U-Haul 2006 Annual Report Download - page 27

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 8: Net Investment and Interest Income
Net investment and interest income, were as follows:
2006 2005 2004
Fixed maturities $ 39,918 $ 41,594 $ 50,044
Real estate 6,593 12,836 10,879
Insurance policy loans 309 160 498
Mortgage loans 5,788 6,312 7,173
Short-term, amounts held by ceding reinsurers,
net and other investments 5,253 (2,442) 1,616
Investment income 57,861 58,460 70,210
Less: investment expenses (2,422) (3,154) (6,511)
Less: interest credited on annuity policies (16,888) (20,509) (27,042)
Investment income-Related party 14,543 21,942 1,624
Net investment and interest income $ 53,094 $ 56,739 $ 38,281
Year Ended March 31,
(In thousands)
Interest income increased in fiscal 2005 compared with fiscal 2004 primarily as a result of the deconsolidation of SAC
Holding Corporation.
Note 9: Borrowings
Long-Term Debt
Long-term debt was as follows:
2006 Rate (a) Maturities 2006 2005
Real estate loan (floating) 6.70% 2010 $ 242,585 $-
Senior mortgages 5.47%-5.75% 2015 531,309 -
Mezzanine loan (floating) 10.28% 2007 19,393 -
Fleet loan (amortizing term) 6.45% 2012 82,347 -
Fleet loan (revolving credit) 6.45% 2010 90,000 -
Revolving credit facility - - - 84,862
Senior amortizing notes (secured) - - - 346,500
Senior notes, second lien (secured) - - - 200,000
Senior notes, subordinated (secured) - - - 148,646
$ 965,634 $ 780,008
(a) Interest rate as of March 31, 2006
March 31,
(In thousands)
F-20