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    Andy Liu

    Research Analyst at Wolfe Research, LLC

    Andy Liu is an Associate at Wolfe Research, LLC specializing in equity research, with coverage focusing on real estate and industrial companies including Innovative Industrial Properties Inc. and Americold Realty Trust. He initiated coverage on Innovative Industrial Properties Inc. with a hold rating, demonstrating analytic rigor in evaluating complex sectors. Andy Liu joined Wolfe Research in recent years, bringing prior experience and advancing within equity research roles. His professional credentials and securities licenses are not publicly specified, and no third-party performance metrics or major public awards are currently available.

    Andy Liu's questions to U-Haul Holding Co /NV/ (UHAL) leadership

    Andy Liu's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q1 2026

    Question

    Andy Liu from Wolfe Research, LLC sought clarification on monthly transaction volume trends during the quarter, the potential bottom-line impact of future storage revenue, the development cost per square foot for storage, and the calculation method for the stated 10% development yield.

    Answer

    Jason Berg, CFO, explained that year-over-year transaction volumes have been largely flat, with revenue gains driven by pricing. He clarified that after adjusting for non-productive capital and U-Box warehouse space, the all-in development cost for storage is closer to $150 per square foot. Berg stated the 10% yield represents an unlevered IRR over a 7-10 year horizon, which translates to a cap rate of approximately 7.5-8%. He also estimated that about 80% of revenue from filling existing non-same-store locations would flow to the bottom line.

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    Andy Liu's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q4 2025

    Question

    Andy Liu from Wolfe Research, LLC asked about the potential impact of tariffs on customer behavior, the broader outlook for the moving cycle, whether input costs could affect storage development yields, and if management sees a valuation disconnect.

    Answer

    Chairman & CEO Edward Joe Shoen stated he has not seen tariffs negatively impact consumer behavior. CFO Jason Berg added they do not anticipate significant increases in steel or concrete costs affecting development yields. Regarding valuation, Berg acknowledged a potential disconnect and stated the company is providing more detail to help investors.

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