FIRST QUARTER2018 INVESTOR PRESENTATION

1

Over 700 stores in 28 states

More than390,000

customers

91.1%same storequarterly

occupancy

145 properties managed for third

parties entities

$5.7 Billionenterprise value

215% 10 yeartotal return

108% quarterly dividend increase over past 5 years

30+ years inself-storage

business

LIFE STORAGEAT A GLANCE

2

Investment Grade Rated

Moody’s: Baa2S&P: BBB

5.7xDebt to EBITDA

Since changing to the Life Storage brand, the Company's transformation has enhanced its market positioning, scaled the operating

platform and strengthened the balance sheet. Life Storage is well positioned for growth and is attractively-valued.

PortfolioTransformed

MultipleGrowth Drivers

ModernBranding

ProgressivePlatforms

Financial Strength

AttractiveValuation

LIFE STORAGEA VALUE PROPOSITION

3

Geographically Diversified Assets

Core MetricsImproving

LIFE STORAGEPORTFOLIO

4

LIFE STORAGETIMELINE

5

201525 years as

Uncle Bob's Self Storage

Aug. 2016Sovran begins trading asLife Storage (LSI) on NYSE

Mar. 2017Brand

transformation complete

Jul. 2016Sovran acquires

LifeStorage

Sep. 2016Brand transformation

begins

After 25 years of building the Uncle Bob’s brand into a leader in the industry, the Company is now leveraging its experience to build the Life Storage brand.

Mar. 2018711 Life Storage

locations

*Forbes 2018 Fastest Growing U.S. Cities

706 37.0M 49.6M

Self Storage Facilities Net Rentable Sq. Ft. Customers

COMPANY PORTFOLIOLIFE STORAGE HAS A COAST TO COAST PRESENCE

6

Life Storage owns and manages properties in 28 states across the U.S. and it has a presence in 18 of the top 25 fastest growing markets in the country*. Its 2016 expansion into the West Coast has bolstered both its demographics and geographic diversity.

Major MarketFour or few locations

711 Locations566 Wholly Owned

98 Joint Venture47 Managed

711 50.1 MM 390K +

Quick Facts 2016 vs. 2018:

• Upgraded age, size & quality of portfolio

• Strengthened demographic profile

• Improved scale and penetration in many core markets

• Significant presence in the top ten largest U.S. Metro Areas*, including:

• New York – Newark – New Jersey, NY-NJ

• Los Angeles – Long Beach – Anaheim, CA

• Chicago – Naperville – Elgin, IL

• Dallas – Fort Worth – Arlington, TX

• Houston – The Woodlands – Sugar Land, TX

PORTFOLIO UPGRADESSTRONG CORE METRICS

7

Acquisitions from 2016 (including the LifeStorage portfolio), expansions and enhancements of existing properties, the integration of “certificate of occupancy” facilities, and the Company’s expanded presence in major metros has significantly elevated its core metrics.

*US Census Bureau

Added 105 Stabilized Properties to the 2018 Same Store Pool

Expansion Properties

Lease-up Properties

Management Fee Income

Joint Venture Revenues

LIFE STORAGEGROWTH DRIVERS

8

GROWTH DRIVERSEMBEDDED GROWTH DRIVERS

9

Improved Portfolio NOI and NAV

Acquisitions Re-Development Third Party Management Joint Ventures

• 120 properties from the LifeStorage acquisition and others have gained anon-boarding benefit from the Company’s platforms

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

• Significant operating margin gains from platforms and scale efficiencies

• Ongoing success with expanding and enhancing stores in existing portfolio

• Adds 10-20k sq. ft. of premium space to successful stores

• Upgrades overall “presence” of the properties

• Reduces effective age

• 20+ year track record of sponsoring and operating jointly owned partnerships

• Provides additional presence and scale in existing markets;

• Adds property and management fee income

• Enhances acquisition pipeline

• The Life Storage Brand has accelerated the Company’s momentum in its 3rd Party Management business

• Revenues from management fees grew 75% in 2017 vs. 2016, and continued strong growth is expected in 2018

• Provides additional presence and scale in existing markets; significant cost sharing

• Enhances acquisition pipeline

Lease-Up Stores

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

• The remaining 22 "C of O" and lease-up properties will provide out-sized NOIgrowth as they move to stabilization

GROWTH DRIVERSEXPANSION PROPERTIES

10

Investment(In $millions)

Premium Sq Ft. Added*(in thousands)

Incremental NOI at Stabilization(in $millions)

Weighing demand indicators & 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 & 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**$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$5.5

2016** 2017** 2018**

+0.19Incremental NOI

Impact per Share**Estimated Stabilized NOI*

$19.1M

GROWTH DRIVERSLEASE-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.

11

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

Chicago, IL 9 $ 123,166 708,305 85.5% $ 5,044

Austin, TX 2 12,477 146,969 89.6% 876

Dallas, TX 2 21,690 127,207 84.3% 764

Phoenix, AZ 2 17,179 131,858 93.5% 1,328

Boston, MA 1 10,291 63,283 86.3% 400

Boulder, CO 1 8,373 45,986 75.8% 216

Charleston, SC 1 8,620 70,165 40.4% 104

Los Angeles, CA 1 18,600 79,345 89.1% 740

Miami, FL 1 11,274 69,801 88.9% 732

San Marcos, TX 1 8,353 59,066 87.8% 224

Charlotte, NC 1 12,549 70,118 17.0% (224)

22 $ 252,572 1,572,103 81.6% 10,204

* NOI at 85% occupied at stable market rates** Based on the difference between estimated NOI and current NOI, and assuming 46,536,672 diluted shares.*** Q1 2018 NOI annualized

GROWTH DRIVERSTHIRD PARTY MANAGEMENT

12

Since rebranding to Life Storage, the Company's 3rd

party management revenues have grown

substantially on a year over year basis – a 75%

increase in 2017 versus 2016. Double digit growth is

expected to continue in 2018.

Management Fee Income +36% CAGR (since 2011)

$0.0

$0.5

$1.0

$1.5

$2.0

2010 2011 2012 2013 2014 2015 2016 2017 2018*

*Estimate based on Q1 fees annualized / $0.04 per shareIn

milli

ons

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

GROWTH DRIVERSJOINT VENTURE REVENUES

Relationships with JV 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 $0.19 per share in 2018.

13

Joint Venture 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 Q1 annualized

A Name that Fits

Positive Indicators

Improvement in Search Rankings

LIFE STORAGEA NEW BRAND

14

LIFE STORAGE BRANDA NAME THAT FITS ANY LIFE EVENT

15

Increase in click-through rates

A click-through rate is a measure of impressions to clicks in search engine results. When

we've been shown in search results, Uncle Bob's and Life Storage results don't look much

different - the main difference is the brand name and website. However, as Life Storage, the Company's click-through rates have increased from 22% to 28%.

Facebook "Likes" (Followership)

Leveraging social media for brand exposure and search engine optimization is part of the

Company's online marketing strategy. With the Life Storage brand, gaining followership has

been easier - in eighteen months as Life Storage on Facebook, followership has increased 530%.

22% 28%

27k 171k

LIFE STORAGE BRANDPOSITIVE INDICATORS FOR A NEW BRAND

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LIFE STORAGE BRANDIMPROVEMENT IN SEARCH RANKINGS

17

Charts measure average position in Google search results for the seven highest-volume search terms in the industry. Values represent placement in results. where the top result is 1.

As any company undergoing a brand change, Life Storage faced lower Google Search

Rankings for several months post-transition. In late October, a dramatic improvement in

search rankings began, and continues to improve market to market. The Company's average

ranking positions in Google Search Results for the seven highest volume keywords in the

industry improved to the coveted first page, currently with an average rating of six.

Top 20 Markets - Average Google Ranking

5/1 6/1 7/1 8/1 9/1 10/1 10/14 10/19 10/28 11/5 12/1 1/1 2/1 3/1 4/1

30

25

20

15

10

5

1

Revenue Management

Marketing

Customer Care Center

Store Operations

LIFE STORAGEOPERATING PLATFORMS

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REVENUE MANAGEMENTMAXIMIZE LONG TERM REVENUE

19

Life Storage maximizes long term revenue by developing, analyzing and refining quantitative processes designed for the

characteristics unique to self storage.

The Company's Revenue Management System uses data to balance street rates, promotions and in-place rate increases while

maximizing revenue.

Data collected from the Company’s stores, Customer Care Center, and website, along with external data, drive the Company's systems and decision making.

Pricing model with analyst oversight strategically adjusts rates with current and forecasted market trends.

Incentives adjust dynamically in real time and are designed to attract long-term customers.

Targets customers with a low probability of moving out or with high replacement value.

Data Rates Specials In-Place Increases

The Goal

Match today's sophisticated & informed customer to their ideal space at the ideal price within the Life Storage portfolio.

The Right Data The Model

Analyst parameters, pricing algorithms and machine learning models combine to output pricing and promotions.

The Result

Optimized pricing and promotions attract the right customers to maximize long-term revenue.

Big data is transformed, organized and distilled to use as inputs for pricing models.

REVENUE MANAGEMENTREVENUE MANAGEMENT SYSTEM

20

REVENUE MANAGMENTMONITORING AND ADJUSTING

21

Experienced pricing analysts use sophisticated analytical tools to monitor current strategies and spot changing trends quickly.

• Focus on accurate forecasting models and alerts so that when market conditions deviate from expectations, adjustments are made quickly.

• New Development Tracking application allows analysts to stay ahead of new supply and build/maintain occupancy when a new competitor opens.

Brand Marketing +

Upper Funnel Marketing +

Search Marketing = Conversions

The Company invests in advertising and sponsorships in the communities that immediately surround its facilities. These placements create positive, memorablebrand impressions that create familiarity and influence potential customers’ choices when searching for storage.

82% of customers research before making purchases. Life Storage engages potential customers early in the process. By leveraging articles, videos, and ads that address pre-storage intent,Life Storage targets potential customers with search, social media, and remarketing campaigns to introduce storage solutions early.

Search Engines are the primary source of most conversions, and the Company invests strategically in search engine optimization techniques to secure top placement in search results.The Company also leverages data from search engine advertising to optimize campaigns with greater precision and efficiency.

Leveraging each of these channels, the Company engages customers early, and influences future choices. The strategy brings in a larger pool of potential customers than search engine marketing can provide alone.

MARKETINGSTRATEGY AND RESULTS

22

OPTIMIZATION FOR CONVERSION WHERE IT’S NEEDED

23

Data Analysis

Data from the Company's Revenue Management systems and Point of

Sale systems is analyzed for occupancy, rate and incentive

signals. Facilities are targeted based on availability and favorable incentives and rates, signaling the need to drive

more inquiries to these locations.

Life Storage marketing campaigns target individuals most likely to rent at facilities with the most availability, and then "learn" how to

do it more often and more efficiently.

Campaign Optimization

Campaign data is analyzed for conversion success and cost efficiency. Campaigns are

optimized to target individuals that show similar search behavior.

Campaign Targeting

Search advertising campaigns are adjusted, targeting the facilities that

need more inquiries with higherspending. Campaigns are expanded to capture more searching customers in the

immediate 2-5 mile radius around facilities targeted.

MARKETING

CUSTOMER CARE CENTERTRAINING FOR SALES

24

The Company 's Customer Care Center provides scalable assistance to prospective customers looking for a consultative sales approach. The Center also provides 24/7/364 assistance for existing Life Storage customers.

100% U.S. based and staffed with Life Storage employees

Customers wait (on average) less than eight seconds to speak to a live

representative

Proprietary Point of Sale software -internally designed, developed

and sustained

Carefully monitored, high qualitystandards and expectations for all

customer interactions

Exacting performancewith a 98%+ Service Level

STORE OPERATIONSPLATFORMS

25

Life Storage's front line store teams and managerial personnel are dedicated to ensuring an unparalleled customer experience.

Recurring secret shopper visits ensure store teams are maintaining the

highest levels of customer satisfaction

Comprehensive and vigorous coaching and training

provided on an ongoing basis to all Store Teams

Key Performance Metrics drive exceptional

employee performance

Customer Satisfaction surveying, analysis and procedures for

follow-up on customer service issues

9 out of 10 customers would recommend Life Storage to a

friend (or do business with us again)

Growing Value

Well Positioned Balance Sheet

Conservative Financial Ratios

Strong Capital Structure

LIFE STORAGEFINANCIAL STRENGTH

26

Q1 2018 Highlights

FINANCIAL STRENGTHQ1 2018 HIGHLIGHTS

27

• Exceeded Q1 adjusted FFO per share expectations: $1.30 per share; a 3.2% increase over Q1 2017 (versus guidance: $1.24 - $1.28)

• Exceeded Q1 same store NOI growth expectations: 2.50%(versus guidance: 1.00% - 2.00%)

• Achieved record-high same store occupancy at quarter-end: 91.2%

• Reduced same store internet marketing expense by 18% by leveraging improved search engine visibility

• Added 10 stores to the Company’s third party management platform, Life Storage Solutions

• Increased management fee income by 31.7% over Q1 2017

• Raised annual same store NOI guidance to 1.25% - 2.25%(versus previous: 0.75% - 1.75%)

• Raised annual adjusted FFO guidance range: $5.36 - $5.43(versus previous: $5.33 – $5.43)

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

Robust FFO* Per Share Growth

FINANCIAL STRENGTHGROWING VALUE

28

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% 74.1%

FINANCIAL STRENGTHWELL POSITIONED BALANCE SHEET

29

Solid, unsecured balance sheet with no debt maturities until 2019, a 7.5 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

MM

MM

MM

MM

MM

MM

MM

Line

Bank Term Notes

Institutions

Public Bond

Mortgage

Debt Service Coverage

Debt to Gross Assets

5.7xDebt/EBITDA

4.6xDebt Service

Coverage

39%Debt to

Gross Assets

Senior Unsecured Note Covenants Required Actual

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

FINANCIAL STRENGTHCONSERVATIVE FINANCIAL RATIOS

30

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 Q1-2018

Senior Unsecured Note Covenants* Required Actual

Total Consolidated Debt to Total Assets ≤ 60% 39.4%

Total Secured Debt to Total Assets ≤ 40% 0.3%

Total Unencumbered Assets to Total Unsecured Debt ≥ 150% 246.0%

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 Q1-2018

FINANCIAL STRENGTHSTRONG CAPITAL STRUCTURE

31

The Company has access to a broad array of capital sources, both public and private, creating an attractive leverage profile that supports its growth strategy. There is significant free cash flow after Capex and dividend requirements are met.

LiquidityCash on Hand$7.8 Million

Credit Available$370 Million

Debt to Enterprise Value 31.2% Revolver

6%

OP Units<1%

UnsecuredNotes27%

Common Stock69%

MortgageDebt<1%

Revolver2%

Outperforming Current Valuation

LIFE STORAGEATTRACTIVE VALUATION

32

OUTPERFORMING CURRENT VALUATION

33

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 RMZ LSI

2018 & 2019 FFO Multiple

0

4

8

12

16

20

24

CUBE EXR NSA PSA RMZ LSI

2018 EBITDA Multiple2018 EBITDA Multiple

2%

3%

4%

5%

CUBE EXR NSA PSA RMZ LSI2%

3%

4%

5%

6%

7%

CUBE EXR NSA PSA RMZ LSI

Implied Cap Rate

X

X

X

X

X

X

X

X

X

X

X

X

X

X

2019 EBITDA Multiple2018 EBITDA Multiple2017 EBITDA Multiple 2018 EBITDA Multiple2018 EBITDA Multiple2019 FFO Multiple2018 FFO Multiple

N/A

Sources: FactSet, SNL, Bloomberg and Public FilingsPriced as of midday 05.03.18

Over 700 stores in 28 states

More than390,000

customers

91.1%same storequarterly

occupancy

145 properties managed for third

parties entities

$5.7 Billionenterprise value

215% 10 yeartotal return

108% quarterly dividend increase over past 5 years

30+ years inself-storage

business

LIFE STORAGEAT A GLANCE

33

Investment Grade Rated

Moody’s: Baa2S&P: BBB

5.7xDebt to EBITDA

SAFE HARBOR STATEMENTFORWARD LOOKING STATEMENTS

35

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.