U-Haul 2011 Annual Report Download - page 74

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 8: Net Investment and Interest Income
Net investment and interest income, were as follows:
2011 2010 2009
Fixed maturities $ 32,782 $ 31,234 $ 38,553
Real estate 361 (56) (99)
Insurance policy loans 259 262 236
Mortgage loans 5,249 5,226 4,962
Short-term, amounts held by ceding reinsurers, net and other 749 1,110 3,539
Investment income 39,400 37,776 47,191
Less: investment expenses (1,269) (1,020) (1,034)
Less: interest credited on annuity policies (10,084) (11,000) (11,824)
Investment income - Related party 24,614 24,233 23,688
Net investment and interest income $ 52,661 $ 49,989 $ 58,021
Years Ended March 31,
(In thousands)
Note 9: Borrowings
Long-Term Debt
Long-term debt was as follows:
2011 Rate (a) Maturities 2011 2010
Real estate loan (amortizing term) 6.93% 2018 $ 255,000 $ 265,000
Real estate loan (revolving credit) - 2018 - 86,000
Real estate loan (amortizing term) 5.00% 2011 11,222 31,865
Senior mortgages 5.47% - 6.13% 2015 - 2016 476,783 489,186
Working capital loan (revolving credit) - 2012 - 15,000
Fleet loans (amortizing term) 4.78% - 7.95% 2012 - 2017 325,591 276,222
Fleet loan (securitization) 4.90% - 5.56% 2014 - 2017 271,290 143,170
Other obligations 3.25% - 9.50% 2011 - 2018 57,956 41,192
Total notes, loans and leases payable $ 1,397,842 $ 1,347,635
(a) Interest rate as of March 31, 2011, including the effect of applicable hedging instruments
(In thousands)
March 31,
Real Estate Backed Loans
Real Estate Loan
Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers
under a Real Estate Loan. The loan has a final maturity date of August 2018. The loan is comprised of a term
loan facility with initial availability of $300.0 million and a revolving credit facility with an availability of $198.8
million. As of March 31, 2011, the outstanding balance on the Real Estate Loan was $255.0 million and the
Company had the full $198.8 million available to be drawn on the revolving credit facility. U-Haul International,
Inc. is a guarantor of this loan.
The amortizing term portion of the Real Estate Loan requires monthly principal and interest payments, with
the unpaid loan balance and accrued and unpaid interest due at maturity. The revolving credit portion of the
Real Estate Loan requires monthly interest payments when drawn, with the unpaid loan balance and any
accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by
the borrowers.
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