NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR PUBLIC DISSEMINATION IN THE UNITED STATES.
CALGARY, Alberta, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that it has entered into a definitive agreement to acquire operated, oil-weighted Cardium light oil assets in the Harmattan area of central Alberta (the "Acquired Assets") from a third-party vendor (the "Vendor") for total consideration of approximately $33.4 million (the "Purchase Price"), subject to customary adjustments and the assumption by Petrus of certain pre-estimated post-closing obligations of the Vendor (the "Transaction").
In connection with the Transaction, Petrus has also entered into a bought deal agreement in respect of a $6 million brokered private placement and intends to complete a $4 million non-brokered private placement, in each case pursuant to the listed issuer financing exemption.
ACQUISITION HIGHLIGHTS
Strategic, Oil-Weighted Cardium Expansion: Operated Cardium light oil assets that complement Petrus' existing Deep Basin assets, delivering meaningful near-term cash flow and long-life producing reserves.
Material Increase in Production: The Transaction is expected to increase Petrus' current production by approximately 2,000 boe/d (640 bbl/d crude oil, 4,580 mcf/d natural gas and 600 bbl/d NGLs)1.
Increased Liquids Weighting: Company pro forma liquids weighting increases to approximately 40% (+11%)2, delivering a higher-value production base.
Highly Attractive Acquisition Metrics: The Transaction implies compelling acquisition pricing across key benchmark metrics, including 2.0x operating income3, $16,700 per flowing boe/d4, and Purchase Price (prior to adjustments) equal to approximately 51% of PDP NPV-105.
Low-Decline Base Production with Meaningful Future Drilling Upside: The Acquired Assets include long-life producing reserves and future drilling inventory, providing Petrus with operational flexibility and sustainable long-term free funds flow generation. Proved developed producing reserves associated with the Acquired Assets include 5.8 MMboe at year end 2024 (+33% increase relative to Petrus' year end 2024 reserves)6, with associated NPV-10 value of approximately $66.1 million (+32% increase relative to Petrus' year end 2024 reserves)6.
Strong Pro Forma Accretion and Scale Benefits: The Transaction is expected to be accretive to Petrus on a per-share production and cash flow basis while supporting a more consistent and efficient development program. Additional detail on the anticipated financial impact of the Transaction is expected to be provided in conjunction with announcement of the Company's 2026 budget. TRANSACTION DETAILS
The Transaction will be funded through a combination of the Company's newly established Term Facility and net proceeds from the Offering (as each is defined below). Following closing of the Transaction, Petrus expects to maintain a conservative balance sheet and significant financial flexibility to support its ongoing development program.
The Transaction has an effective date of February 1, 2026 and is expected to close on or about February 19, 2026, subject to customary regulatory approvals and closing conditions.
Purchase Price$33.4 MillionAverage Current Production12,000 boe/dLiquids Weighting262%Annual Decline Rate722%Net Locations8 Proved13.4Proved plus Probable32.6Acreage Net Developed Acres44,532Net Undeveloped Acres22,626Reserves Volumes5 PDP5,819 MboeProved9,505 MboeProved plus Probable19,465 MboeReserves Values ($M NPV-10)5 PDP$66,106Proved$85,589Proved plus Probable$159,077Acquisition Metrics Multiple of Operating Income32.0Multiple of Flowing Barrel Production4$16,700/boe/d% of PDP Reserves651%% of Proved Reserves640%
STRATEGIC RATIONALE
The Transaction is consistent with Petrus' strategy of finding, developing, and producing oil and gas profitably in the Deep Basin and acquiring assets that align with this focus.
The Harmattan Cardium asset represents a concentrated operated position that complements Petrus' existing Deep Basin footprint and enhances the Company's overall liquids weighting and corporate scale. The added production base is expected to support a more consistent development program, improving capital efficiency and strengthening the sustainability of free funds flow generation. Importantly, the asset includes long-life producing reserves and attractive future drilling inventory, providing Petrus with increased operational flexibility and additional development opportunities for years ahead.
The Transaction is expected to be accretive on key metrics and it advances Petrus' objective of growing shareholder value by building a strong and profitable production base with long-term development opportunities.
THE TERM FACILITY
In connection with the Transaction, Petrus amended and restated its current credit facilities (the "Current Credit Facilities") to include, inter alia, a non-revolving term facility of up to $35 million that may only be utilized to fund the Purchase Price (the "Term Facility"). The net proceeds of the Offering will be used to reduce the amount drawn under the Term Facility to fund the Purchase Price. If the Offering does not close, it is anticipated the Term Facility will be used to fund the entirety of the Purchase Price.
The Term Facility contains certain prepayment options in favour of the Company and certain mandatory prepayment obligations upon the occurrence of certain events. The Term Facility has a maturity date of two years from closing, and the amount outstanding thereunder may be repaid in whole or in part at any time prior to maturity with no prepayment penalty. The Term Facility carries an interest rate of Canadian Prime Rate plus 3.75%.
THE OFFERING
The Company has entered into a bought deal agreement with Haywood Securities Inc. ("Haywood") for and on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase on a "bought deal" private placement basis 3,428,571 common shares of the Company (the "Common Shares") at a price of C$1.75 per Common Share (the "Offering Price") for aggregate gross proceeds of approximately C$6,000,000 (the "Bought Deal Offering"). Concurrent with the Bought Deal Offering, the Company will also conduct a non-brokered private placement (the "Non-Brokered Private Placement", and together with the Bought Deal Offering, the "Offering") of 2,285,714 Common Shares at the Offering Price for aggregate proceeds of approximately $4,000,000.
The Underwriters have been granted an option (the "Over-Allotment Option") to purchase up to an additional 514,285 Common Shares at the Offering Price on the same terms and conditions as the Bought Deal Offering. The Over-Allotment Option will be exercisable, in whole or in part, at any time up until 48 hours prior to the closing of the Offering.
The Common Shares will be offered for sale to purchasers resident in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under National Instrument 45-106 - Prospectus Exemptions (the "Listed Issuer Financing Exemption"). As the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Common Shares issued pursuant to the Offering will not be subject to a statutory hold period pursuant to applicable Canadian securities laws. The Common Shares may also be offered in the United States by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.
The Company intends to use the net proceeds of the Offering to fund a portion of the Purchase Price. If the Transaction does not close, the Company will use the net proceeds from the Offering to pay down existing debt under its Current Credit Facilities.
The offering document (the "Offering Document") related to the Offering can be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.petrusresources.com. Prospective investors should read the Offering Document before making an investment decision. The Offering is expected to close on or about February 19, 2026, and is subject to certain conditions including, but not limited to, approval by the Toronto Stock Exchange.
In connection with the Bought Deal Offering, the Company will pay a cash commission of 6.0% of the gross proceeds of the Bought Deal Offering on closing to the Underwriters. No commission will be paid in respect of the Non-Brokered Private Placement. Haywood was also engaged by the Company as a strategic advisor in connection with the Transaction and will receive a fee upon the completion thereof, which will be paid in part in cash and in part through the issuance of 85,714 Common Shares at a price of $1.75 per Common Share.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Petrus
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.
For further information, please contact:
Ken Gray, P.Eng.
President and Chief Executive Officer
T: (403) 930-0889
E: [email protected]
Notes:
Represents Vendor-operated production for the Acquired Assets for the month of January 2026, estimated at field level. Boe conversion uses a 6:1 ratio. See "BOE Presentation" and "Production and Product Type Information" in Advisories.Liquids weighting associated with the Acquired Assets includes 640 bbl/d crude oil and 600 bbl/d NGLs.Operating income multiple based on estimated 2025 operating income from the Acquired Assets of $16.3 million.$/flowing boe/d based on ~2,000 boe/d average production (January 2026).Based on an independent reserve evaluation effective December 31, 2024 prepared by InSite Petroleum Consultants Limited ("InSite"), a qualified reserves evaluator, before tax, discounted at 10% (the "Acquisition Reserve Report"). See "Oil & Gas Metrics" in Advisories.Based on the Acquisition Reserve Report and values attributed to Petrus' 2024 year end reserves in the report prepared by InSite, dated March 25, 2025 and effective December 31, 2024 evaluating the crude oil, NGLs and natural gas and future net production revenues attributable to the properties of Petrus (the "2024 Reserves Report").Represents an oil and gas metric that does not have a standardized meaning and may not be comparable to similar measures presented by other issuers. See "Oil and Gas Metrics" in Advisories.See "Drilling Locations" in Advisories. ADVISORIES
Basis of Presentation
All amounts in this press release are stated in Canadian dollars unless otherwise specified.
Certain other information contained in this press release has been prepared by third‐party sources, which information has not been independently audited or verified by Petrus. No representation or warranty, express or implied, is made by Petrus as to the accuracy or completeness of the information contained in this press release, and nothing contained in this press release is, or shall be relied upon as, a promise or representation by Petrus.
BOE Presentation
The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent ("boe") basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boes do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.
Reserves Advisories
The Acquisition Reserves Report and the 2024 Reserves Report were prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and are each dated effective as of December 31, 2024. The Acquisition Reserves Report and the 2024 Reserves Report are based on certain factual data supplied by Petrus and InSite's opinion of reasonable practice in the industry. The extent and character of ownership and all factual data pertaining to petroleum properties and contracts (except for certain information residing in the public domain) were supplied by Petrus to InSite. InSite accepted this data as presented and neither title searches nor field inspections were conducted.
Definitions of Oil and Gas Reserves
Reserves are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:
Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
PDP or Proved Developed Producing Reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.
Production and Product Type Information
References to crude oil (or oil), natural gas liquids ("NGLs"), natural gas (or gas) and average daily production in this press release refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in NI 51-101, except as noted below.
NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.
Net Present Value Estimates
It should not be assumed that the net present value of the estimated future net revenues of the reserves the Acquired Assets included in this press release represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material
Drilling Locations
This press release discloses drilling inventory in two categories: (a) proved locations; and (b) proved plus probable locations. Proved locations and proved plus probable locations are derived from the Acquisition Reserves Report and account for drilling locations that have associated proved and/or probable reserves, as applicable. The drilling locations considered for future development will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. Petrus makes no commitment to drill all of the drilling locations that have been identified. Factors affecting ultimate recovery include the scope of Petrus' on‐going drilling program, which will be directly affected by the availability of capital, drilling, and production costs, availability of drilling and completion services and equipment, drilling results, lease expirations, regulatory approvals, and geological and mechanical factors. Estimates of reserves and resource potential may change significantly as development of our oil and gas assets provides additional data.
Oil & Gas Metrics
This press release contains metrics commonly used in the oil and natural gas industry, such as "decline" and "NPV-10" and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas and finance metrics for its own performance measurements and to provide securityholders and readers with measures to compare Petrus' operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be unduly relied upon. Corporate decline ("decline") is the rate at which production from a grouping of assets falls from the beginning of a fiscal year to the end of that year. NPV-10 is a calculation of the net present value of estimated net operating income discounted at an annual rate of 10%.
Forward-Looking Statements
Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus' internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus. In particular, forward-looking statements included in this press release include, but are not limited to statements with respect to: the Transaction and the anticipated timing and benefits thereof; Petrus' expectations regarding the Transaction and the Acquired Assets; the anticipated future drilling inventory of the Acquired Assets; that additional details regarding financial impact of the Transaction will be provided with the Company's 2026 budget forecast; the establishment of the Term Facility; Petrus' expectations regarding its balance sheet and financial flexibility; the anticipated production from the Acquired Assets and the timing and benefits therefrom; Petrus' plans to build a larger, more liquids-weighted business with resilient cash flow that will create long-term value for shareholders; the anticipated use of the Term Facility; the details in respect of the Offering, the anticipated closing date of the Offering, the receipt of required approvals and the anticipated use of proceeds of the Offering. Further, statements relating to reserves and resources are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future. In addition, forward-looking statements may include statements attributable to third-party industry sources. There can be no assurance that the plans, intentions, or expectations upon which these forward-looking statements are based will occur.
These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company's control, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; general economic and business conditions and changes in international, national and local macroeconomic and business conditions, as well as sociopolitical conditions in certain local or regional markets, including as a result of conflicts in the Middle East and the conflicts between Russia and Ukraine and the U.S. and Venezuela and the responses thereto from other countries and institutions (including trade sanctions and financial controls), which has created volatility in the global economy and could continue to adversely impact economic and trade activity; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that the Company pays may be reduced or suspended entirely; that the Company reduce or suspend the repurchase of shares under its NCIB; and the other risks and uncertainties described in the Company's most recently filed annual information form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the closing of the Transaction and the Offering on the terms described herein or at all; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on the Company's costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide investors with a more complete perspective on Petrus' future operations and such information may not be appropriate for other purposes. Petrus' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.
Forward-Looking Financial Information
This press release may contain future oriented financial information ("FOFI") within the meaning of applicable securities laws about the prospective operational and financial results of the Assets, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable securities laws. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
Although Petrus believes that the expectations reflected in these forward-looking statements and FOFI are reasonable, undue reliance should not be placed on them because Petrus can give no assurance that they will prove to be correct. Since forward looking statements and FOFI address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the net proceeds of the Offering may change if the board of directors of Petrus determines that it would be in the best interests of Petrus to deploy the proceeds for some other purpose and the closing date for the Offering may be changed. The forward-looking statements and FOFI contained in this press release are made as of the date hereof and Petrus undertakes no obligations to update publicly or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Abbreviations
$/bbldollars per barrel$/boe
dollars per barrel of oil equivalent
$/mcf
dollars per thousand cubic feet
bbl
barrel
mbbl
thousand barrels
bbl/d
barrels per day
boe
barrel of oil equivalent
mboe
thousand barrel of oil equivalent
mmboe
million barrel of oil equivalent
boe/d
barrel of oil equivalent per day
mcf
thousand cubic feet
mcf/d
thousand cubic feet per day
NGLs
natural gas liquids
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RENO, Nev.--(BUSINESS WIRE)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings (losses) available to common shareholders for its third quarter ended December 31, 2025, of ($37.0) million compared with net earnings of $67.2 million for the same period last year. Earnings (losses) per share for Non-Voting Shares (UHAL.B) were ($0.18) for the third quarter of fiscal 2026 compared to $0.35 for the same period in fiscal 2025.
For the nine-month period ended December 31, 2025, net earnings available to shareholders were $210.9 million compared with net earnings of $449.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.09 for the nine-month period of fiscal 2026 compared to $2.31 for the same period in fiscal 2025.
“We continue to undermine earnings with fleet depreciation and poor resale results. I expect that this will bottom out this calendar year,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We have underutilized capacity in both fleet and self-storage. I anticipate improving market penetration in U-Move. Today, we are even with our self-storage peers and need to set ourselves apart to impact top line revenue. As always, the customer will determine the winners and losers.”
Highlights of Third Quarter Fiscal 2026 Results
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $120.2 million to $7.1 million compared to the third quarter of fiscal 2025. Increased losses from the disposal of retired rental equipment combined with fleet depreciation expense accounted for $74.6 million of the decrease for the third quarter, while liability costs increased $37.9 million for the third quarter, all compared with the third quarter of fiscal 2025. Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA), decreased $41.7 million to $335.0 million compared to the third quarter of fiscal 2025 and for the trailing twelve months for December 31, 2025 increased $26.0 million to $1,640.2 compared to the trailing twelve months for December 31, 2024. Self-storage revenues increased $17.9 million, or 7.9%, versus the third quarter of fiscal year 2025. Same store occupancy decreased 4.9% to 87.2%, revenue per foot increased 5.2%, and the number of locations qualifying for the pool increased by 19. During the third quarter of fiscal 2026, we added 16 new locations with storage and 1.5 million net rentable square feet (NRSF). We have approximately 12.9 million NRSF in development or pending. Self-moving equipment rental revenues increased $7.6 million, or 0.9%, compared with the third quarter of fiscal year 2025, primarily from In-Town rentals. Fleet maintenance and repair costs experienced a $13.1 million increase, compared with the third quarter of fiscal 2025. During the quarter our Property and Casualty Insurance subsidiary paid a $100 million dividend to U-Haul Holding Company. Cash and credit availability at the Moving and Storage segment was $1,475.0 million as of December 31, 2025 compared with $1,347.5 million at March 31, 2025. On December 3, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 15, 2025. The dividend was paid on December 30, 2025. Supplemental financial information as of December 31, 2025 is available at investors.uhaul.com under “Investor Kit.”
U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2026 on Thursday, February 5, 2026, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of nearly 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 203,800 trucks, 137,400 trailers and 45,900 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,126,800 rentable storage units and 98.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended December 31, 2025, which is on file with the SEC.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the third quarter of fiscal 2026 and 2025.
Quarter Ended December 31,
2025
2024
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
886,170
$
878,585
Self-storage revenues
245,060
227,125
Self-moving and self-storage product and service sales
68,929
70,407
Property management fees
8,817
8,869
Life insurance premiums
17,848
22,926
Property and casualty insurance premiums
30,355
28,364
Net investment and interest income
47,259
40,536
Other revenue
111,170
111,746
Consolidated revenue
$
1,415,608
$
1,388,558
Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and 2025.
Quarter Ended December 31,
2025
2024
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,319,890
$
1,296,556
Earnings from operations before equity in earnings of subsidiaries
7,084
127,277
Property and casualty insurance
Revenues
42,516
38,141
Earnings from operations
20,819
19,463
Life insurance
Revenues
56,207
56,762
Earnings from operations
5,797
4,244
Eliminations
Revenues
(3,005)
(2,901)
Earnings from operations before equity in earnings of subsidiaries
(28)
(252)
Consolidated Results
Revenues
1,415,608
1,388,558
Earnings from operations
33,672
150,732
Moving and Storage
Debt Metrics
(in thousands)(unaudited)
December 31,
September 30,
June 30,
March 31,
December 31,
2025
2025
2025
2025
2024
Real estate secured debt
$3,096,564
$3,002,344
$2,727,545
$2,703,656
$2,436,840
Unsecured debt
1,700,000
1,700,000
1,700,000
1,700,000
1,700,000
Fleet secured debt
3,196,817
2,965,804
2,792,015
2,758,821
2,724,349
Other secured debt
64,798
64,357
65,570
66,864
68,402
Total debt
8,058,179
7,732,505
7,285,130
7,229,341
6,929,591
Cash and cash equivalents
$1,010,011
$910,969
$726,069
$872,467
$883,108
Total assets
18,717,342
18,460,371
17,858,535
17,522,952
17,291,214
Adjusted EBITDA (TTM)
1,640,173
1,681,900
1,650,277
1,619,714
1,614,146
Net debt to adjusted EBITDA
4.3
4.1
4.0
3.9
3.7
Net debt to total assets
37.7%
37.0%
36.7%
36.3%
35.0%
Percent of debt floating
6.8%
7.1%
6.1%
6.1%
6.2%
Percent of debt fixed
93.2%
92.9%
93.9%
93.9%
93.8%
Percent of debt unsecured
21.1%
22.0%
23.3%
23.5%
24.5%
Unencumbered asset ratio*
4.01x
3.96x
3.86x
3.91x
3.81x
* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x
The components of depreciation, net of (gains) losses on disposals for the third quarter of fiscal 2026 and 2025 are as follows:
Quarter Ended December 31,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense - rental equipment
$
222,717
$
177,956
Depreciation expense - non rental equipment
23,564
24,064
Depreciation expense - real estate
52,638
47,597
Total depreciation expense
$
298,919
$
249,617
Net (gains) losses on disposals of rental equipment
$
26,210
$
(3,774)
Net (gains) losses on disposals of non-rental equipment
90
248
Total net (gains) losses on disposals equipment
$
26,300
$
(3,526)
Depreciation, net of (gains) losses on disposals
$
325,219
$
246,091
Net (gains) losses on disposals of real estate
$
2,696
$
3,358
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Quarter Ended December 31,
2025
2024
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of December 31
847
781
Square footage as of December 31
72,642
66,792
Average monthly number of units occupied
610
610
Average monthly occupancy rate based on unit count
72.4%
78.7%
End of December occupancy rate based on unit count
71.7%
78.1%
Average monthly square footage occupied
54,286
53,444
Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and 2025.
Nine Months Ended December 31,
2025
2024
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
3,054,920
$
2,980,265
Self-storage revenues
725,596
667,381
Self-moving and self-storage product and service sales
256,946
254,761
Property management fees
28,020
27,950
Life insurance premiums
55,387
64,154
Property and casualty insurance premiums
80,365
75,360
Net investment and interest income
122,492
115,455
Other revenue
442,274
409,830
Consolidated revenue
$
4,766,000
$
4,595,156
Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and 2025.
Nine Months Ended December 31,
2025
2024
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
4,506,576
$
4,339,360
Earnings from operations before equity in earnings of subsidiaries
447,402
703,030
Property and casualty insurance
Revenues
108,128
97,780
Earnings from operations
49,861
44,769
Life insurance
Revenues
160,414
166,668
Earnings from operations
11,501
11,887
Eliminations
Revenues
(9,118)
(8,652)
Earnings from operations before equity in earnings of subsidiaries
(84)
(756)
Consolidated Results
Revenues
4,766,000
4,595,156
Earnings from operations
508,680
758,930
The components of depreciation, net of (gains) losses on disposals for the first nine months of fiscal 2026 and 2025 are as follows:
Nine Months Ended December 31,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense - rental equipment
$
657,838
$
511,824
Depreciation expense - non rental equipment
71,343
71,775
Depreciation expense - real estate
153,923
135,156
Total depreciation expense
$
883,104
$
718,755
Net (gains) losses on disposals of rental equipment
$
86,664
$
(29,614)
Net (gains) losses on disposals of non-rental equipment
68
765
Total net (gains) losses on disposals equipment
$
86,732
$
(28,849)
Depreciation, net of (gains) losses on disposals
$
969,836
$
689,906
Net (gains) losses on disposals of real estate
$
5,610
$
9,453
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
Nine Months Ended December 31,
2025
2024
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of December 31
847
781
Square footage as of December 31
72,642
66,792
Average monthly number of units occupied
624
605
Average monthly occupancy rate based on unit count
75.6%
79.9%
End of December occupancy rate based on unit count
71.7%
78.1%
Average monthly square footage occupied
55,103
52,756
Self-Storage Portfolio Summary
As of December 31, 2025
(unaudited)
U-Haul Owned Store Data by State
State/
Province
Stores
Units
Occupied
Rentable
Square Feet
Annual
Revenue
Per Foot
Occupancy
During Qtr
Texas
100
35,939
4,789,881
$15.47
69.1%
Florida
92
34,004
4,126,552
$19.05
71.8%
California
89
33,664
3,351,525
$22.01
77.6%
Illinois
85
37,637
4,402,195
$16.72
73.3%
Pennsylvania
73
27,780
3,148,555
$18.37
69.6%
Ohio
68
25,563
3,134,940
$15.24
70.3%
New York
67
27,588
2,722,796
$23.65
76.5%
Michigan
60
19,724
2,337,644
$16.31
76.3%
Georgia
56
21,138
2,787,198
$16.60
70.8%
Arizona
50
23,617
3,152,769
$16.37
67.5%
Wisconsin
44
16,614
2,092,746
$14.33
70.2%
North Carolina
42
16,937
2,125,751
$15.77
68.1%
Washington
39
13,694
1,672,876
$17.48
67.8%
Missouri
38
13,775
1,820,979
$14.51
68.9%
Tennessee
37
14,809
1,630,083
$15.33
80.9%
New Jersey
34
15,843
1,594,332
$21.10
81.3%
Minnesota
34
13,295
1,699,941
$13.96
73.2%
Ontario
33
12,308
1,415,964
$23.61
68.9%
Indiana
33
10,450
1,189,232
$14.54
78.6%
Alabama
32
8,011
1,313,068
$13.59
54.7%
Top 20 Totals
1,106
422,390
50,509,027
$17.40
71.9%
All Others
506
184,697
22,133,137
$17.38
73.6%
3Q 2026 Totals
1,612
607,087
72,642,164
$17.40
72.4%
Same Store Pool Held Constant for Prior Periods
Same Store 3Q26
923
331,655
32,661,548
$18.25
87.2%
Same Store 3Q25
923
351,888
32,647,437
$17.34
92.1%
Same Store 3Q24
923
351,559
32,608,219
$16.84
92.0%
Non-Same Store 3Q26
689
275,432
39,980,616
$16.37
60.1%
Non-Same Store 3Q25
615
258,144
34,144,096
$15.98
65.6%
Non-Same Store 3Q24
526
217,243
26,894,592
$15.90
69.4%
Same Store Pool, Prior Periods Unchanged
Same Store 3Q26
923
331,655
32,661,548
$18.25
87.2%
Same Store 3Q25
904
320,420
29,827,746
$17.28
92.4%
Same Store 3Q24
854
283,150
26,769,110
$16.64
92.9%
Non Same Store 3Q26
689
275,432
39,980,616
$16.37
60.1%
Non Same Store 3Q25
634
289,612
36,963,786
$16.20
67.5%
Non Same Store 3Q24
597
284,899
32,664,093
$16.33
73.1%
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending December 2025.
Same store includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years.
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31,
March 31,
2025
2025
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
1,032,257
$
988,828
Trade receivables and reinsurance recoverables, net
172,649
230,716
Inventories and parts
175,023
163,132
Prepaid expenses
353,201
282,406
Fixed maturity securities available-for-sale, net, at fair value
2,501,436
2,479,498
Equity securities, at fair value
57,418
65,549
Investments, other
720,713
678,254
Deferred policy acquisition costs, net
116,178
121,729
Other assets
129,516
126,732
Right of use assets - financing, net
30,561
138,698
Right of use assets - operating, net
40,689
46,025
Related party assets
60,630
45,003
Property, plant and equipment, at cost:
Land
1,854,024
1,812,820
Buildings and improvements
10,329,648
9,628,271
Furniture and equipment
1,068,623
1,047,414
Rental trailers and other rental equipment
1,175,723
1,046,135
Rental trucks
8,416,008
7,470,039
22,844,026
21,004,679
Less: Accumulated depreciation
(6,616,653)
(5,892,079)
Total property, plant and equipment, net
16,227,373
15,112,600
Total assets
$
21,617,644
$
20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses
$
765,426
$
820,900
Notes, loans and finance leases payable, net
8,017,296
7,193,857
Operating lease liabilities
41,464
46,973
Policy benefits and losses, claims and loss expenses payable
930,764
857,521
Liabilities from investment contracts
2,453,325
2,511,422
Other policyholders' funds and liabilities
5,786
7,539
Deferred income
54,227
52,895
Deferred income taxes, net
1,605,547
1,489,920
Total liabilities
13,873,835
12,981,027
Common stock
10,497
10,497
Non-voting common stock
176
176
Additional paid-in capital
462,548
462,548
Accumulated other comprehensive loss
(168,090)
(229,314)
Retained earnings
8,116,328
7,931,886
Cost of common stock in treasury, net
(525,653)
(525,653)
Cost of preferred stock in treasury, net
(151,997)
(151,997)
Total stockholders' equity
7,743,809
7,498,143
Total liabilities and stockholders' equity
$
21,617,644
$
20,479,170
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended December 31,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
886,170
$
878,585
Self-storage revenues
245,060
227,125
Self-moving and self-storage products and service sales
68,929
70,407
Property management fees
8,817
8,869
Life insurance premiums
17,848
22,926
Property and casualty insurance premiums
30,355
28,364
Net investment and interest income
47,259
40,536
Other revenue
111,170
111,746
Total revenues
1,415,608
1,388,558
Costs and expenses:
Operating expenses
848,614
782,351
Commission expenses
96,101
95,031
Cost of product sales
50,871
52,767
Benefits and losses
49,232
48,683
Amortization of deferred policy acquisition costs
4,922
4,493
Lease expense
4,281
5,052
Depreciation, net of (gains) losses on disposals
325,219
246,091
Net (gains) losses on disposal of real estate
2,696
3,358
Total costs and expenses
1,381,936
1,237,826
Earnings from operations
33,672
150,732
Other components of net periodic benefit costs
(346)
(372)
Other interest income
10,784
15,638
Interest expense
(95,527)
(76,581)
Fees on early extinguishment of debt
(163)
—
Pretax earnings (losses)
(51,580)
89,417
Income tax (expense) benefit
14,612
(22,251)
Earnings (losses) available to common stockholders
$
(36,968)
$
67,166
Basic and diluted earnings (losses) per share of Common Stock
$
(0.23)
$
0.30
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock
$
(0.18)
$
0.35
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
3,054,920
$
2,980,265
Self-storage revenues
725,596
667,381
Self-moving and self-storage products and service sales
256,946
254,761
Property management fees
28,020
27,950
Life insurance premiums
55,387
64,154
Property and casualty insurance premiums
80,365
75,360
Net investment and interest income
122,492
115,455
Other revenue
442,274
409,830
Total revenues
4,766,000
4,595,156
Costs and expenses:
Operating expenses
2,584,905
2,463,181
Commission expenses
334,649
326,610
Cost of product sales
190,701
181,031
Benefits and losses
142,592
137,081
Amortization of deferred policy acquisition costs
14,801
13,578
Lease expense
14,226
15,386
Depreciation, net of (gains) losses on disposals
969,836
689,906
Net (gains) losses on disposal of real estate
5,610
9,453
Total costs and expenses
4,257,320
3,836,226
Earnings from operations
508,680
758,930
Other components of net periodic benefit costs
(1,037)
(1,116)
Other interest income
31,468
50,004
Interest expense
(268,162)
(215,297)
Fees on early extinguishment of debt
(189)
(495)
Pretax earnings
270,760
592,026
Income tax expense
(59,847)
(142,645)
Earnings available to common stockholders
$
210,913
$
449,381
Basic and diluted earnings per share of Common Stock
$
0.94
$
2.16
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock
$
1.09
$
2.31
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share were calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters and nine months ended December 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
December 31,
2025
2024
(Unaudited)
(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock
19,607,788
19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10%
10%
Net earnings (losses) available to common stockholders
$
(36,968)
$
67,166
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends declared
(8,824)
(8,824)
Undistributed earnings (losses) available to common stockholders
$
(45,792)
$
58,342
Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock
$
(4,579)
$
5,834
Undistributed earnings (losses) per share of Voting Common Stock
$
(0.23)
$
0.30
Dividends declared per share of Voting Common Stock
—
—
Basic and diluted earnings (losses) per share of Voting Common Stock
$
(0.23)
$
0.30
Weighted average shares outstanding of Non-Voting Common Stock
176,470,092
176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock
90%
90%
Net earnings (losses) available to common stockholders
$
(36,968)
$
67,166
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends declared
(8,824)
(8,824)
Undistributed earnings (losses) available to common stockholders
$
(45,792)
$
58,342
Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock
$
(41,213)
$
52,508
Undistributed earnings (losses) per share of Non-Voting Common Stock
$
(0.23)
$
0.30
Dividends declared per share of Non-Voting Common Stock
0.05
0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock
$
(0.18)
$
0.35
For the Nine Months Ended
December 31,
2025
2024
(Unaudited)
(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock
19,607,788
19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10%
10%
Net earnings available to common stockholders
$
210,913
$
449,381
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends declared
(26,471)
(26,471)
Undistributed earnings available to common stockholders
$
184,442
$
422,910
Undistributed earnings available to common stockholders allocated to Voting Common Stock
$
18,444
$
42,291
Undistributed earnings per share of Voting Common Stock
$
0.94
$
2.16
Dividends declared per share of Voting Common Stock
—
—
Basic and diluted earnings per share of Voting Common Stock
$
0.94
$
2.16
Weighted average shares outstanding of Non-Voting Common Stock
176,470,092
176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock
90%
90%
Net earnings available to common stockholders
$
210,913
$
449,381
Voting Common Stock dividends declared
—
—
Non-Voting Common Stock dividends declared
(26,471)
(26,471)
Undistributed earnings available to common stockholders
$
184,442
$
422,910
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
$
165,998
$
380,619
Undistributed earnings per share of Non-Voting Common Stock
$
0.94
$
2.16
Dividends declared per share of Non-Voting Common Stock
0.15
0.15
Basic and diluted earnings per share of Non-Voting Common Stock
$
1.09
$
2.31
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of December 31, 2025 and March 31, 2025, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.
December 31,
March 31,
2025
2025
December 31,
2025
ROU Assets
Financing
Property, Plant and Equipment
Adjusted
Property, Plant and Equipment
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,854,024
$
-
$
1,854,024
$
1,812,820
Buildings and improvements
10,329,648
-
10,329,648
9,628,271
Furniture and equipment
1,068,623
61
1,068,684
1,047,475
Rental trailers and other rental equipment
1,175,723
9,192
1,184,915
1,104,206
Rental trucks
8,416,008
80,722
8,496,730
7,779,514
Subtotal
22,844,026
89,975
22,934,001
21,372,286
Less: Accumulated depreciation
(6,616,653)
(59,414)
(6,676,067)
(6,120,988)
Total property, plant and equipment, net
$
16,227,373
$
30,561
$
16,257,934
$
15,251,298
March 31,
2025
March 31,
2025
ROU Assets
Financing
Property, Plant and Equipment
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,812,820
$
-
$
1,812,820
Buildings and improvements
9,628,271
-
9,628,271
Furniture and equipment
1,047,414
61
1,047,475
Rental trailers and other rental equipment
1,046,135
58,071
1,104,206
Rental trucks
7,470,039
309,475
7,779,514
Subtotal
21,004,679
367,607
21,372,286
Less: Accumulated depreciation
(5,892,079)
(228,909)
(6,120,988)
Total property, plant and equipment, net
$
15,112,600
$
138,698
$
15,251,298
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability supplement the transparency of the Company's disclosures and provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and supplements the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.
Moving and Storage EBITDA Calculations
(In thousands, unaudited)
Trailing Twelve Months
December 31,
September 30,
June 30,
March 31,
December 31,
2025
2025
2025
2025
2024
Net earnings available to common stockholders
$
128,622
$
232,756
$
314,004
$
367,090
$
448,518
Income tax expense
11,714
48,448
76,156
94,747
137,940
Fees on early extinguishment of debt and costs of defeasance
189
26
26
495
495
Interest expense
348,914
330,192
311,609
296,721
280,487
Other interest income
(40,881)
(45,759)
(51,899)
(59,489)
(87,303)
Other components of net periodic benefit costs
1,409
1,435
1,462
1,488
1,480
Net (gains) losses on disposal of real estate
11,915
12,577
11,037
15,758
12,047
Depreciation, net of (gains) losses on disposals
1,238,114
1,158,986
1,045,648
958,184
888,253
Elimination of net earnings from insurance subsidiaries
(59,823)
(56,761)
(57,766)
(55,280)
(67,771)
Adjusted EBITDA
$
1,640,173
$
1,681,900
$
1,650,277
$
1,619,714
$
1,614,146
The table below presents the reconciliation of the second quarter adjusted EBITDA measures to its most directly comparable GAAP measures.
Moving and Storage EBITDA Calculations
(In thousands, unaudited)
Quarters Ended
December 31,
December 31,
2025
2024
Net earnings (losses) available to common stockholders
$
(36,968)
$
67,166
Income tax expense (benefit)
(20,138)
16,596
Fees on early extinguishment of debt and costs of defeasance
163
-
Interest expense
95,555
76,833
Other interest income
(10,856)
(15,734)
Other components of net periodic benefit costs
346
372
Net (gains) losses on disposal of real estate
2,696
3,358
Depreciation, net of (gains) losses on disposals
325,219
246,091
Elimination of net earnings from insurance subsidiaries
(21,018)
(17,956)
Adjusted EBITDA
$
334,999
$
376,726
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