U-Haul Holding Co 8-K, filed Feb 5, 2025

U-Haul Holding Co (UHAL)

8-K 2025-02-05 For: 2025-02-05

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Added on April 10, 2026

About this 8-K

U-Haul Holding Co filed this 8-K on February 5, 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 February 5, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL documents)


			U-Haul Holding Company

Date:	February 5, 2025	By:	Jason A. Berg
			Jason A. Berg Chief Financial Officer


		Quarter Ended December 31,
		2024		2023
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	878,585	$	839,801
Self-storage revenues		227,125		210,517
Self-moving and self-storage product and service sales		70,407		70,344
Property management fees		8,869		10,138
Life insurance premiums		22,926		22,574
Property and casualty insurance premiums		28,364		26,490
Net investment and interest income		40,536		57,457
Other revenue		111,746		102,193
Consolidated revenue	$	1,388,558	$	1,339,514


(in thousands)(unaudited)	December 31,	September 30,	June 30,	March 31,	December 31,
	2024	2024	2024	2024	2023
Real estate secured debt	$2,436,840	$2,471,044	$2,497,239	$2,562,620	$2,716,180
Unsecured debt	1,700,000	1,700,000	1,200,000	1,200,000	1,200,000
Fleet secured debt	2,724,349	2,554,194	2,544,235	2,470,603	2,482,356
Other secured debt	68,402	69,264	70,202	70,815	72,869
Total debt	6,929,591	6,794,502	6,311,676	6,304,038	6,471,405

Moving and Storage cash	$883,108	$1,279,493	$1,071,779	$1,380,165	$1,736,295
Moving and Storage assets	17,291,214	17,164,316	16,447,193	16,149,748	16,193,912
Moving and Storage EBITDA (TTM)	1,614,146	1,566,396	1,584,461	1,567,985	1,593,446

Net debt to EBITDA	3.7	3.5	3.3	3.1	3.0
Net debt to total assets	35.0%	32.1%	31.9%	30.5%	29.2%

Percent of debt floating	6.2%	5.9%	7.7%	7.2%	6.9%
Percent of debt fixed	93.8%	94.1%	92.3%	92.8%	93.1%
Percent of debt unsecured	24.5%	25.0%	19.0%	19.0%	18.5%

Unencumbered asset ratio*	3.81x	3.78x	4.72x	4.43x	4.00x

* 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


		Nine Months Ended December 31,
		2024		2023
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	2,980,265	$	2,908,412
Self-storage revenues		667,381		618,368
Self-moving and self-storage product and service sales		254,761		262,787
Property management fees		27,950		28,582
Life insurance premiums		64,154		68,203
Property and casualty insurance premiums		75,360		72,383
Net investment and interest income		115,455		186,787
Other revenue		409,830		384,160
Consolidated revenue	$	4,595,156	$	4,529,682


Self-Storage Portfolio Summary
As of December 31, 2024
(unaudited)
U-Haul Owned Store Data by State
				Annual
State/		Units	Rentable	Revenue	Occupancy
Province	Stores	Occupied	Square Feet	Per Foot	During Qtr
Texas	96	38,335	4,511,005	$14.68	77.8%
California	88	34,060	3,242,143	$21.17	80.4%
Florida	86	35,151	3,804,625	$18.41	79.7%
Illinois	82	36,952	3,992,316	$15.88	79.3%
Pennsylvania	71	27,664	3,033,544	$17.67	71.6%
New York	66	27,413	2,627,413	$23.28	78.3%
Ohio	63	25,544	2,889,088	$14.94	77.5%
Michigan	58	20,072	2,155,979	$15.63	81.9%
Georgia	51	22,161	2,463,915	$16.28	84.6%
Arizona	45	25,275	2,814,643	$15.33	81.1%
Wisconsin	44	16,567	2,007,208	$13.59	72.9%
North Carolina	39	17,040	1,959,192	$15.27	75.5%
Tennessee	37	15,080	1,552,061	$14.85	86.4%
Washington	36	14,161	1,505,865	$16.61	77.5%
Missouri	36	13,114	1,724,413	$14.24	73.0%
Ontario	33	11,841	1,216,368	$22.93	76.9%
New Jersey	33	15,941	1,501,084	$20.72	83.6%
Indiana	33	10,410	1,176,027	$13.67	78.8%
Minnesota	33	13,315	1,686,176	$14.54	72.2%
Massachusetts	31	11,073	1,005,182	$20.59	85.9%

Top 20 Totals	1,061	431,169	46,868,246	$16.98	78.6%

All Others	477	178,863	19,923,287	$16.32	79.0%

3Q 2025 Totals	1,538	610,032	66,791,533	$16.78	78.7%

Same Store Pool Held Constant for Prior Periods
Same Store 3Q25	904	320,420	29,827,746	$17.28	92.4%
Same Store 3Q24	904	322,626	29,804,954	$16.77	92.9%
Same Store 3Q23	904	325,148	29,774,344	$15.70	93.6%

Non-Same Store 3Q25	634	289,612	36,963,786	$16.20	67.5%
Non-Same Store 3Q24	545	246,176	29,697,857	$16.10	70.8%
Non-Same Store 3Q23	499	214,652	25,298,565	$15.50	70.6%
Same Store Pool, Prior Periods Unchanged
Same Store 3Q25	904	320,420	29,827,746	$17.28	92.4%
Same Store 3Q24	854	283,150	26,769,110	$16.64	92.9%
Same Store 3Q23	781	245,962	23,038,504	$15.64	95.0%

Non Same Store 3Q25	634	289,612	36,963,786	$16.20	67.5%
Non Same Store 3Q24	597	284,899	32,664,093	$16.33	73.1%
Non Same Store 3Q23	624	293,251	31,966,662	$15.62	74.8%

Note: Store Count, Units, and NRSF figures 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 the trailing twelve months ending December 2024.
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
		December 31,
		2024		2023
		(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	$	67,166	$	99,224
Voting Common Stock dividends declared		—		—
Non-Voting Common Stock dividends declared		(8,824)		(8,823)
Undistributed earnings available to common stockholders	$	58,342	$	90,401
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	5,834	$	9,040

Undistributed earnings per share of Voting Common Stock	$	0.30	$	0.46
Dividends declared per share of Voting Common Stock	$	—	$	—
Basic and diluted earnings per share of Voting Common Stock	$	0.30	$	0.46


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	$	67,166	$	99,224
Voting Common Stock dividends declared		—		—
Non-Voting Common Stock dividends declared		(8,824)		(8,823)
Undistributed earnings available to common stockholders	$	58,342	$	90,401
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	52,508	$	81,361

Undistributed earnings per share of Non-Voting Common Stock	$	0.30	$	0.46
Dividends declared per share of Non-Voting Common Stock	$	0.05	$	0.05
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.35	$	0.51


		For the Nine Months Ended
		December 31,
		2024		2023
		(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	$	449,381	$	629,570
Voting Common Stock dividends declared		—		—
Non-Voting Common Stock dividends declared		(26,471)		(22,941)
Undistributed earnings available to common stockholders	$	422,910	$	606,629
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	42,291	$	60,663

Undistributed earnings per share of Voting Common Stock	$	2.16	$	3.09
Dividends declared per share of Voting Common Stock	$	—	$	—
Basic and diluted earnings per share of Voting Common Stock	$	2.16	$	3.09


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	$	449,381	$	629,570
Voting Common Stock dividends declared		—		—
Non-Voting Common Stock dividends declared		(26,471)		(22,941)
Undistributed earnings available to common stockholders	$	422,910	$	606,629
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	380,619	$	545,966

Undistributed earnings per share of Non-Voting Common Stock	$	2.16	$	3.09
Dividends declared per share of Non-Voting Common Stock	$	0.15	$	0.13
Basic and diluted earnings per share of Non-Voting Common Stock	$	2.31	$	3.22


Moving and Storage EBITDA (In thousands, unaudited)	Trailing Twelve Months
		December 31,		September 30,		June 30,		March 31,		December 31,
		2024		2024		2024		2024		2023
Earnings from operations *	$	713,846	$	739,313	$	831,802	$	896,140	$	980,169

Depreciation		932,407		892,627		848,727		817,889		793,940
Net gains on disposals		(44,154)		(76,817)		(106,065)		(153,958)		(186,541)
Net losses on disposal of real estate		12,047		11,273		9,997		7,914		5,878
Depreciation, net of (gains) losses on disposals		900,300		827,083		752,659		671,845		613,277

EBITDA	$	1,614,146	$	1,566,396	$	1,584,461	$	1,567,985	$	1,593,446

* before insurance subsidiaries


	Quarter Ended December 31,
	2024	2023
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31	781	701
Square footage as of December 31	66,792	59,433
Average monthly number of units occupied	610	571
Average monthly occupancy rate based on unit count	78.7%	81.8%
End of December occupancy rate based on unit count	78.1%	81.0%
Average monthly square footage occupied	53,444	49,515


	Nine Months Ended December 31,
	2024	2023
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31	781	701
Square footage as of December 31	66,792	59,433
Average monthly number of units occupied	605	571
Average monthly occupancy rate based on unit count	79.9%	82.9%
End of December occupancy rate based on unit count	78.1%	81.0%
Average monthly square footage occupied	52,756	49,358


		December 31,		March 31,
		2024		2024
		(Unaudited)
		(In thousands)
ASSETS
Cash and cash equivalents	$	1,017,398	$	1,534,544
Trade receivables and reinsurance recoverables, net		181,303		215,908
Inventories and parts		155,140		150,940
Prepaid expenses		265,891		246,082
Fixed maturity securities available-for-sale, net, at fair value		2,617,126		2,442,504
Equity securities, at fair value		67,667		66,274
Investments, other		625,630		633,936
Deferred policy acquisition costs, net		123,015		121,224
Other assets		126,413		111,743
Right of use assets - financing, net		168,817		289,305
Right of use assets - operating, net		48,500		53,712
Related party assets		58,048		57,934
		5,454,948		5,924,106
Property, plant and equipment, at cost:
Land		1,822,497		1,670,033
Buildings and improvements		9,305,846		8,237,354
Furniture and equipment		1,036,203		1,003,770
Rental trailers and other rental equipment		1,032,132		936,303
Rental trucks		7,347,053		6,338,324
		20,543,731		18,185,784
Less: Accumulated depreciation		(5,668,514)		(5,051,132)
Total property, plant and equipment, net		14,875,217		13,134,652
Total assets	$	20,330,165	$	19,058,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	799,452	$	783,084
Notes, loans and finance leases payable, net		6,896,987		6,271,362
Operating lease liabilities		49,543		55,032
Policy benefits and losses, claims and loss expenses payable		829,992		849,113
Liabilities from investment contracts		2,546,940		2,411,352
Other policyholders' funds and liabilities		20,895		18,070
Deferred income		47,419		51,175
Deferred income taxes, net		1,507,604		1,447,125
Total liabilities		12,698,832		11,886,313


						December 31,		March 31,
						2024		2024
		December 31,		ROU Assets		Property, Plant and Equipment		Property, Plant and Equipment
		2024		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)

Property, plant and equipment, at cost
Land	$	1,822,497	$	-	$	1,822,497	$	1,670,033
Buildings and improvements		9,305,846		-		9,305,846		8,237,354
Furniture and equipment		1,036,203		61		1,036,264		1,003,831
Rental trailers and other rental equipment		1,032,132		66,083		1,098,215		1,050,910
Rental trucks		7,347,053		388,528		7,735,581		6,945,845
Subtotal		20,543,731		454,672		20,998,403		18,907,973
Less: Accumulated depreciation		(5,668,514)		(285,855)		(5,954,369)		(5,484,016)
Total property, plant and equipment, net	$	14,875,217	$	168,817	$	15,044,034	$	13,423,957