AMERCO, the parent company of U-Haul International Inc., reported financial results for the quarter ended Dec. 31, the third quarter of its 2014 fiscal year. Self-storage revenue increased $7 million, nearly 18 percent, year over year to $46.1 million. Average monthly occupancy in company-owned facilities was 80 percent during the quarter, up from 78.1 percent for the same period in 2012.
U-Haul has added approximately 2.1 million net rentable square feet to its corporate self-storage portfolio during the last 12 months. As of Dec. 31, square footage was nearly 17.8 million.
Companywide, AMERCO reported net earnings available to common shareholders of $52.2 million, $2.67 per share, compared to $36.8 million, $1.89 per share, for the same period the previous year.
"In multiple, very-competitive marketplaces, U-Haul team members are working to increase our service to the customer," said Joe Shoen, chairman of AMERCO.
Operating earnings at the company’s moving-and-storage segment increased $19.4 million in the quarter compared with the same period in 2012. Total revenue climbed $63.4 million but was partially offset by a $44 million increase in total costs and expenses.
AMERCO is the parent company of U-Haul International, Oxford Life Insurance Co., Repwest Insurance Co. and Amerco Real Estate Co. Established in 1945, U-Haul more than 40 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.