Related Party Revenues (Table Text Block)

6 Months Ended

Sep. 30, 2013

Management believes that these sales to SAC Holdings provided a unique structure for the Company to earn additional 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 September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	1,733	$	1,981
U-Haul interest income revenue from Private Mini		1,349		1,358
U-Haul management fee revenue from SAC Holdings		4,189		3,857
U-Haul management fee revenue from Private Mini		604		573
U-Haul management fee revenue from Mercury		500		472
	$	8,375	$	8,241


		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	3,652	$	4,457
U-Haul interest income revenue from Private Mini		2,686		2,703
U-Haul management fee revenue from SAC Holdings		8,263		7,686
U-Haul management fee revenue from Private Mini		1,198		1,140
U-Haul management fee revenue from Mercury		993		936
	$	16,792	$	16,922

During the first six months of fiscal 2014, 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 stockholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $13.9 million and $8.9 million from SAC Holdings during the first six months of fiscal 2014 and 2013, respectively. The largest aggregate amount of notes receivable outstanding during the first six months of fiscal 2014 was $72.4 million and the aggregate notes receivable balance at September 30, 2013 was $72.0 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 2017 and 2019.

During the first six months of fiscal 2014, 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 $2.7 million from Private Mini during the first six months of both fiscal 2014 and 2013. The largest aggregate amount outstanding during the first six months of fiscal 2014 was $65.9 million and the aggregate notes receivable balance at September 30, 2013 was $65.7 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 $15.7 million and $14.4 million from the above mentioned entities during the first six months of fiscal 2014 and 2013, respectively. This management fee is consistent with the fee received for other properties the Company 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 stockholder and director of AMERCO and an estate planning trust benefitting Shoen children have an interest in Mercury.