U-Haul Holding Company Reports Fiscal 2026 Financial Results

U-Haul Holding Company Reports Fiscal 2026 Financial Results 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 available to shareholders for the year ended March 31, 2026 of $83.1 million compared with $367.1 million for the same period last year.

For the quarter ended March 31, 2026, the Company reported net losses available to shareholders of ($127.8) million compared with net losses of ($82.3) million for the same period last year.

“This is the second time in recent years we have had a real loss in this quarter,” stated Joe Shoen, Chairman of U-Haul Holding Company. “The issues with loss on disposal of rental equipment are working themselves through. CapEx on rental trucks will likely be down this time next year helping moderate fleet depreciation. Liability cost growth will normalize, continuing to vary with fleet size and growing with inflation. We are pushing a bow wave of costs associated with built but not rented storage units. These are well located and will rent. Construction of additional storage units has been declining for several months, but until we rent more than we add, these costs will remain an increasing drain. We are increasing our dealer locations in both the US and Canada to better serve the customer. Our relations with our customer base remain solid.”

Highlights of Fiscal Year and Fourth Quarter 2026 Results

Our latest Supplemental financial information is available at investors.uhaul.com.

U-Haul Holding Company will hold its investor call for fiscal 2026 on Thursday, May 28, 2026 at 8 a.m. Arizona Time (11 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 over 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 204,800 trucks, 136,600 trailers and 42,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,136,000 rentable storage units and 99.0 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-K for the year ended March 31, 2026, which was filed with the SEC on May 27, 2026.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2026 and 2025.

Quarters Ended March 31,

Years Ended March 31,

2026

2025

2026

2025

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

757,001

745,259

3,811,921

3,725,524

Self-storage revenues

246,831

230,532

972,427

897,913

Self-moving and self-storage product and service sales

72,668

72,729

329,614

327,490

Property management fees

8,855

8,861

36,875

36,811

Life insurance premiums

25,590

19,553

80,977

83,707

Property and casualty insurance premiums

24,754

23,540

105,119

98,900

Net investment and interest income

40,612

36,519

163,104

151,974

Other revenue

95,508

96,516

537,782

506,346

Consolidated revenue

1,271,819

1,233,509

6,037,819

5,828,665

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2026 and 2025.

Quarters Ended March 31,

Years Ended March 31,

2026

2025

2026

2025

(Unaudited)

(In thousands)

Moving and storage

Revenues

1,180,114

1,153,414

5,686,690

5,492,774

Earnings (losses) from operations before equity in earnings of subsidiaries

(97,175)

(57,258)

350,227

645,772

Property and casualty insurance

Revenues

33,074

27,384

141,202

125,164

Earnings from operations

17,336

9,976

67,197

54,745

Life insurance

Revenues

61,339

55,201

221,753

221,869

Earnings from operations

3,807

4,755

15,308

16,642

Eliminations

Revenues

(2,708)

(2,490)

(11,826)

(11,142)

Earnings from operations before equity in earnings of subsidiaries

(27)

(249)

(111)

(1,005)

Consolidated Results

Revenues

1,271,819

1,233,509

6,037,819

5,828,665

Earnings (losses) from operations

(76,059)

(42,776)

432,621

716,154

Moving and Storage

Debt Metrics

(in thousands) (unaudited)

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Real estate secured debt

$3,204,208

$3,096,564

$3,002,344

$2,727,545

$2,703,656

Unsecured debt

1,700,000

Fleet secured debt

3,157,364

3,196,817

2,965,804

2,792,015

2,758,821

Other secured debt

63,377

64,798

64,357

65,570

66,864

Total debt

8,124,949

8,058,179

7,732,505

7,285,130

7,229,341

Cash and cash equivalents

$1,014,382

$1,010,011

$910,969

$726,069

$872,467

Total assets

18,687,591

18,717,342

18,460,371

17,858,535

17,522,952

Adjusted EBITDA (TTM)

1,645,859

1,640,173

1,681,900

1,650,277

1,619,714

Net debt to adjusted EBITDA

4.3

4.1

4.0

3.9

Net debt to total assets

38.0%

37.7%

37.0%

36.7%

36.3%

Percent of debt floating

6.7%

6.8%

7.1%

6.1%

Percent of debt fixed

93.3%

93.2%

92.9%

93.9%

Percent of debt unsecured

20.9%

21.1%

22.0%

23.3%

23.5%

Unencumbered asset ratio*

3.98x

4.01x

3.96x

3.86x

3.91x

* 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 on disposals, for the fourth quarter and the full year of fiscal 2026 and 2025 are as follows:

Quarter Ended March 31,

Years Ended March 31,

2026

2025

2026

2025

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

221,435

180,836

879,273

692,660

Depreciation expense - non rental equipment

22,863

23,934

94,206

95,709

Depreciation expense - real estate

55,731

48,408

209,654

183,564

Total depreciation expense

300,029

253,178

1,183,133

971,933

Net (gains) losses on disposals of rental equipment

17,832

14,600

104,496

(15,014)

Net (gains) losses on disposals of non-rental equipment

(676)

500

(608)

1,265

Total net (gains) losses on disposals equipment

17,156

15,100

103,888

(13,749)

Depreciation, net of (gains) losses on disposals

317,185

268,278

1,287,021

958,184

Net (gains) losses on disposals of real estate

3,001

6,305

8,611

15,758

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 storage locations follows (unaudited):

Quarters Ended March 31,

2026

2025

(In thousands, except occupancy rate)

Unit count as of March 31

857

799

Square footage as of March 31

73,651

68,376

Average monthly number of units occupied

607

613

Average monthly occupancy rate based on unit count

71.1%

77.3%

End of period occupancy rate based on unit count

71.0%

77.0%

Average monthly square footage occupied

54,124

53,814

Years Ended March 31,

2026

2025

(In thousands, except occupancy rate)

Unit count as of March 31

857

799

Square footage as of March 31

73,651

68,376

Average monthly number of units occupied

620

607

Average monthly occupancy rate based on unit count

74.4%

79.2%

End of period occupancy rate based on unit count

71.0%

77.0%

Average monthly square footage occupied

54,858

53,021

Self-Storage Portfolio Summary

As of March 31, 2026

(unaudited)

U-Haul Owned Store Data by State

State/

Province

Stores

Units

Occupied

Rentable

Square Feet

Annual

Revenue

Per Foot

Occupancy

During Qtr

Texas

102

35,998

4,937,797

$15.87

67.5%

Florida

33,661

4,282,463

$19.32

67.9%

California

33,834

3,352,228

$22.48

78.1%

Illinois

37,915

4,432,525

$17.04

72.3%

Pennsylvania

27,777

3,157,671

$18.60

69.0%

Ohio

25,730

3,143,964

$15.51

70.8%

New York

27,855

2,723,022

$24.14

76.9%

Michigan

19,856

2,399,439

$16.56

74.7%

Georgia

21,250

2,808,691

$16.83

70.4%

Arizona

23,523

3,226,198

$16.76

66.1%

Wisconsin

16,420

2,092,796

$14.53

68.9%

North Carolina

16,860

2,211,672

$16.03

64.2%

Missouri

13,811

1,988,597

$14.70

63.6%

Washington

13,862

1,672,760

$17.93

68.3%

Tennessee

14,808

1,629,973

$15.54

80.5%

Minnesota

13,307

1,774,078

$14.24

71.2%

New Jersey

15,851

1,592,730

$21.43

78.0%

Ontario

12,430

1,416,014

$23.89

68.9%

Indiana

10,465

1,189,482

$14.74

77.9%

Alabama

7,931

1,312,968

$13.89

53.0%

Top 20 Totals

1,116

423,144

51,345,068

$17.72

70.6%

All Others

508

185,469

22,306,185

$17.65

72.2%

4Q FY 2026 Totals

1,624

608,613

73,651,253

$17.70

71.1%

Same Store Pool Held Constant for Prior Periods

Same Store 4Q26

948

342,134

34,053,475

$18.49

86.1%

Same Store 4Q25

948

365,169

34,037,858

$17.36

91.5%

Same Store 4Q24

948

365,223

34,004,911

$16.89

91.2%

Non-Same Store 4Q26

676

266,479

39,597,778

$16.68

57.9%

Non-Same Store 4Q25

610

250,465

34,338,142

$16.08

62.8%

Non-Same Store 4Q24

528

212,180

27,852,116

$16.06

65.6%

Same Store Pool, Prior Periods Unchanged

Same Store 4Q26

948

342,134

34,053,475

$18.49

86.1%

Same Store 4Q25

893

317,736

29,661,083

$17.32

91.9%

Same Store 4Q24

862

291,587

27,376,696

$16.87

92.3%

Non-Same Store 4Q26

676

266,479

39,597,778

$16.68

57.9%

Non-Same Store 4Q25

665

297,898

38,714,917

$16.32

66.0%

Non-Same Store 4Q24

614

285,816

34,480,331

$16.28

70.1%

Note: Store Count, Units, and NRSF 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 fiscal year 2026.

Same store includes storage locations with rentable storage inventory for more than three years and have had 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 physical 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

CONSOLIDATED BALANCE SHEETS

March 31,

2026

2025

(Unaudited)

ASSETS

(In thousands)

Cash and cash equivalents

1,120,147

988,828

Trade receivables and reinsurance recoverables, net

159,768

230,716

Inventories and parts

178,155

163,132

Prepaid expenses

191,671

282,406

Fixed maturity securities available-for-sale, net, at fair value

2,417,912

2,479,498

Equity securities, at fair value

14,976

65,549

Investments, other

706,314

678,254

Deferred policy acquisition costs, net

112,852

121,729

Other assets

127,202

126,732

Right of use assets – financing, net

138,698

Right of use assets – operating, net

40,188

46,025

Related party assets

53,159

45,003

Property, plant and equipment, at cost:

Land

1,865,369

1,812,820

Buildings and improvements

10,542,945

9,628,271

Furniture and equipment

1,074,032

1,047,414

Rental trailers and other rental equipment

1,206,253

1,046,135

Rental trucks

8,554,508

7,470,039

23,243,107

21,004,679

Less: Accumulated depreciation

(6,862,662)

(5,892,079)

Total property, plant and equipment, net

16,380,445

15,112,600

Total assets

21,502,789

20,479,170

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

850,294

820,900

Notes, loans and finance leases payable, net

8,083,374

7,193,857

Operating lease liabilities

40,957

46,973

Policy benefits and losses, claims and loss expenses payable

939,874

857,521

Liabilities from investment contracts

2,357,545

2,511,422

Other policyholders' funds and liabilities

2,899

7,539

Deferred income

56,614

52,895

Deferred income taxes, net

1,559,581

1,489,920

Total liabilities

13,891,138

12,981,027

Common stock

10,497

Non-voting common stock

176

Additional paid-in capital

462,548

Accumulated other comprehensive loss

(163,640)

(229,314)

Retained earnings

7,979,720

7,931,886

Cost of common stock in treasury, net

(525,653)

Cost of preferred stock in treasury, net

(151,997)

Total stockholders' equity

7,611,651

7,498,143

Total liabilities and stockholders' equity

21,502,789

20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter Ended March 31,

2026

2025

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

757,001

745,259

Self-storage revenues

246,831

230,532

Self-moving and self-storage products and service sales

72,668

72,729

Property management fees

8,855

8,861

Life insurance premiums

25,590

19,553

Property and casualty insurance premiums

24,754

23,540

Net investment and interest income

40,612

36,519

Other revenue

95,508

96,516

Total revenues

1,271,819

1,233,509

Costs and expenses:

Operating expenses

830,457

812,290

Commission expenses

81,582

80,758

Cost of product sales

56,159

53,114

Benefits and losses

49,605

45,668

Amortization of deferred policy acquisition costs

4,851

4,755

Lease expense

5,038

5,117

Depreciation, net of (gains) losses on disposals

317,185

268,278

Net (gains) losses on disposal of real estate

3,001

6,305

Total costs and expenses

1,347,878

1,276,285

Earnings (losses) from operations

(76,059)

(42,776)

Other components of net periodic benefit costs

(346)

(372)

Other interest income

15,793

9,053

Interest expense

(96,595)

(80,419)

Fees on early extinguishment of debt and costs of defeasance

(919)

Pretax earnings (losses)

(158,126)

(114,514)

Income tax (expense) benefit

30,341

32,223

Losses available to common shareholders

(127,785)

(82,291)

Basic and diluted losses per share of Common Stock

(0.70)

(0.46)

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

Basic and diluted earnings (losses) per share of Non-Voting Common Stock

(0.65)

(0.41)

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended March 31,

2026

2025

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

3,811,921

3,725,524

Self-storage revenues

972,427

897,913

Self-moving and self-storage products and service sales

329,614

327,490

Property management fees

36,875

36,811

Life insurance premiums

80,977

83,707

Property and casualty insurance premiums

105,119

98,900

Net investment and interest income

163,104

151,974

Other revenue

537,782

506,346

Total revenues

6,037,819

5,828,665

Costs and expenses:

Operating expenses

3,415,362

3,275,471

Commission expenses

416,231

407,368

Cost of product sales

246,860

234,145

Benefits and losses

192,197

182,749

Amortization of deferred policy acquisition costs

19,652

18,333

Lease expense

19,264

20,503

Depreciation, net of (gains) losses on disposals

1,287,021

958,184

Net (gains) losses on disposal of real estate

8,611

15,758

Total costs and expenses

5,605,198

5,112,511

Earnings from operations

432,621

716,154

Other components of net periodic benefit costs

(1,383)

(1,488)

Other interest income

47,261

59,057

Interest expense

(364,757)

(295,716)

Fees on early extinguishment of debt and costs of defeasance

(1,108)

(495)

Pretax earnings

112,634

477,512

Income tax expense

(29,506)

(110,422)

Earnings available to common shareholders

83,128

367,090

Basic and diluted earnings per share of Common Stock

0.24

1.69

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

Basic and diluted earnings per share of Non-Voting Common Stock

0.44

1.89

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

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 the dividends declared, for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is 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 is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:

For the Quarter Ended

March 31,

2026

2025

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

Net losses available to common stockholders

(127,785)

(82,291)

Voting Common Stock dividends declared

Non-Voting Common Stock dividends declared

(8,823)

Undistributed losses available to common stockholders

(136,608)

(91,114)

Undistributed losses available to common stockholders allocated to Voting Common Stock

(13,661)

(9,111)

Undistributed losses per share of Voting Common Stock

(0.70)

(0.46)

Dividends declared per share of Voting Common Stock

Basic and diluted losses per share of Voting Common Stock

(0.70)

(0.46)

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

90%

Net losses available to common stockholders

(127,785)

(82,291)

Voting Common Stock dividends declared

Non-Voting Common Stock dividends declared

(8,823)

Undistributed losses available to common stockholders

(136,608)

(91,114)

Undistributed losses available to common stockholders allocated to Non-Voting Common Stock

(122,947)

(82,003)

Undistributed losses per share of Non-Voting Common Stock

(0.70)

(0.46)

Dividends declared per share of Non-Voting Common Stock

0.05

Basic and diluted earnings (losses) per share of Non-Voting Common Stock

(0.65)

(0.41)

For the Years Ended

March 31,

2026

2025

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

Net earnings available to common stockholders

83,128

367,090

Voting Common Stock dividends declared

Non-Voting Common Stock dividends declared

(35,294)

Undistributed earnings available to common stockholders

47,834

331,796

Undistributed earnings available to common stockholders allocated to Voting Common Stock

4,783

33,180

Undistributed earnings per share of Voting Common Stock

0.24

1.69

Dividends declared per share of Voting Common Stock

Basic and diluted earnings per share of Voting Common Stock

0.24

1.69

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

90%

Net earnings available to common stockholders

83,128

367,090

Voting Common Stock dividends declared

Non-Voting Common Stock dividends declared

(35,294)

Undistributed earnings available to common stockholders

47,834

331,796

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

43,051

298,616

Undistributed earnings per share of Non-Voting Common Stock

0.24

1.69

Dividends declared per share of Non-Voting Common Stock

0.20

Basic and diluted earnings per share of Non-Voting Common Stock

0.44

1.89

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 March 31, 2026 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. The finance leases tied to these ROU-financing were paid off as of March 31, 2026. 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.

March 31,

2026

2025

March 31,

ROU Assets

Property, Plant and Equipment

2026

Financing

Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

1,865,369

1,812,820

Buildings and improvements

10,542,945

9,628,271

Furniture and equipment

1,074,032

1,047,475

Rental trailers and other rental equipment

1,206,253

1,104,206

Rental trucks

8,554,508

7,779,514

Right-of-use assets, gross

23,243,107

21,372,286

Less: Accumulated depreciation

(6,862,662)

(6,120,988)

Total property, plant and equipment, net

16,380,445

15,251,298

March 31,

2025

March 31,

ROU Assets

Property, Plant and Equipment

2025

Financing

Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

1,812,820

Buildings and improvements

9,628,271

Furniture and equipment

1,047,414

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

Right-of-use assets, gross

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 improve the transparency of the Company's disclosures and provide 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 improve 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 Adjusted EBITDA Calculations

(In thousands, unaudited)

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Net earnings available to common stockholders

83,128

128,622

232,756

314,004

367,090

Income tax expense

10,341

11,714

48,448

76,156

94,747

Fees on early extinguishment of debt and costs of defeasance

1,108

189

495

Interest expense

364,868

348,914

330,192

311,609

296,721

Other interest income

(47,597)

(40,881)

(45,759)

(51,899)

(59,489)

Other components of net periodic benefit costs

1,383

1,409

1,435

1,462

1,488

Net (gains) losses on disposal of real estate

8,611

11,915

12,577

11,037

15,758

Depreciation, net of (gains) losses on disposals

1,287,021

1,238,114

1,158,986

1,045,648

958,184

Earnings from subsidiaries

(63,004)

(59,823)

(56,761)

(57,766)

(55,280)

EBITDA

1,645,859

1,640,173

1,681,900

1,650,277

1,619,714