The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Six Months Ended September 30,
---------------------------------------
2024 2023
------------------- ------------------
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of September 30 758 691
Square footage as of September 30 64,499 58,402
Average monthly number of units
occupied 602 529
Average monthly occupancy rate
based on unit count 80.5% 83.5%
End of September occupancy rate
based on unit count 80.0% 83.5%
Average monthly square footage
occupied 52,412 49,279
Self-Storage Portfolio Summary
As of September 30, 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 95 38,681 4,464,341 $14.70 79.3%
California 88 34,103 3,181,088 $21.12 82.4%
Florida 85 33,813 3,736,937 $18.40 77.6%
Illinois 81 37,392 3,904,707 $15.76 83.9%
Pennsylvania 71 28,216 3,013,510 $17.56 76.1%
New York 66 27,725 2,611,589 $23.18 80.5%
Ohio 60 25,124 2,646,025 $14.93 81.6%
Michigan 57 20,530 2,103,664 $15.58 86.7%
Georgia 51 22,373 2,464,567 $16.26 85.2%
Wisconsin 44 17,109 2,009,358 $13.45 75.3%
Arizona 43 25,431 2,736,698 $15.33 84.2%
North Carolina 37 16,825 1,836,403 $15.27 78.5%
Washington 36 14,019 1,502,356 $16.69 76.8%
Tennessee 36 15,100 1,519,561 $14.84 87.5%
Missouri 35 12,982 1,609,272 $14.42 76.2%
New Jersey 34 16,196 1,512,750 $20.77 83.9%
Ontario 33 11,857 1,211,460 $23.05 76.1%
Indiana 33 10,718 1,174,751 $13.68 82.4%
Massachusetts 31 11,244 997,282 $20.47 87.8%
Alabama 27 7,241 852,224 $13.91 78.7%
Top 20 Totals 1,043 426,679 45,088,542 $16.95 80.9%
All Others 464 180,234 19,486,826 $16.32 81.0%
2Q 2025 Totals 1,507 606,913 64,575,368 $16.76 80.9%
Same Store
Pool Held
Constant for
Prior Periods
Same Store 2Q25 893 318,885 29,373,505 $17.20 94.1%
Same Store 2Q24 893 322,797 29,340,207 $16.59 94.9%
Same Store 2Q23 893 324,205 29,339,784 $15.42 95.1%
Non-Same Store
2Q25 614 288,028 35,201,862 $16.23 70.0%
Non-Same Store
2Q24 551 255,097 29,206,735 $15.97 73.6%
Non-Same Store
2Q23 494 218,320 24,107,327 $15.20 74.3%
Same Store 2Q25 893 318,885 29,373,505 $17.20 94.1%
Same Store 2Q24 841 280,565 25,949,457 $16.55 95.0%
Same Store 2Q23 753 233,947 21,916,035 $15.18 96.7%
Non Same Store
2Q25 614 288,028 35,201,862 $16.23 70.0%
Non Same Store
2Q24 605 296,627 32,528,552 $16.11 75.9%
Non Same Store
2Q23 636 307,535 31,463,318 $15.48 78.4%
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 September 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.
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, March 31,
2024 2024
------------- -----------
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents $ 1,435,639 $ 1,534,544
Trade receivables and reinsurance
recoverables, net 217,556 215,908
Inventories and parts 157,592 150,940
Prepaid expenses 279,539 246,082
Fixed maturity securities
available-for-sale, net, at fair value 2,437,923 2,442,504
Equity securities, at fair value 63,295 66,274
Investments, other 643,893 633,936
Deferred policy acquisition costs, net 121,329 121,224
Other assets 130,071 111,743
Right of use assets - financing, net 208,804 289,305
Right of use assets - operating, net 51,308 53,712
Related party assets 54,288 57,934
------------- -----------
5,801,237 5,924,106
------------- -----------
Property, plant and equipment, at cost:
Land 1,739,422 1,670,033
Buildings and improvements 8,915,534 8,237,354
Furniture and equipment 1,022,945 1,003,770
Rental trailers and other rental
equipment 989,672 936,303
Rental trucks 7,123,968 6,338,324
------------- -----------
19,791,541 18,185,784
Less: Accumulated depreciation (5,466,227) (5,051,132)
------------- -----------
Total property, plant and equipment, net 14,325,314 13,134,652
------------- -----------
Total assets $ 20,126,551 $ 19,058,758
============= ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses $ 896,811 $ 783,084
Notes, loans and finance leases payable,
net 6,760,781 6,271,362
Operating lease liabilities 52,471 55,032
Policy benefits and losses, claims and
loss expenses payable 833,632 849,113
Liabilities from investment contracts 2,497,031 2,411,352
Other policyholders' funds and
liabilities 8,045 18,070
Deferred income 54,026 51,175
Deferred income taxes, net 1,504,356 1,447,125
------------- -----------
Total liabilities 12,607,153 11,886,313
------------- -----------
Common stock 10,497 10,497
Non-voting common stock 176 176
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (240,831) (223,216)
Retained earnings 7,964,658 7,600,090
Cost of common stock in treasury, net (525,653) (525,653)
Cost of preferred stock in treasury, net (151,997) (151,997)
------------- -----------
Total stockholders' equity 7,519,398 7,172,445
------------- -----------
Total liabilities and stockholders' equity $ 20,126,551 $ 19,058,758
============= ===========
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended September 30,
--------------------------------------------------
2024 2023
(MORE TO FOLLOW) Dow Jones Newswires
November 06, 2024 16:42 ET (21:42 GMT)
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