RENO, Nev., July 13, 2006 (PRIMEZONE) -- AMERCO (Nasdaq:UHAL) announced today that AMERCO Real Estate Company and U-Haul have closed on a $40 million construction loan facility from MidFirst Bank.
The proceeds will be used to build out eight company-owned self-storage U-Haul centers throughout the United States. The initial loan advances will be used to fund the construction of eight storage facilities in the United States. The loan is structured to allow for more projects in the future.
"These build-outs complement our existing network of managed and affiliated locations. Growing self-storage is an integral part of the U-Haul business strategy," stated Joe Shoen, chairman of the board of AMERCO.
AMERCO is the parent company of U-Haul International, Inc., North America's largest do-it-yourself moving and storage operator, AMERCO Real Estate Company, Republic Western Insurance Company and Oxford Life Insurance Company. With a network of over 15,300 locations in all 50 United States and 10 Canadian provinces, U-Haul is celebrating its 60th year of serving customers. The Company has the largest consumer rental fleet in the world, with over 93,000 trucks, 78,750 trailers and 36,100 towing devices. U-Haul also has been a leader in the storage industry since 1974, with more than 340,000 rooms, approximately 33 million square feet of storage space and more than 1,050 facilities throughout North America.