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 $400 million aggregate principal amount of 2.200% Senior Unsecured Notes due 2030 (the "Notes”). The Notes will be issued at 99.524% of par value with a coupon of 2.200%. Interest on the Notes is payable semi-annually on April 15 and October 15 of each year, commencing on April 15, 2021.  The Notes will mature on October 15, 2030.  The Notes will be guaranteed by Life Storage, Inc.  The offering is expected to close on September 23, 2020 subject to the satisfaction of customary closing conditions.

The Operating Partnership expects to use net proceeds from this offering to repay in full its $100 million unsecured term note maturing August 5, 2021, along with accrued interest and prepayment fees related thereto, and amounts outstanding under its unsecured line of credit. Remaining proceeds will be used for future acquisitions of self storage properties and for general corporate purposes. Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc., Jefferies LLC and Truist Securities, Inc. acted as joint book-running managers for the offering. Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and M&T Securities, Inc. 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 we and the Operating Partnership have filed with the SEC for more complete information about us 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:

• 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 875 storage facilities in 29 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 475,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com.

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