TRG | The Bottom Line – 5/30

TRG is marketing with U-Haul (UHAL) in Boston and NYC in mid-June, shortly after the company reported Q4’25 results earlier this week. TRG initiated on UHAL six months ago with a bullish viewpoint, our thesis driven by UHAL being a critical land-based infrastructure stock with solid predictable growth and positive evolution in its mix. Results from the company’s recent earnings continue to show this positive mix shift playing out as the storage and other segments are growing faster than moving (moving +4%, storage +8%, other +17%). In our view, the key factors are: 1) Moving revenue showed its fourth consecutive quarter of YOY growth, which may signal its in the early phase of recovery, 2) Storage revenue growth was consistent with prior quarters and same-store revenue per square foot again grew 3%, and 3) Other (U-Box) continues to outpace Moving meaningfully, reflecting share gains and consumer adoption. The upcoming NDR provides an opportunity for investors to further understand the mix shift story that is part of TRG’s thesis. Stay tuned for additional color on how UHAL wins given its unique strategy and ability to capitalize on key secular trends.