流动性：截至 9 月底，Moving and Storage 现金加可用贷款额度为 $1.376B（CFO）。
官方指引：未提供具体季度或全年数字范围。管理层表示“October results came in below trend, working for an improved November”（CFO）；预计设备折旧和处置亏损压力“likely to continue for some time”（CEO）。
管理层引述
Edward Shoen (CEO)：“The earnings crush of increased depreciation and change from booking gains on equipment sales to booking losses on equipment sales became evident this quarter.”
Edward Shoen (CEO)：“Self-storage is a positive, but it remains a slugfest. Not very many gains are coming easily even on good projects.”
Edward Shoen (CEO)：“As the unproductive regulations on vehicle manufacturers and users subside, I expect a reordering that will benefit citizens and businesses alike.”
Jason Berg (CFO)：“Revenue growth across all of our Moving and Storage product lines led to this increase.”
Jason Berg (CFO)：“For the first time in our history, we have eclipsed the 25,000 location count and the plan is to continue adding.”
Prepared Metrics
指标
数值
来源/背景
GAAP 净利润
$106M
第二季度，同比去年 $187M（CFO）
EPS（非投票股）
$0.54
第二季度，同比去年 $0.96（CFO）
调整后 EBITDA（Moving and Storage）
同比 +6%（约 +$32M）
第二季度（CFO）
设备租赁收入
+$23M（+2%）
第二季度（CFO）
自存储收入
+$22M（+10%）
第二季度（CFO）
同店每平方英尺收入增长
约 +4%
第二季度（CFO）
同店入住率
90.5%（-350 bps）
第二季度，其中 -220 bps 因删除拖欠租户（CFO）
设备处置损益
-$38M（去年 +$18M）
第二季度（CFO）
前6个月新租赁设备 CapEx
$1.325B（同比 +$169M）
截至9月30日（CFO）
前6个月房地产/开发投资
$526M（同比 -$208M）
截至9月30日（CFO）
经销商网点总数
超过 25,000 个
截至9月30日（CFO）
流动性（现金+贷款）
$1.376B
截至9月30日（CFO）
Q&A Batch (1-5 of 6)
Q1 — Steven Ralston
Topic: Depreciation methodology, peak timing, and normalized trough level
Key points:
Box trucks: dynamic depreciation (faster early, slower later), held 12–15 years; schedule unchanged, but uneven purchases cause fluctuations.
Cargo vans/pickups: straight‑line, held 12–24 months; current resale market drives depreciation 2–3× higher per month vs. 3 years ago.
Box truck depreciation expected to peak end of this year / early next year then trend down; cargo van peak hopefully end of this year, then flatten/decline (dependent on resale market).
Normalized annual depreciation (including trailers/U‑Box containers) estimated around $700 M–$750 M, vs. current run rate ~$1.1 B and pre‑COVID trough ~$600 M.
Mgmt stance: Cautious – peak timing is uncertain for cargo vans (depends on new vehicle pricing and resale market); Edward Shoen personally thinks pickups/vans peak is ~1 year away.
Q2 — Steven Ramsey
Topic: Dealer network growth, storage competition, and link to existing home sales
Key points:
Dealer share of truck/trailer rental revenue is currently ~3 ppt below historical average (~just under 50%); company is slightly over‑fleeted now, providing equipment to allocate.
Visible results from dealer expansion expected by May/June 2026.
New owned stores (past 2–3 years) nearly all generate more self‑storage revenue than truck/trailer rental; pattern expected to continue.
Self‑storage competition: REIT competitors offer move‑in discounts 30%–50% below move‑out rates; U‑Haul maintains a more stable pricing strategy.
Existing home sales recovery would likely boost one‑way moves and U‑Box, but effect may not be large enough to be clearly visible.
Mgmt stance: Bullish on dealer network opportunity (Edward Shoen: significant room for increased penetration) and storage strategy (differentiation vs. REITs viewed as positive).
Q3 — Andy Liu
Topic: Capital allocation (truck fleet vs. storage returns), moving transaction trends, storage tenant cleanup
Key points:
Return on trucks has directionally declined vs. historical levels; storage development yields previously called out at ~10%.
Truck transaction volume: good months followed by recession; Q4 last year to Q1 this year saw an upward trend, but Q2 took a step back, and October showed continued step‑back.
Storage tenant evictions for non‑payment are largely complete; company is now re‑renting spaces to paying customers. Fall season is weaker demand, but overall revenue is still up.
Mgmt stance: Neutral/cautious on fleet returns (acknowledges current cost cycle, no long‑term strategy shift); confident storage cleanup was the right move and occupancy should improve into spring.
Q4 — Jeffrey Kauffman
Topic: Tariff impact on vehicle costs (CapEx and maintenance)
Key points:
U‑Haul buys some Stellantis vans and GM products assembled in Mexico; initial fear of 15%–20% cost disadvantage has not materialized – suppliers are navigating tariffs without passing through full costs.
Ford products (higher domestic content) have a slight advantage.
Tariff effects so far appear primarily in new vehicle costs; parts prices are rising but not yet a material number.
Management applies pressure on suppliers to hold prices, and hedges/supplier actions have kept increases well below the 20%–25% tariff headlines.
Mgmt stance: Neutral – tariff headwinds are being managed effectively for now, but management remains wary of future escalation.
U‑Box revenue growth driven by shipping income, storage rent, and delivery income – all increased on a percentage and gross basis vs. prior year.
U‑Box expenses (freight) are under control; asset availability is not a constraint (containers, warehouse space, delivery equipment).
U‑Box is gaining market share and aims to become market leader; profitability profile is within a few percentage points of overall Moving & Storage margin on a quarterly basis.
Storage occupancy for U‑Box containers is a fraction of self‑storage occupancy, representing a large upside; filling more boxes will increase margins.
Management has no current plan to sell off self‑storage properties in non‑target markets; existing fringe locations (e.g., Wyoming, North Dakota) typically have decent returns and lower going‑in costs.
Mgmt stance: Bullish on U‑Box (gaining share, cost control, long‑term margin upside); neutral on asset sales (no pressure to sell, sees better use of capital in existing footprint).
Box truck price increases have been more sedate than pickups/cargo vans; still $3,000–$3,500 above pre-COVID 10-year average inflation trend.
Ford and GM have incurred “staggering” costs from political agenda (EV push), laying off ICE engineers, disrupting supply lines; they are now pivoting back but seeking to recover losses via pricing.
Edward Shoen believes OEMs could hold prices constant for 2–3 years; they have shown more willingness to negotiate in last 6 months.
For 6-month period: personnel up $32M, repair/maintenance up $15M, liability costs up $40M — these three remain largest expense drivers.
Mgmt stance: Cautious on near-term pricing relief (still elevated vs. historical trend); neutral on competitive pricing (competitors still higher than U-Haul in most applications); cautious on operating cost inflation (liability and personnel still rising).