About this 8-K

U-Haul Holding Co filed this 8-K on May 30, 2023.

Items reported

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

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Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange

Exhibit No.	Description
99.1	Press release dated May 30, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL documents)

		Quarters Ended March 31,				Years Ended March 31,
		2023		2022		2023		2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	726,298	$	768,817	$	3,877,917	$	3,958,807
Self-storage revenues		195,246		166,818		744,492		617,120
Self-moving and self-storage product and service sales		76,220		78,969		357,286		351,447
Property management fees		8,577		8,347		37,073		35,194
Life insurance premiums		23,513		26,399		99,149		111,027
Property and casualty insurance premiums		20,667		21,532		93,209		86,518
Net investment and interest income		60,303		45,298		176,679		148,261
Other revenue		77,827		82,121		478,886		431,373
Consolidated revenue	$	1,188,651	$	1,198,301	$	5,864,691	$	5,739,747

		Quarters Ended March 31,				Years Ended March 31,
		2023		2022			2023		2022
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,110,851	$	1,106,434	$	5,567,714		$	5,398,267
Earnings from operations before equity in earnings of subsidiaries		94,845		134,390		1,396,122			1,577,226
Property and casualty insurance
Revenues		28,601		32,228		103,512			115,043
Earnings from operations		11,687		15,702		36,570			49,780
Life insurance
Revenues		53,339		62,751		206,100			238,812
Earnings from operations		4,297		5,656		12,935			19,538
Eliminations
Revenues		(4,140)		(3,112)		(12,635)			(12,375)
Earnings from operations before equity in earnings of subsidiaries		(380)		(384)		(1,521)			(1,547)
Consolidated Results
Revenues		1,188,651		1,198,301		5,864,691			5,739,747
Earnings from operations		110,449		155,364		1,444,106			1,644,997

Debt Metrics
(in thousands)(unaudited)	March 31,	December 31,	September 30,	June 30,	March 31,
	2023	2022	2022	2022	2022
Real estate secured debt	$2,660,878	$ 2,682,036	$ 2,860,764	$2,794,440	$ 2,641,527
Unsecured debt	1,200,000	1,200,000	1,200,000	1,350,000	1,350,000
Fleet secured debt	2,205,824	2,277,387	2,196,935	2,043,904	1,981,980
Other secured debt	76,648	77,399	78,871	81,008	86,206
Total debt	6,143,350	6,236,822	6,336,570	6,269,352	6,059,713

Moving and Storage cash	$2,034,242	$ 2,429,943	$ 3,025,390	$2,982,541	$ 2,643,213
Moving and Storage assets	15,235,637	15,234,112	15,243,508	14,911,413	14,382,417
Moving and Storage EBITDA (TTM)	1,888,513	1,906,046	1,995,170	2,053,296	2,055,858

Net debt to EBITDA	2.2	2.0	1.7	1.6	1.7
Net debt to total assets	27.0%	25.0%	21.7%	22.0%	23.8%

Percent of debt floating	8.4%	8.3%	10.5%	16.7%	16.4%
Percent of debt fixed	91.6%	91.7%	89.5%	83.3%	83.6%
Percent of debt unsecured	19.5%	19.2%	18.9%	21.5%	22.3%

Unencumbered asset ratio*	3.44x	3.35x	2.91x	2.99x	2.76x

* 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

Self-Storage Portfolio Summary
As of March 31, 2023
(unaudited)
U-Haul Owned Store Data by State

				Annual
State/		Units	Rentable	Revenue	Occupancy
Province	Stores	Occupied	Square Feet	Per Foot	During Qtr
Texas	87	33,230	3,791,229	$ 14.39	79.9%
California	86	30,965	2,931,304	$ 20.66	81.6%
Illinois	80	33,267	3,474,206	$ 15.04	78.9%
Florida	79	32,432	3,147,606	$ 18.99	85.5%
Pennsylvania	69	26,274	2,725,076	$ 16.30	74.5%
New York	63	25,191	2,348,258	$ 22.00	78.1%
Ohio	56	23,034	2,351,287	$ 14.32	82.0%
Michigan	56	19,088	1,848,375	$ 14.54	89.4%
Georgia	49	21,428	2,181,325	$ 15.59	88.0%
Arizona	42	24,148	2,445,800	$ 15.00	89.7%
Wisconsin	42	16,305	1,861,805	$ 12.88	81.7%
Washington	36	11,932	1,217,056	$ 16.25	78.8%
North Carolina	35	16,150	1,655,413	$ 14.51	83.3%
Tennessee	34	14,330	1,378,009	$ 13.90	87.5%
New Jersey	33	14,686	1,302,438	$ 19.84	86.6%
Ontario	32	9,801	953,803	$ 22.44	83.5%
Missouri	31	10,417	1,192,532	$ 14.52	75.6%
Indiana	30	9,460	1,024,999	$ 13.33	77.1%
Massachusetts	29	10,467	924,103	$ 19.03	86.1%
Alabama	25	6,456	771,006	$ 14.76	72.4%

Top 20 Totals	994	389,061	39,525,631	$ 16.42	82.0%

All Others	428	157,336	16,856,769	$ 15.40	79.4%

FY 2023 Totals	1,422	546,397	56,382,400	$ 16.13	81.2%

Same Store 2023	804	256,861	23,942,574	$ 16.57	94.2%
Same Store 2022	685	202,665	19,169,048	$ 15.13	95.7%
Same Store 2021	586	164,711	15,880,605	$ 14.57	93.1%

Non Same Store 2023	618	289,536	32,439,826	$ 15.69	72.3%
Non Same Store 2022	674	294,073	31,197,308	$ 14.46	75.4%
Non Same Store 2021	713	240,497	29,865,699	$ 13.45	65.1%

Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of
the reporting quarter. Occupancy % reflects average occupancy during reporting quarter.
Revenue per foot is average revenue per occupied foot over fiscal year 2023.
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.

		Quarter Ended March 31,
		2023		2022
		(unaudited) (In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals	$	726,298	$	768,817
Self-storage revenues		195,246		166,818
Self-moving and self-storage products and service sales		76,220		78,969
Property management fees		8,577		8,347
Life insurance premiums		23,513		26,399
Property and casualty insurance premiums		20,667		21,532
Net investment and interest income		60,303		45,298
Other revenue		77,827		82,121
Total revenues		1,188,651		1,198,301

Costs and expenses:
Operating expenses		746,317		707,843
Commission expenses		76,501		83,381
Cost of sales		56,114		66,137
Benefits and losses		42,718		47,453
Amortization of deferred policy acquisition costs		6,301		10,334
Lease expense		7,878		7,428
Depreciation, net of gains on disposals		141,815		121,551
Net (gains) losses on disposal of real estate		558		(1,190)
Total costs and expenses		1,078,202		1,042,937

Earnings from operations		110,449		155,364
Other components of net periodic benefit costs		(304)		(280)
Interest expense		(57,925)		(44,659)
Pretax earnings		52,220		110,425
Income tax expense		(14,483)		(23,678)
Earnings available to common shareholders	$	37,737	$	86,747
Basic and diluted earnings per share of Common Stock	$	0.16	$	0.44
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.20	$	0.44
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

		For the Quarter Ended
		March 31,
		2023		2022
		(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	$	37,737	$	86,747
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(7,058)		-
Undistributed earnings available to common stockholders	$	30,679	$	86,747
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	3,068	$	8,675

Undistributed earnings per share of Voting Common Stock	$	0.16	$	0.44
Dividends declared per share of Voting Common Stock	$	-	$	-
Basic and diluted earnings per share of Voting Common Stock	$	0.16	$	0.44


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	$	37,737	$	86,747
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(7,058)		-
Undistributed earnings available to common stockholders	$	30,679	$	86,747
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	27,611	$	78,072

Undistributed earnings per share of Non-Voting Common Stock	$	0.16	$	0.44
Dividends declared per share of Non-Voting Common Stock	$	0.04	$	-
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.20	$	0.44

		For the Years Ended
		March 31,
		2023		2022
		(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	$	922,998	$	1,123,286
Voting Common Stock dividends declared		(19,608)		(29,412)
Non-Voting Common Stock dividends declared		(14,117)		-
Undistributed earnings available to common stockholders	$	889,273	$	1,093,874
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	88,927	$	109,387

Undistributed earnings per share of Voting Common Stock	$	4.54	$	5.58
Dividends declared per share of Voting Common Stock	$	1.00	$	1.50
Basic and diluted earnings per share of Voting Common Stock	$	5.54	$	7.08


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	$	922,998	$	1,123,286
Voting Common Stock dividends declared		(19,608)		(29,412)
Non-Voting Common Stock dividends declared		(14,117)		-
Undistributed earnings available to common stockholders	$	889,273	$	1,093,874
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	800,346	$	984,487

Undistributed earnings per share of Non-Voting Common Stock	$	4.54	$	5.58
Dividends declared per share of Non-Voting Common Stock	$	0.08	$	-
Basic and diluted earnings per share of Non-Voting Common Stock	$	4.62	$	5.58

Moving and Storage EBITDA (In thousands, unaudited)	TTM
		March 31,		December 31,		September 30,		June 30,		March 31,
		2023		2022		2022		2022		2022
Earnings from operations *	$	1,396,122	$	1,435,667	$	1,534,803	$	1,575,848	$	1,577,226

Depreciation		733,879		721,950		712,896		703,059		696,955
Net gains on disposals		(247,084)		(255,419)		(256,495)		(228,228)		(214,203)
Net (gains) losses on disposal of real estate		5,596		3,848		3,966		2,617		(4,120)
Depreciation, net of (gains) losses on disposals		492,391		470,379		460,367		477,448		478,632

EBITDA	$	1,888,513	$	1,906,046	$	1,995,170	$	2,053,296	$	2,055,858

* before insurance subsidiaries

	Quarters Ended March 31,
	2023	2022
	(In thousands, except occupancy rate)
Unit count as of March 31	673	601
Square footage as of March 31	56,382	50,366
Average monthly number of units occupied	542	491
Average monthly occupancy rate based on unit count	81.2%	82.6%
Average monthly square footage occupied	46,994	42,863

	Years Ended March 31,
	2023	2022
	(In thousands, except occupancy rate)
Unit count as of March 31	673	601
Square footage as of March 31	56,382	50,366
Average monthly number of units occupied	535	471
Average monthly occupancy rate based on unit count	83.4%	82.6%
Average monthly square footage occupied	46,257	41,379

		March 31,		March 31,
		2023		2022
		(In thousands)
ASSETS
Cash and cash equivalents	$	2,060,524	$	2,704,137
Reinsurance recoverables and trade receivables, net		189,498		229,343
Inventories and parts, net		151,474		158,888
Prepaid expenses		241,711		236,915
Investments, fixed maturities and marketable equities		2,770,394		2,893,399
Investments, other		575,540		543,755
Deferred policy acquisition costs, net		152,377		103,828
Other assets		51,052		60,409
Right of use assets - financing, net		474,765		620,824
Right of use assets - operating, net		58,917		74,382
Related party assets		48,308		47,851
		6,774,560		7,673,731
Property, plant and equipment, at cost:
Land		1,537,206		1,283,142
Buildings and improvements		7,088,810		5,974,639
Furniture and equipment		928,241		846,132
Rental trailers and other rental equipment		827,696		615,679
Rental trucks		5,278,340		4,638,814
		15,660,293		13,358,406
Less: Accumulated depreciation		(4,310,205)		(3,732,556)
Total property, plant and equipment, net		11,350,088		9,625,850
Total assets	$	18,124,648	$	17,299,581
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	761,039	$	677,785
Notes, loans and finance leases payable, net		6,108,042		6,022,497
Operating lease liabilities		58,373		74,197
Policy benefits and losses, claims and loss expenses payable		875,034		890,254
Liabilities from investment contracts		2,398,884		2,336,238
Other policyholders' funds and liabilities		8,232		10,812
Deferred income		52,282		49,157
Deferred income taxes, net		1,334,427		1,286,149
Total liabilities		11,596,313		11,347,089

Common stock		10,497		10,497
Non-voting common stock		176		-

						March 31,		March 31,
						2023		2022
		March 31,		ROU Assets		Property, Plant and Equipment		Property, Plant and Equipment
		2023		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)

Property, plant and equipment, at cost
Land	$	1,537,206	$	-	$	1,537,206	$	1,283,142
Buildings and improvements		7,088,810		-		7,088,810		5,974,639
Furniture and equipment		928,241		9,687		937,928		860,863
Rental trailers and other rental equipment		827,696		152,294		979,990		785,193
Rental trucks		5,278,340		949,838		6,228,178		5,753,062
Right-of-use assets, gross		15,660,293		1,111,819		16,772,112		14,656,899
Less: Accumulated depreciation		(4,310,205)		(637,054)		(4,947,259)		(4,410,225)
Total property, plant and equipment, net	$	11,350,088	$	474,765	$	11,824,853	$	10,246,674

U-Haul Holding Co 8-K, filed May 30, 2023

About this 8-K

Items reported

Report on Business Operations

Debt Metrics