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26.02.2016 admin
U-Haul brought in $46.1 million from self-storage facilities during the third quarter, up $7 million from the year-ago period.
Jason Berg, chief accounting officer at U-Haul parent company Amerco, attributed the revenue bump to “organic rent-up activity” and occupancy gains from the purchase of facilities. The revenue boost for self-storage was even higher for the first nine months of Amerco’s current budget year—20 percent. However, the company has been investing heavily to broaden its self-storage footprint over the past year.
So far in Amerco’s current budget year, total spending on construction, renovation and acquisitions—including self-storage—has reached $256 million.
U-Haul opened 43 new locations during the first nine months of the budget year; 26 of those have storage.
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During the third quarter, U-Haul’s self-storage revenue shot up 17 percent compared with the same period a year earlier. As a result, revenue in Amerco’s self-storage segment has grown faster than revenue in the moving segment.
6 call, Berg told Wall Street analysts that revenue growth has been spurred by a jump in rentals rather than a jump in rental prices. Our investment horizon tends to be much longer than that of our truck and storage competitors,” Berg said. 31—to pay for acquisition of facilities and expansion of its truck fleet so it can avoid racking up more debt.


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In all, Amerco raked in revenue of $641 million during the third quarter, up 10 percent from the same time a year earlier. The addition of self-storage facilities “has had an enormous impact on the business coming to us,” he said.



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