AGB 2023.6 - U-Haul Holding Co. (UHAL)

Long Reinvestment Runway for Self-Storage

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U-Haul

U-Haul is the leading truck and trailer rental company for do-it-yourself moving in North America. The company started in 1945 by renting moving trailers that customers hitched to their cars. By 1959, U-Haul rented trucks to customers through a network of independent dealers and opened its own retail locations by 1973. As of March 2023 (fiscal year end), the company operates the largest network of rental locations including 2.2k company operated stores and 21.3k independent dealers. U-Haul is also one of the largest self-storage operators in the U.S. with over 56M sq. ft. of rentable storage space. The company groups these two segments together in its segment reporting under Moving and Storage, which represents 95% of revenues and 97% of operating earnings.

Customers rent a truck or trailer from U-Haul at its many locations for either in-town or one way moves. In-town moves represent a little more than half of al…