Life Storage, Inc. Prices Offering of Senior Notes

Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self storage properties, announced today that its operating partnership, Life Storage LP (the "Operating Partnership”), priced an offering of $350 million aggregate principal amount of 4.000% Senior Unsecured Notes due 2029 (the "Notes”). The Notes will be issued at 99.476% of par value with a coupon of 4.000%. Interest on the Notes is payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2019. The Notes will mature on June 15, 2029. The offering is expected to close on June 3, 2019 subject to the satisfaction of customary closing conditions.

The Operating Partnership expects to use net proceeds from this offering to repay its $100 million unsecured term note maturing June 4, 2020 and amounts outstanding under its unsecured line of credit. Remaining proceeds will be used for general corporate purposes. Citigroup Global Markets Inc., Wells Fargo Securities, LLC and U.S. Bancorp Investments, Inc. acted as joint book-running managers for the offering. SunTrust Robinson Humphrey, Inc., HSBC Securities (USA) Inc., Jefferies LLC, and BB&T Capital Markets acted as co-managers for the offering.

The Operating Partnership has filed an effective registration statement (including a prospectus supplement and accompanying prospectus) with the Securities and Exchange Commission (the "SEC”) relating to the offering to which this communication relates. Before making an investment in the Notes, potential investors should read the prospectus supplement, the accompanying prospectus and the other documents that the Company and the Operating Partnership have filed with the SEC for more complete information about the Company and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it by contacting:

• Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-800-831-9146 or by email at prospectus@citi.com.
• Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, by telephone at 1-800-645-3751 or by email at wfscustomerservice@wellsfargo.com.
• U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, NC 28202 or by telephone at 1-877-558-2607.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Notes in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement relating to the offering of the Notes and the accompanying prospectus.

ABOUT LIFE STORAGE, INC:

Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. Located in Buffalo, New York, the Company operates more than 775 storage facilities in 28 states and Ontario, Canada.

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