AMERCO 2020 Annual Report

July 8, 2020 Download

Dear Fellow Shareholders,

The COVID-19 pandemic caused confusion and dislocation in the self-move market at the end of this fiscal year. U-Haul? remained open as an essential critical infrastructure provider. With 75 years of experience under our belt, the U-Haul team demonstrated our continued discipline and commitment to serve the do-it-yourself moving public.

While we do not know the full extent of damage this pandemic or recent stoppages to the economy will cause the organization, we remain focused on what we can control.

We offer a fleet of shared equipment at 22,000 locations across North America. Our trucks and trailers are in the best condition I have ever seen.

In fiscal 2020, we added 5,800,000 net rentable square feet of self-storage. Based on demand in specific markets, we will continue construction on our pipeline of unfinished self-storage projects. Because of our long-term orientation and nationwide footprint, our portfolio may be less sensitive to short-term trends in the industry.

We will remain particularly judicious about liquidity and capital allocation for the foreseeable future.

Past investments in technology have paid off for us in a “contactless” consumer environment. Truck Share 24/7?, Scan and Go, Customer Contract Close, Buy Online Pick Up In Store, Online Move-In and U-Box? help us meet the demands of customers who prefer convenient, contactless products and services.

Repwest? Insurance and Oxford Life? are operating according to our plan.

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

Sincerely,

E.J. “Joe” Shoen

Chairman