AMERCO 2017 Annual Report

July 14, 2017 Download

July 14, 2017

Dear Fellow Shareholders,

Fiscal 2017 produced modest revenue growth across all our major programs: Moving Trucks and Trailers, Self-Storage, U-Box, Towing Equipment and Moving Supplies.

We continued investing heavily in real estate and rental fleet. Our fleet investment caused a predictable increase in depreciation expense. Our truck resale program performed well below recent standards. Both increased depreciation expense and lower truck resale proceeds hurt earnings.

We continued to grow our retail network of approximately 20,000 Dealers and 1,750 Company Stores.

The Company added 3,400,000 net rentable square feet to our self-storage portfolio with the majority coming from our development program rather than purchases. The opportunity to increase our self-storage presence exists in many markets across the United States and Canada. We remain cautious on the acquisition front in today’s competitive real estate market.

It is my plan that our capital investments in fleet, self-storage and technology will create value for U-Haul customers now and for the foreseeable future.

In April, after seven years of study and development, we launched U-Haul Truck Share 24/7™ companywide. Customers are responding well to the convenience that U-Haul Truck Share 24/7 ™ adds to their community’s transportation infrastructure. Sharing has been our fundamental business premise since 1945. As the industry leader, U-Haul intends on pushing forward.

Repwest Insurance is operating on plan. Oxford Life maintained an A- financial strength rating by A.M. Best for the fourth consecutive year.

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

Sincerely,

E.J. “Joe” Shoen

Chairman