EX-99.1

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-K for the year ended March 31, 2025, which was filed with the SEC on May 28, 2025.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2025 and 2024.


		Quarters Ended March 31,				Years Ended March 31,
		2025		2024		2025		2024
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	745,259	$	716,283	$	3,725,524	$	3,624,695
Self-storage revenues		230,532		212,701		897,913		831,069
Self-moving and self-storage product and service sales		72,729		73,018		327,490		335,805
Property management fees		8,861		8,422		36,811		37,004
Life insurance premiums		19,553		21,542		83,707		89,745
Property and casualty insurance premiums		23,540		22,419		98,900		94,802
Net investment and interest income		36,519		42,859		151,974		146,468
Other revenue		96,516		81,926		506,346		466,086
Consolidated revenue	$	1,233,509	$	1,179,170	$	5,828,665	$	5,625,674

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2025 and 2024.


		Quarters Ended March 31,				Years Ended March 31,
		2025		2024			2025		2024
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,153,414	$	1,092,698	$	5,492,774		$	5,294,928
Earnings from operations before equity in earnings of subsidiaries		(57,258)		10,816		645,772			896,140
Property and casualty insurance
Revenues		27,384		34,091		125,164			123,085
Earnings from operations		9,976		25,687		54,745			62,509
Life insurance
Revenues		55,201		55,284		221,869			219,202
Earnings from operations		4,755		5,113		16,642			20,152
Eliminations
Revenues		(2,490)		(2,903)		(11,142)			(11,541)
Earnings from operations before equity in earnings of subsidiaries		(249)		(250)		(1,005)			(1,012)
Consolidated Results
Revenues		1,233,509		1,179,170		5,828,665			5,625,674
Earnings from operations		(42,776)		41,366		716,154			977,789

Debt Metrics


Debt Metrics
(in thousands) (unaudited)	March 31,	December 31,	September 30,	June 30,	March 31,
	2025	2024	2024	2024	2024
Real estate secured debt	$2,703,656	$2,436,840	$2,471,044	$2,497,239	$2,562,620
Unsecured debt	1,700,000	1,700,000	1,700,000	1,200,000	1,200,000
Fleet secured debt	2,758,821	2,724,349	2,554,194	2,544,235	2,470,603
Other secured debt	66,864	68,402	69,264	70,202	70,815
Total debt	7,229,341	6,929,591	6,794,502	6,311,676	6,304,038

Moving and Storage cash	$872,467	$883,108	$1,279,493	$1,071,779	$1,380,165
Moving and Storage assets	17,522,952	17,291,214	17,164,316	16,447,193	16,149,748
Moving and Storage EBITDA (TTM)	1,619,714	1,614,146	1,566,396	1,584,461	1,567,985

Net debt to EBITDA	3.9	3.7	3.5	3.3	3.1
Net debt to total assets	36.3%	35.0%	32.1%	31.9%	30.5%

Percent of debt floating	6.1%	6.2%	5.9%	7.7%	7.2%
Percent of debt fixed	93.9%	93.8%	94.1%	92.3%	92.8%
Percent of debt unsecured	23.5%	24.5%	25.0%	19.0%	19.0%

Unencumbered asset ratio*	3.91x	3.81x	3.78x	4.72x	4.43x

* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued
at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x.

The components of depreciation, net of gains on disposals for the fourth quarter and the full year of fiscal 2025 and 2024 are as follows:


		Quarter Ended March 31,
		2025		2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	180,836	$	145,256
Depreciation expense - non rental equipment		23,934		24,388
Depreciation expense - real estate		48,408		44,008
Total depreciation expense	$	253,178	$	213,652

(Gains) losses on disposals of rental equipment	$	14,600	$	(15,813)
Losses on disposals of non-rental equipment		500		508
Total net (gains) losses on disposals equipment	$	15,100	$	(15,305)

Depreciation, net of gains on disposals	$	268,278	$	198,347

Losses on disposals of real estate	$	6,305	$	2,594


		Year Ended March 31,
		2025		2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	692,660	$	564,546
Depreciation expense - non rental equipment		95,709		94,902
Depreciation expense - real estate		183,564		158,441
Total depreciation expense	$	971,933	$	817,889

Gains on disposals of rental equipment	$	(15,014)	$	(154,989)
Losses on disposals of non-rental equipment		1,265		1,031
Total net gains on disposals equipment	$	(13,749)	$	(153,958)

Depreciation, net of gains on disposals	$	958,184	$	663,931

Losses on disposals of real estate	$	15,758	$	7,914

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows (unaudited):


	Quarters Ended March 31,
	2025	2024
	(In thousands, except occupancy rate)
Unit count as of March 31	799	728
Square footage as of March 31	68,376	61,857
Average monthly number of units occupied	613	573
Average monthly occupancy rate based on unit count	77.3%	79.8%
End of period occupancy rate based on unit count	77.0%	79.3%
Average monthly square footage occupied	53,814	49,986


	Years Ended March 31,
	2025	2024
	(In thousands, except occupancy rate)
Unit count as of March 31	799	728
Square footage as of March 31	68,376	61,857
Average monthly number of units occupied	607	571
Average monthly occupancy rate based on unit count	79.2%	82.1%
End of period occupancy rate based on unit count	77.0%	79.3%
Average monthly square footage occupied	53,021	49,515


Self-Storage Portfolio Summary
As of March 31, 2025
(unaudited)
U-Haul Owned Store Data by State
				Annual
State/		Units	Rentable	Revenue	Occupancy
Province	Stores	Occupied	Square Feet	Per Foot	During Qtr
Texas	98	38,927	4,626,909	$14.74	77.5%
California	88	34,661	3,248,287	$21.19	81.5%
Florida	86	35,062	3,844,971	$18.46	78.6%
Illinois	83	37,087	4,087,748	$16.03	77.4%
Pennsylvania	72	27,860	3,126,879	$17.82	70.5%
New York	66	27,685	2,625,717	$23.31	78.7%
Ohio	64	25,611	2,886,419	$14.93	75.6%
Michigan	58	19,971	2,157,748	$15.75	80.6%
Georgia	53	22,272	2,609,877	$16.27	80.5%
Arizona	46	25,297	2,914,989	$15.44	77.6%
Wisconsin	44	16,620	2,025,606	$13.78	72.4%
North Carolina	40	17,138	2,043,673	$15.32	70.7%
Washington	37	14,364	1,587,201	$16.62	75.4%
Missouri	37	13,322	1,777,498	$14.25	68.3%
Tennessee	37	15,256	1,550,059	$14.90	86.6%
Ontario	34	12,072	1,353,947	$23.00	71.7%
New Jersey	33	16,195	1,500,430	$20.70	83.9%
Indiana	33	10,396	1,180,034	$13.90	77.5%
Minnesota	33	13,468	1,685,377	$14.05	72.9%
Massachusetts	31	11,166	1,007,100	$20.58	86.0%

Top 20 Totals	1,073	434,430	47,840,469	$17.03	77.1%

All Others	485	181,204	20,535,531	$16.43	77.6%

4Q FY 2024 Totals	1,558	615,634	68,376,000	$16.85	77.3%

Same Store Pool Held Constant for Prior Periods
Same Store 4Q24	893	317,736	29,661,083	$17.32	91.9%
Same Store 4Q23	893	320,411	29,639,638	$16.82	92.4%
Same Store 4Q22	893	321,055	29,615,402	$15.93	92.4%

Non-Same Store 4Q24	665	297,898	38,714,917	$16.32	66.0%
Non-Same Store 4Q23	583	256,992	32,217,390	$16.29	68.2%
Non-Same Store 4Q22	527	225,931	26,834,710	$15.89	69.2%

Same Store Pool, Prior Periods Unchanged
Same Store 4Q24	893	317,736	29,661,083	$17.32	91.9%
Same Store 4Q23	862	291,587	27,376,696	$16.87	92.3%
Same Store 4Q22	804	256,861	23,942,574	$16.00	94.2%

Non-Same Store 4Q24	665	297,898	38,714,917	$16.32	66.0%
Non-Same Store 4Q23	614	285,816	34,480,331	$16.28	70.1%
Non-Same Store 4Q22	618	289,536	32,439,826	$15.84	72.3%

Note: Store Count, Units, and NRSF reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over fiscal year 2025.
Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity
change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the
last two years. Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


		March 31,		March 31,
		2025		2024
		(Unaudited)
ASSETS		(In thousands)
Cash and cash equivalents	$	988,828	$	1,534,544
Trade receivables and reinsurance recoverables, net		230,716		215,908
Inventories and parts		163,132		150,940
Prepaid expenses		282,406		246,082
Fixed maturity securities available-for-sale, net, at fair value		2,479,498		2,442,504
Equity securities, at fair value		65,549		66,274
Investments, other		678,254		633,936
Deferred policy acquisition costs, net		121,729		121,224
Other assets		126,732		111,743
Right of use assets – financing, net		138,698		289,305
Right of use assets – operating, net		46,025		53,712
Related party assets		45,003		57,934

Property, plant and equipment, at cost:
Land		1,812,820		1,670,033
Buildings and improvements		9,628,271		8,237,354
Furniture and equipment		1,047,414		1,003,770
Rental trailers and other rental equipment		1,046,135		936,303
Rental trucks		7,470,039		6,338,324
		21,004,679		18,185,784
Less: Accumulated depreciation		(5,892,079)		(5,051,132)
Total property, plant and equipment, net		15,112,600		13,134,652
Total assets	$	20,479,170	$	19,058,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	820,900	$	783,084
Notes, loans and finance leases payable, net		7,193,857		6,271,362
Operating lease liabilities		46,973		55,032
Policy benefits and losses, claims and loss expenses payable		857,521		849,113
Liabilities from investment contracts		2,511,422		2,411,352
Other policyholders' funds and liabilities		7,539		18,070
Deferred income		52,895		51,175
Deferred income taxes, net		1,489,920		1,447,125
Total liabilities		12,981,027		11,886,313

Common stock		10,497		10,497
Non-voting common stock		176		176
Additional paid-in capital		462,548		462,548
Accumulated other comprehensive loss		(229,314)		(223,216)
Retained earnings		7,931,886		7,600,090
Cost of common stock in treasury, net		(525,653)		(525,653)
Cost of preferred stock in treasury, net		(151,997)		(151,997)
Total stockholders' equity		7,498,143		7,172,445
Total liabilities and stockholders' equity	$	20,479,170	$	19,058,758

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


		Quarter Ended March 31,
		2025		2024
		(Unaudited) (In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	745,259	$	716,283
Self-storage revenues		230,532		212,701
Self-moving and self-storage products and service sales		72,729		73,018
Property management fees		8,861		8,422
Life insurance premiums		19,553		21,542
Property and casualty insurance premiums		23,540		22,419
Net investment and interest income		36,519		42,859
Other revenue		96,516		81,926
Total revenues		1,233,509		1,179,170

Costs and expenses:
Operating expenses		812,290		757,567
Commission expenses		80,758		77,236
Cost of product sales		53,114		52,732
Benefits and losses		45,668		36,643
Amortization of deferred policy acquisition costs		4,755		5,212
Lease expense		5,117		7,473
Depreciation, net of gains on disposals		268,278		198,347
Net losses on disposal of real estate		6,305		2,594
Total costs and expenses		1,276,285		1,137,804

Earnings (losses) from operations		(42,776)		41,366
Other components of net periodic benefit costs		(372)		(364)
Other interest income		9,053		36,843
Interest expense		(80,419)		(64,184)
Pretax earnings (losses)		(114,514)		13,661
Income tax (expense) benefit		32,223		(14,524)
Losses available to common shareholders	$	(82,291)	$	(863)
Basic and diluted losses per share of Common Stock	$	(0.46)	$	(0.05)
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings (losses) per share of Non-Voting Common Stock	$	(0.41)	$	0.00
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


		Years Ended March 31,
		2025		2024
		(Unaudited) (In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	3,725,524	$	3,624,695
Self-storage revenues		897,913		831,069
Self-moving and self-storage products and service sales		327,490		335,805
Property management fees		36,811		37,004
Life insurance premiums		83,707		89,745
Property and casualty insurance premiums		98,900		94,802
Net investment and interest income		151,974		146,468
Other revenue		506,346		466,086
Total revenues		5,828,665		5,625,674

Costs and expenses:
Operating expenses		3,275,471		3,126,471
Commission expenses		407,368		384,079
Cost of product sales		234,145		241,563
Benefits and losses		182,749		167,035
Amortization of deferred policy acquisition costs		18,333		24,238
Lease expense		20,503		32,654
Depreciation, net of gains on disposals		958,184		663,931
Net losses on disposal of real estate		15,758		7,914
Total costs and expenses		5,112,511		4,647,885

Earnings from operations		716,154		977,789
Other components of net periodic benefit costs		(1,488)		(1,458)
Other interest income		59,057		120,021
Interest expense		(295,716)		(256,175)
Fees on early extinguishment of debt and costs of defeasance		(495)		-
Pretax earnings		477,512		840,177
Income tax expense		(110,422)		(211,470)
Earnings available to common shareholders	$	367,090	$	628,707
Basic and diluted earnings per share of Common Stock	$	1.69	$	3.04
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.89	$	3.22
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

###

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:


		For the Quarter Ended
		March 31,
		2025		2024
		(Unaudited)
		(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%

Net losses available to common stockholders	$	(82,291)	$	(863)
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed losses available to common stockholders	$	(91,114)	$	(9,686)
Undistributed losses available to common stockholders allocated to Voting Common Stock	$	(9,111)	$	(969)

Undistributed losses per share of Voting Common Stock	$	(0.46)	$	(0.05)
Dividends declared per share of Voting Common Stock	$	-	$	-
Basic and diluted losses per share of Voting Common Stock	$	(0.46)	$	(0.05)


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%

Net losses available to common stockholders	$	(82,291)	$	(863)
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed losses available to common stockholders	$	(91,114)	$	(9,686)
Undistributed losses available to common stockholders allocated to Non-Voting Common Stock	$	(82,003)	$	(8,717)

Undistributed losses per share of Non-Voting Common Stock	$	(0.46)	$	(0.05)
Dividends declared per share of Non-Voting Common Stock	$	0.05	$	0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock	$	(0.41)	$	0.00


		For the Years Ended
		March 31,
		2025		2024
		(Unaudited) (In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%

Net earnings available to common stockholders	$	367,090	$	628,707
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(35,294)		(31,765)
Undistributed earnings available to common stockholders	$	331,796	$	596,942
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	33,180	$	59,694

Undistributed earnings per share of Voting Common Stock	$	1.69	$	3.04
Dividends declared per share of Voting Common Stock	$	0.00	$	0.00
Basic and diluted earnings per share of Voting Common Stock	$	1.69	$	3.04


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%

Net earnings available to common stockholders	$	367,090	$	628,707
Voting Common Stock dividends declared		- -		-
Non-Voting Common Stock dividends declared		(35,294)		(31,765)
Undistributed earnings available to common stockholders	$	331,796	$	596,942
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	298,616	$	537,248

Undistributed earnings per share of Non-Voting Common Stock	$	1.69	$	3.04
Dividends declared per share of Non-Voting Common Stock	$	0.20	$	0.18
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.89	$	3.22

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of March 31, 2025 and March 31, 2024, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.


						March 31,		March 31,
						2025		2024
		March 31,		ROU Assets		Property, Plant and Equipment		Property, Plant and Equipment
		2025		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)

Property, plant and equipment, at cost
Land	$	1,812,820	$	-	$	1,812,820	$	1,670,033
Buildings and improvements		9,628,271		-		9,628,271		8,237,354
Furniture and equipment		1,047,414		61		1,047,475		1,003,831
Rental trailers and other rental equipment		1,046,135		58,071		1,104,206		1,050,910
Rental trucks		7,470,039		309,475		7,779,514		6,945,845
Right-of-use assets, gross		21,004,679		367,607		21,372,286		18,907,973
Less: Accumulated depreciation		(5,892,079)		(228,909)		(6,120,988)		(5,484,016)
Total property, plant and equipment, net	$	15,112,600	$	138,698	$	15,251,298	$	13,423,957


						March 31,
						2024
		March 31,		ROU Assets		Property, Plant and Equipment
		2024		Financing		Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,670,033	$	-	$	1,670,033
Buildings and improvements		8,237,354		-		8,237,354
Furniture and equipment		1,003,770		61		1,003,831
Rental trailers and other rental equipment		936,303		114,607		1,050,910
Rental trucks		6,338,324		607,521		6,945,845
Right-of-use assets, gross		18,185,784		722,189		18,907,973
Less: Accumulated depreciation		(5,051,132)		(432,884)		(5,484,016)
Total property, plant and equipment, net	$	13,134,652	$	289,305	$	13,423,957

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is Adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.


Moving and Storage Adjusted EBITDA Calculations
(In thousands, unaudited)
		March 31,		December 31,		September 30,		June 30,		March 31,
		2025		2024		2024		2024		2024

Net earnings available to common stockholders	$	367,090	$	448,518	$	480,576	$	567,286	$	628,707
Income tax expense		94,747		137,940		148,743		174,206		194,398
Fees on early extinguishment of debt and costs of defeasance		495		495		495		495		-
Interest expense		296,721		280,487		271,359		263,808		257,187
Other interest income		(59,489)		(87,303)		(99,292)		(111,561)		(120,501)
Other components of net periodic benefit costs		1,488		1,480		1,473		1,465		1,458
Net losses on disposal of real estate		15,758		12,047		11,273		9,997		7,914
Depreciation, net of gains on disposals		958,184		888,253		815,810		742,662		663,931
Earnings from subsidiaries		(55,280)		(67,771)		(64,041)		(63,897)		(65,109)
EBITDA	$	1,619,714	$	1,614,146	$	1,566,396	$	1,584,461	$	1,567,985