AMERCO 2022 Annual Report

July 6, 2022 Download

July 6, 2022

Dear Fellow Shareholders,

U-Haul has benefited from a strong surge of migration over the past few years. Our service-oriented team, a network of over 23,000 locations, and past decisions to invest in fleet and self-storage have helped us meet public demand.

U-Haul is a shared-use business. As such, the public, the environment, and the communities we serve benefit from our products and services. Our business model is premised on sharing and conserving. Our success is a byproduct of this benefit.

Over the fiscal year, we added 4,600,000 net rentable square feet of self-storage. Self-storage continues to fill at historically high rates. Competitors are everywhere. We continue to build and convert properties in markets and neighborhoods that are underserved. The customer is telling us where U-Haul needs to be.

We are not insulated from the changing forces faced by businesses and consumers alike. Inflation, high energy costs, and downward pressure on suppliers will likely cause further disruption. Our fleet rotation program has been impacted by an undersupply of vehicles and will be for the coming year and the foreseeable future. With the accelerating restrictions on fossil fuels, I expect nearly everything to inflate in cost. We will adapt.

U-Box continues to grow in both public awareness and adoption. Our operations are continuing to improve. Our long-term blueprint for serving this moving and storage customer centers on convenience.

Moving Help recently surpassed 5,400,000 jobs. We now have nearly 7,000 service providers in our network.

Repwest Insurance and Oxford Life continue to operate according to our plan.

My thanks to our customers, team members, U-Haul dealers, shareholders, and lenders for your continued support.


E.J. “Joe” Shoen