Page 1

Contact : Sebastien Reyes Director of Investor Relations AMERCO ( 602 ) 263-6601 Sebastien_Reyes@uhaul.com AMERCO REPORTS FIRST QUARTER FISCAL 2022 FINANCIAL RESULTS RENO , Nev . ( August 4 , 2021 ) -- AMERCO ( Nasdaq : UHAL ) , parent of U - Haul International , Inc. , Oxford Life Insurance Company , Repwest Insurance Company and Amerco Real Estate Company , today reported net earnings available to common shareholders for its first quarter ended June 30 , 2021 , of $ 345.2 million , or $ 17.60 per share , compared with net earnings of $ 87.7 million , or $ 4.47 per share , for the same period last year . " U - Haul is in a much closer game than it looks , " stated Joe Shoen , chairman of AMERCO . " Existing and emerging competitors surround our moving and storage business . We have a good team in place . I am working to keep them focused and motivated . My goal is to make U - Haul the customer's best choice . " Highlights of First Quarter Fiscal 2022 Results ● Self - moving equipment rental revenues increased $ 381.1 million , or 58.2 % for the first quarter of fiscal 2022 compared with the first quarter of fiscal 2021. Transactions for both our In - Town and one - way markets increased as did revenue per transaction . One contributing factor to the magnitude of the improvement is the relatively poor results in the first quarter of fiscal 2021 due to the COVID - 19 pandemic . Comparing the first quarter of fiscal 2022 to the first quarter of fiscal 2020 revenue still increased $ 286.8 million . Compared to the same period last year , we increased the number of retail locations , independent dealers , box trucks and towing devices in the rental fleet . Self - storage revenues increased $ 28.4 million , or 26.1 % for the first quarter of fiscal 2022 compared with the first quarter of fiscal 2021. The average monthly number of occupied units during the quarter increased by 26 % , or 89,373 compared to the same quarter last year . Our reported occupancy of all properties regardless of length of time in the portfolio increased 12 % to 80 % for the first quarter . The occupancy ratio for the subset of these properties that have been stabilized at 80 % for the last 24 months increased 4 % to 97 % during the quarter . Over the last twelve months , we have added approximately 3.5 million net rentable square feet to the self - storage portfolio with approximately 1.1 million square feet of that coming online during the first quarter of fiscal 2022 . Sales of self - moving and self - storage products and services increased $ 13.5 million , or 14.8 % compared with the first quarter of fiscal 2021 due to increased sales of hitches , moving supplies and propane . For the first quarter of fiscal 2022 compared with the first quarter of fiscal 2021 , depreciation , net of gains on sales decreased $ 44.0 million . Depreciation expense on the rental equipment fleet increased $ 1.7 million to $ 126.6 million . Net gains on the sales of rental trucks increased $ 49.3 million from an increase in auction activity as compared to the COVID - 19 affected first quarter of fiscal 2021. All other depreciation increased $ 3.6 million to $ 45.5 million . Net gains on disposal of real estate increased $ 4.2 million from a state department of transportation condemnation in the first quarter of fiscal 2022 . 1