- U-Haul will present at KeyBanc’s Self-Storage Investor Forum on January 8, 2026, highlighting self-storage as a core growth focus.
- Q3 FY2025 self-storage revenue rose ~8% to ~$227.1M, with higher rates per occupied foot despite lower overall occupancy (~78.7%).
- U-Haul is rapidly expanding capacity, adding 34 locations and ~2.3M net rentable sq ft in Q3 with ~16.8M sq ft in the pipeline.
- Profitability remains pressured by rising fleet/real estate depreciation and fewer equipment resale gains, while new capacity may weigh on near-term occupancy.
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The recent announcement that U-Haul will be participating in KeyBanc’s Self-Storage Investor Forum underscores the strategic importance the company is placing on its self-storage operations. As the parent company of North America’s largest do-it-yourself moving and self-storage network, U-Haul is increasingly treating its self-storage segment not merely as a complementary business, but as a core growth engine. The forum participation suggests U-Haul aims to showcase its metrics—particularly revenue growth, footprint expansion, and margin improvement—to investors who may undervalue these aspects due to the company’s heavier associations with moving equipment.
Financially, Q3 FY 2025 provides mixed signals. On one hand, self-storage revenues grew nearly 8%, driven by both more occupied units and higher revenue per occupied square foot. On the other hand, portfolio occupancy (overall) slipped to ~78.7% in Q3, compared to ~81.8% the previous year, despite same-store occupancy holding up better at ~92.4%. The decline in overall occupancy is likely due to accelerated additions of new units and square footage coming online.
Capacity expansion is aggressive: in Q3, U-Haul added 34 locations and ~2.3 million net rentable square feet (NRSF), while maintaining a large pipeline (~16.8 million NRSF) of storage capacity in development or pending. This points to strong confidence in long-term demand but creates near-term risk—margins may face downward pressure as newer facilities ramp up and as upfront capital and depreciation costs accumulate.
Meanwhile, profitability has been under pressure. While adjusted EBITDA for the Moving & Storage segment rose—boosted by storage and rental equipment revenue growth—earnings per share fell due to rising depreciation (both fleet and real estate), reduced gains from retired equipment sales, and lower interest income driven by declining cash balances.
Strategic implications: U-Haul appears to be positioning its self-storage business more prominently among investors. Strong same-store performance suggests solid fundamentals, but the risk of diluting returns with too much capacity expansion looms. The dependency on equipment resale gains and fleet health continues to introduce volatility. Open questions include how quickly occupancy will climb in newer facilities, what capital discipline U-Haul will maintain, and how they intend to manage depreciation and resale pressures going forward.
Supporting Notes
- U-Haul will participate in KeyBanc Capital Markets Self-Storage Investor Forum on January 8, 2026 in New York City.
- Self-storage revenues were $227.125 million in Q3 FY 2025, up from $210.517 million in the same period the prior year.
- Average monthly occupancy rate for company-owned self-storage units dropped to ~78.7% in Q3 FY 2025 from ~81.8% in Q3 FY 2024; same-store occupancy held steady at ~92.4%.
- 34 new self-storage locations added in Q3 FY 2025, adding approximately 2.3 million net rentable square feet; 16.8 million square feet in development or pending.
- Moving & Storage segment EBITDA (adjusted) rose $47.8 million year-over-year to $376.7 million; fleet and real estate depreciation increased, and gains on disposal of equipment declined.
- Revenue per occupied square foot for self-storage increased by ~3.0% year-over-year in Q3; weighted average rate growth for same-store portfolio consistent but modest.