# U-Haul Holding Co

U-Haul Holding Co is an Asset Manager based in Phoenix, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Phoenix, United States
- **Region:** North America
- **Address:** Phoenix, AZ, United States
- **Founded:** 1945
- **Assets under management:** Undisclosed
- **Website:** uhaul.com

## Regulatory record

- **Reports private funds:** No

## About

U-Haul Holding Company, formerly AMERCO, was founded in 1945 by L.S. 'Sam' Shoen and his wife Anna Mary Carty Shoen in Ridgefield, Washington. The company started with a single trailer rented from a gas station and grew into the dominant North American moving-and-storage operator. Control remains tightly held by the Shoen family — Chairman Joe Shoen and CEO Edward J. Shoen represent second- and third-generation family leadership. The holding company's strategy is unusually self-financing. Moving-truck and trailer rental operations generate the free cash flow that acquires and develops self-storage properties, which now number over 2,000 company-owned locations across all 50 US states and 10 Canadian provinces. The company also operates one of the largest propane-refilling networks in North America and sells hitches, boxes, and packing supplies. Asset classes include direct real estate equity (self-storage facilities), specialty retail (moving supplies), fleet management (over 186,000 trucks and trailers), and insurance (Repwest Insurance Company, a wholly owned captive). Confirmed real estate holdings span major metro markets including Phoenix, Dallas, Atlanta, and Toronto. U-Haul Holding Co.'s scale is embedded in its physical footprint rather than disclosed AUM. The company owns more self-storage square footage than any public REIT competitor. In May 2024, the company completed the five-year transition of its corporate identity from AMERCO to U-Haul Holding Company, consolidating its brand and operating structure under the single name known to consumers. The firm also runs an active real estate development arm that converts vacant retail buildings — including former Kmart and Sears locations — into climate-controlled self-storage facilities. The structural differentiator is its vertically integrated real estate strategy disguised as a consumer moving brand. Unlike Public Storage or Extra Space, which acquire stabilized assets at market cap rates, U-Haul develops or converts underperforming retail properties at lower cost bases, funded by operating cash flows rather than third-party LP commitments. This hybrid operator-developer-owner model, combined with Shoen family control, makes it immune to shareholder activism over real estate monetization — a pressure that has reshaped most of its public-market peers.

## Sectors

- Real Estate
- Mobility & Transportation
- PropTech

## People

- Joe Shoen — Chairman and President
- Edward J. Shoen — Chief Executive Officer

## Questions

### Who runs investment decisions at U-Haul Holding Co?

Chairman Joe Shoen and CEO Edward J. Shoen control capital allocation, with the board composed almost entirely of Shoen family members. Strategic real estate decisions — particularly the acquisition and conversion of distressed retail properties into self-storage — are made by the executive team in Phoenix with no external investment committee oversight. The company has not disclosed a dedicated CIO or investment office separate from its operating management.

### Is U-Haul a real estate company or a moving company?

It operates as both, and the real estate arm is the larger economic engine. Moving-truck rentals generate consistent cash flows with lower margins, while the self-storage portfolio — over 2,000 owned locations — builds long-term equity. The moving brand is effectively a customer-acquisition funnel for the storage business, since renters often discover storage needs during relocation.

### Does U-Haul Holding Co take outside institutional capital?

No. The firm is a publicly traded corporation but makes investment decisions without seeking LP commitments from institutional investors. Capital for storage acquisitions and development comes from operations, debt, and equity offerings. Unlike private equity real estate funds or externally managed REITs, there is no outside general partner controlling the investment pipeline.

### How is the Shoen family involved in governance?

Joe Shoen is Chairman and President; his son Edward Shoen is CEO. The family holds significant voting control through dual-class share structures and board composition. A well-documented intra-family legal battle in the 1980s-1990s over ownership stakes and board seats was resolved with Joe Shoen consolidating operational control — a governance dynamic that remains tightly family-held.

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Last updated: 2026-08-10T15:58:45.833Z

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