- U-Haul Holding Company will participate in the KeyBanc Capital Markets Self-Storage Investor Forum in New York City on January 8, 2026.
- Its self-storage segment is expanding, with FY2025 revenue up about 8% to $897.9 million and a development pipeline of roughly 15 million net rentable square feet.
- Overall earnings fell sharply in FY2025 as higher fleet depreciation and lower equipment disposal gains outweighed growth.
- Investors are likely to focus on occupancy and pricing trends, capital allocation and leverage, and whether storage growth can offset cost pressures across the business.
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The announcement that U-Haul Holding Company will participate in the KeyBanc Self-Storage Investor Forum signals a deliberate move to showcase its self-storage segment to capital markets—likely to underline its growth trajectory despite earnings headwinds. Although a recent press release confirms the participation, specific details—such as whether executives will present slides, update guidance, or unveil strategic shifts—are not yet disclosed.
On the financial front, U-Haul’s fiscal year ending March 31, 2025 showed self-storage revenues of $897.9 million, up ~8.0% from 2024. However, net earnings fell sharply from $628.7 million in FY2024 to $367.1 million, driven largely by a ~$260 million negative swing caused by elevated depreciation and reduced gains from equipment disposals.
Self-storage expansion remains at the core of U-Haul’s strategy. Key metrics: adding 20 new storage locations and 1.6 million net rentable square feet (NRSF) in just the fourth quarter of FY2025; same-store occupancy rates in storage dipped slightly (~0.5%), though revenue per square foot rose roughly 3%. A sizeable pipeline (≈15 million NRSF) is indicated.
Yet, profitability challenges loom. The depreciation burden from aggressive fleet capex (trucks and trailers) has increased sharply—depreciation expense rose ~44% year-over-year, and gains on retirements dropped significantly. The moving side of the business also experienced margin compression. Investors will likely press U-Haul for details on cost control, fleet lifecycle management, future depreciation expectations, and how the storage segment’s margin profile compares to its moving business and peer REITs.
The market context accentuates both opportunity and risk: the U.S. self-storage industry remains highly fragmented, with large players such as Public Storage, Extra Space, CubeSmart, and U-Haul controlling over one-third of inventory. U-Haul is among the top in terms of new supply additions—estimated at ~3.5 million square feet in 2025—indicating acceleration of development in secondary/tertiary markets.
Thus, the forum provides both a chance to solidify U-Haul’s narrative (storage growth, scale, asset-intensive advantages) and address investor concerns around declining profitability, capital spending discipline, and occupancy trends. How U-Haul balances its dual business (moving/equipment rental and self-storage) will be central to assessing its medium-term earnings power and valuation.
Supporting Notes
- In FY2025, U-Haul reported self-storage revenues of $897.913 million, up from $831.069 million in FY2024 (~8.0% increase).
- Net earnings in FY2025 fell to $367.1 million vs. $628.7 million in FY2024, a ~41.6% decline, with much of the drop attributed to higher depreciation expenses and lower resale gains.
- Fleet capital expenditure: company spent approximately $1.211 billion on rental equipment fleet during FY2025; fleet depreciation increased ~44.3%.
- Self-storage expansion: 20 new locations added in Q4 FY2025, contributing 1.6 million NRSF; pipeline of ~15 million NRSF under development or pending.
- Occupancy & pricing: Same-store occupancy declined slightly 0.5% to ~91.9% in Q4 FY2025, while revenue per foot increased ~3.0%.
- U-Haul’s scale: offers ~1,079,000 rentable storage units and ~93.7 million square feet of rentable space across owned and managed self-storage facilities, making it third largest operator in North America.
- Debt and leverage: Total debt increased to ~$7.23 billion as of March 31, 2025; net debt to EBITDA ratio rose to ~3.9× from ~3.1× in the previous year.
- Forum timing: KeyBanc Self-Storage Investor Forum scheduled for January 8, 2026 at The Westin New York Grand Central in New York City.