Related Party Revenues (Table Text Block)

9 Months Ended

Dec. 31, 2012

Management believes that the sales of self-storage properties to SAC Holdings has provided a unique structure for the Company to earn moving equipment rental revenues and property management fee revenues from the SAC Holdings self-storage properties that the Company manages.

Related Party Revenue

		Quarter Ended December 31,
		2012		2011
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	1,981	$	4,863
U-Haul interest income revenue from Private Mini		1,356		1,364
U-Haul management fee revenue from SAC Holdings		3,585		3,440
U-Haul management fee revenue from Private Mini		580		558
U-Haul management fee revenue from Mercury		1,920		1,370
	$	9,422	$	11,595

		Nine Months Ended December 31,
		2012		2011
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	6,438	$	14,537
U-Haul interest income revenue from Private Mini		4,059		4,083
U-Haul management fee revenue from SAC Holdings		11,271		10,990
U-Haul management fee revenue from Private Mini		1,720		1,664
U-Haul management fee revenue from Mercury		2,856		2,275
	$	26,344	$	33,549

During the first nine months of fiscal 2013, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Mark V. Shoen, a significant shareholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $10.7 million and $13.4 million, from SAC Holdings during the first nine months of fiscal 2013 and 2012, respectively. The largest aggregate amount of notes receivable outstanding during the first nine months of fiscal 2012 was $195.4 million and the aggregate notes receivable balance at December 31, 2012 was $72.6 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2019 and 2024. We received repayments of $127.3 million during the first quarter of fiscal 2013 on these notes and interest receivables.

During the first nine months of fiscal 2013, AMERCO and U-Haul held various junior notes issued by Private Mini Storage Realty, L.P. (“Private Mini”). The equity interests of Private Mini are ultimately controlled by Blackwater. We received cash interest payments of $4.1 million and $4.0 million from Private Mini during the first nine months of fiscal 2013 and 2012, respectively. The largest aggregate amount outstanding during the first nine months of fiscal 2013 was $66.3 million and the aggregate notes receivable balance at December 31, 2012 was $66.0 million.

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. (“Mercury”), Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $19.1 million and $18.0 million from the above mentioned entities during the first nine months of fiscal 2013 and 2012. This management fee is consistent with the fee received for other properties we previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant shareholder and director of AMERCO, has an interest in Mercury.