Life StorageThird Quarter 2018 Investor Presentation

SAFE HARBOR STATEMENTFORWARD LOOKING STATEMENTS

2

This presentation may contain forward looking statements as defined in Section 27A of the Securities Act of 1933, and in Section

21E of the Securities Exchange Act of 1934. Forward looking statements address matters that are subject to a number of risks

and uncertainties.

Such factors include, but are not limited to, the effect of competition from new self storage facilities; the Company's ability to

evaluate, finance and integrate acquired businesses into the Company's existing operations; the Company’s ability to enter

new markets where it has little or no operational experience; and other such factors as set forth in the Company's 10-K for the

year ended December 31, 2017 as filed with the Securities and Exchange Commission.

The Company is under no obligation to update any such forward looking statements.

Over 700 stores in 28 states

More than400,000

customers

91.8%same store

average quarterlyoccupancy

158 properties managed for third

party entities

$6.2 Billionenterprise value

313% 10 yeartotal return

89% quarterly dividend increase over past 5 years

30+ years inself-storage

business

Investment Grade Rated

Moody’s: Baa2S&P: BBB

5.2xDebt to EBITDA

AT A GLANCE1

LIFE STORAGE

Notes:(1) Data as of September 30, 2018

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INVESTMENT HIGHLIGHTSLIFE STORAGE

4

Diversified Portfolio with Increasing Focus on Primary Markets

Growth Strategy Driven by Disciplined Capital Allocation

Innovative Technology Solutions to Drive Customer Acquisition and Revenue Management

Differentiated Corporate Customer Value Proposition

Strong Financial Performance, Conservative Balance Sheet and Attractive Valuation

Notes:(1) Forbes 2018 Fastest Growing U.S. Cities(2) As of September 30, 2018

49.6M

Self Storage Facilities Net Rentable Sq. Ft. Customers

DIVERSIFIED PORTFOLIOLIFE STORAGE HAS A COAST TO COAST PRESENCE

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Life Storage owns and manages properties in 28 states across the United States, and it has a presence in 16 of the top 20 fastest growing markets in the country1. Its 2016 expansion into the West Coast has enhanced both its demographics and geographic diversity.

Major MarketFour or few locations

725 Locations2

567 Wholly Owned101 Joint Venture

57 Managed

725 51.1 MM 400K +

12

12

22

29

26

29

46

61

42

26

15

10

8

8

7

7

20

16

7

66

66

910

13

208

9

129

21

4511

5

5

2817

5

DIVERSIFIED PORTFOLIOBIGGER-BETTER-STRONGER

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Life Storage has grown substantially in recent years, with a particular focus on accessing and building scale in both primarymarkets as well as secondary markets where the company can leverage scale to drive margin expansion and revenue growth.

Increased scale by >30%

Added three primary markets (Los Angeles, Sacramento and Las Vegas)

Enhanced store quality

Improved demographic profile

Increased store operating performance

Strengthened corporate financial performance

($ in '000s, except FFO/Share, Rent/Sq Ft, Median Income) Dec 2015 Sept 2018 % Inc

StoresOwned 452 567 25.4%

Joint Venture 69 101 46.4%

Managed (non-Joint Venture) 21 57 171.4%

Total 542 725 33.8%

Top-35 Markets Sq Ft (owned) 55% 63% 15.0%

Climate Controlled Sq Ft (owned) 43% 46% 8.6%

Demographics3-Mile Pop Density 78,742 93,098 18.2%

3-Mile Med HH Income 69,517$ 71,596$ 3.0%

FinancialAvg SS Rent per Square Foot 12.64$ (1) 14.16$ (2) 12.0%

Avg SS Rev per Store (Annualized) 808$ (1) 969$ (2) 19.8%

Store Revenue 360,766$ (3) 535,673$ (4) 48.5%

Management Fees 5,836$ (3) 9,990$ (4) 71.2%

Adj. FFO per Share 4.94$ (3) 5.47$ (4) 10.8%

Credit Rating BBB-/Baa3 (5) BBB/Baa2 +1 grade

Notes:

(1) Data for 4Q15 (4) Data for last twelve months as of Sept 30, 2018

(2) Data for 3Q18 (5) Prior to 12/1/15

(3) Data for last twelve months as of Dec 31, 2015

GROWTH STRATEGYEMBEDDED GROWTH DRIVERS

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Improved Portfolio NOI and NAV

Acquisitions Expansions Third Party Management Joint Ventures

• One hundred twenty properties from the LifeStorage acquisition and others have experienced an on-boarding benefit from the Company’s platforms

• Three new, dense markets (Los Angeles, Las Vegas, Sacramento) are outperforming core portfolio

• Significant operating margin gains from platform and scale efficiencies

• Ongoing success with expanding and enhancing stores in existing portfolio

• Adding 10-20K sq ft of premium space to successful stores

• Reduces effective age

• Competitively repositions properties

• More than 20-year track record of sponsoring and operating jointly owned partnerships

• Increases market share and scales cost sharing opportunities

• Adds property and management fee income

• Enhances acquisition pipeline

• Preferred alternative to recapitalize non-strategic assets

• The Life Storage brand has accelerated the Company’s momentum in its third-party management business

• Increases market share and scales cost sharing opportunities

• Adds property and management fee income

• Enhances acquisition pipeline

Lease-Up Stores

• Three stabilized “certificate of occupancy” (“CofO”) properties were added to the Company’s same store pool in 2018

• CofO and other lease-up properties will provide out-sized NOI growth as they move to stabilization

GROWTH STRATEGYACQUISITION PROPERTIES

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The merits of Life Storage’s acquisition strategy and implementation of its business model (e.g., revenue management; marketing;customer care center; store platforms) on acquired properties are evident in the performance of the 101 stores acquired in 2016 and added to the Same Store pool in 2018. Both revenue and NOI growth of the acquired properties has significantly outpaced the legacy stores on a year-over-year basis in each of the past four quarters. Strength exists in both new markets (e.g., Los Angeles; Sacramento; Las Vegas) and markets where Life Storage expanded its presence to leverage existing scale (e.g., Boston-Cambridge; Orlando).

DataProgressive PlatformsRates Specials In-Place Increases

0.0%

2.5%

5.0%

7.5%

10.0%

4Q17 1Q18 2Q18 3Q18

Y/Y Revenue Growth

Acquired Stores Other Stores

0.0%

2.5%

5.0%

7.5%

10.0%

4Q17 1Q18 2Q18 3Q18

Y/Y NOI Growth

Acquired Stores Other Stores

GROWTH STRATEGYEXPANSION PROPERTIES

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Investment(In $millions)

Premium Sq Ft. Added*(in thousands)

Incremental NOI at Stabilization(in $millions)

Weighing demand indicators and revenue potential, the Company redevelops properties toadd premium space types. Fifteen such projects were completed in 2017, and the Company

anticipates approximately10-20 projects per year in 2018 and 2019.

With an 8%+ yield, these low risk investments in existing properties also upgrade theappearance and customer experience at these stores.

* NRSF = total NRSF after expansion less NRSF removed** Projected

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

2016 2017 2018**200

250

300

350

2016 2017 2018**$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

2016** 2017** 2018**

-$1

$1

$3

$5

$7

$9

$11

$13

0255075

100125150175200225

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018*

Fee

Inco

me

($ in

MM

)

# o

f Sto

res

Third-Parties (no ownership) Joint Ventures $ Fees

GROWTH DRIVERSTHIRD-PARTY MANAGEMENT

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Since rebranding to Life Storage, the Company’s

third-party management revenues have grown

substantially. By year-end, Life Storage expects more

than 50% of its managed portfolio to be with

properties whereby the Company holds no

ownership interest, an almost 100% increase in just

two years.

Management Fee Income +22.5% CAGR

* 2018 estimate

Pro-Rata Share of Joint Venture FFO(in $millions)

GROWTH STRATEGYJOINT VENTURES

Relationships with joint venture partners allow Life Storage to grow its national footprint, leverage existing resources, and generate additional fee income with limited capital commitment.

Joint venture FFO per Share contribution has grown from roughly $0.04 per share in 2010 to an estimated $0.16 per share in 2018.

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Joint Venture Management Fee Income(in $millions)

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

2010 2011 2012 2013 2014 2015 2016 2017 2018*$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

2010 2011 2012 2013 2014 2015 2016 2017 2018*

*Estimate based on 3Q annualized

+0.13Incremental NOI Impact

per share as of September 30, 2018**

Estimated Stabilized NOI*

$19.1M

GROWTH STRATEGYLEASE-UP PROPERTIES

The Company does not develop new properties, but occasionally purchases newly built properties or properties in the early stages of lease-up. Twenty-two of these lease-up facilities have not yet made their full impact on NOI. In 2018 and over the next few years, these properties will have an outsized contribution to NOI.

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Market Number of Stores Cost Net Rentable Sq. Ft. Occupancy 12/31/18 NOI***

Chicago, IL 9 $ 123,166 708,601 89.0% $ 6,448

Austin, TX 2 12,477 146,565 90.1% 1,144

Dallas, TX 2 21,690 126,697 86.0% 848

Phoenix, AZ 2 17,179 131,833 91.6% 1,516

Boston, MA 1 10,291 63,183 92.1% 544

Boulder, CO 1 8,373 44,616 77.6% 380

Charleston, SC 1 8,620 70,165 58.9% 272

Los Angeles, CA 1 18,600 79,287 88.7% 840

Miami, FL 1 11,274 69,900 91.0% 736

San Marcos, TX 1 8,353 59,066 78.9% 324

Charlotte, NC 1 12,549 70,118 40.3% 96

22 $ 252,572 1,570,031 85.0% 13,148

* NOI at 85% occupied at stable market rates** Based on the difference between estimated NOI and current NOI, and assuming 46,627,968 diluted shares.*** Q3 2018 NOI annualized

INNOVATIVE TECHNOLOGYRENT NOW – SELF SERVICE RENTAL OPTION

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In today’s market, many customers prefer to self-serve and bypass the traditional sales process at the counter. Life Storage recognizes that self storage is no different.

“Rent Now” allows customers to skip the counter by electronically selecting a storage space, completing the rental agreement and making their payment online via their computer or mobile device. The customer then receives a property access code and step-by-step directions to their specific rental space.

Key Attributes:

Fully digital transaction process for those who wish to rent a space without call center or store manager engagement.

Process is fully integrated with the Company’s operating, security and revenue management systems, allowing for real-time, fully automated and accurate inventory and sales management.

Early adoption and customer commitment is strong; initial results exceeded expectations.

Expect all stores will be fully functional by early-2019.

INNOVATIVE TECHNOLOGY / CORPORATE VALUE PROPWAREHOUSE ANYWHERE

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Corporate and small business customers are an important segment to Life Storage. The Company created a network of more than 10,000 Life Storage and partner facilities across the country to fulfill its business customers’ nationwide storage needs.

Warehouse Anywhere, a subsidiary of Life Storage, launched an intelligent warehouse solution to help solve the final mile delivery challenge of its corporate customers. Warehouse Anywhere provides third-party logistics (3PL) and warehousing services through a forward deployed, unmanned, de-centralized model combining storage asset management with proprietary inventory tracking technology.

Key Attributes: Corporate value proposition: As a final mile solution, Warehouse Anywhere

places products closer to customers, reduces logistics costs, increases inventory tracking accuracy and improves delivery time.

Technology solution successfully deployed in several industries, including retail, service and repair, and healthcare.

Differentiated fee-based revenue model with technology implementation and ancillary services (e.g., courier).

0

50

100

150

200

250

0

2,500

5,000

7,500

10,000

12,500

Dec 2016 Dec 2017 Sept 2018 Dec 2018*

Storage Spaces Spaces with Technology

Customer Storage Spaces

* 2018 estimate

*As adjusted**Midpoint of guidance***Projected

Robust FFO* Per Share Growth

FINANCIAL STRENGTHGROWING VALUE

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Life Storage is well positioned to continue cash flow and dividend growth, supported by multiple revenue drivers, a favorable payout ratio, and a solid balance sheet.

$2.00

$3.00

$4.00

$5.00

$6.00

2010 2011 2012 2013 2014 2015 2016 2017 2018**$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

2010 2011 2012 2013 2014 2015 2016 2017 2018***

Strong Dividend Growth

2010 2011 2012 2013 2014 2015 2016 2017 2018***

Payout Ratio 73.5% 65.5% 54.9% 52.7% 62.2% 64.8% 71.3% 74.4% 72.9%

FINANCIAL STRENGTHWELL POSITIONED BALANCE SHEET

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Solid, unsecured balance sheet with no debt maturities until June 2020, a 7.2 year weighted average debt tenor, and a virtually 100% unencumbered asset base.*

Debt Maturity Schedule(in $millions)

$0

$100

$200

$300

$400

$500

$600

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Line

Bank Term Notes

Institutions

Public Bond

Mortgage

$ in

Milli

ons

*Reflects financing as of October 31, 2018

Debt Service Coverage

Debt to Gross Assets

5.2xDebt/EBITDA

4.9xDebt Service

Coverage

39%Debt to

Gross Assets

Senior Unsecured Note Covenants Required Actual

*Covenants further defined in the Company’s Base indenture dated June 20, 2016

FINANCIAL STRENGTHCONSERVATIVE FINANCIAL RATIOS

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Life Storage’s conservative Financial Ratios provide flexibility and a favorable outlook.

2

3

4

5

6

2010 2011 2012 2013 2014 2015 2016 2017 Q3-2018

Senior Unsecured Note Covenants* Required Actual

Total Consolidated Debt to Total Assets ≤ 60% 38.9%

Total Secured Debt to Total Assets ≤ 40% 0.3%

Total Unencumbered Assets to Total Unsecured Debt ≥ 150% 249.5%

Consolidated Income Available for Debt Service to Total Annual Debt Service Charge ≥ 1:5 : 1 4:7 : 1

X

X

X

X

X

20%

30%

40%

2010 2011 2012 2013 2014 2015 2016 2017 Q3-2018

OUTPERFORMING CURRENT VALUATION

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Comparatively, important metrics are imbalanced despite the Company's position and performance. The Company is well-positioned financially and has a positive outlook, but is trading at a value price.

Dividend Yield

2018 & 2019 EBITDA Multiple

17 FFO Multiple 2017 EBITDA Multiple

ATTRACTIVE VALUATION

0

4

8

12

16

20

24

CUBE EXR NSA PSA LSI

2018 & 2019 FFO Multiple

0

4

8

12

16

20

24

CUBE EXR NSA PSA LSI

2018 EBITDA Multiple2018 EBITDA Multiple

2%

3%

4%

5%

CUBE EXR NSA PSA LSI2%

3%

4%

5%

6%

7%

CUBE EXR NSA PSA LSI

Implied Cap Rate

X

X

X

X

X

X

X

X

X

X

X

X

X

X

2019 EBITDA Multiple2018 EBITDA Multiple2018 EBITDA Multiple2018 EBITDA Multiple2019 FFO Multiple2018 FFO Multiple

Sources: FactSet, Bloomberg, Wall Street EstimatesPriced as of 10.30.18

INVESTMENT HIGHLIGHTSLIFE STORAGE

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Diversified Portfolio with Increasing Focus on Primary Markets

Growth Strategy Driven by Disciplined Capital Allocation

Innovative Technology Solutions to Drive Customer Acquisition and Revenue Management

Differentiated Corporate Customer Value Proposition

Strong Financial Performance, Conservative Balance Sheet and Attractive Valuation