Market Overview

Life Storage, Inc. Introduces "Rent Now," its Next-Generation Rental Platform

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National Rollout Underway

Life
Storage, Inc.
, (NYSE:LSI), a leading national owner and operator of
self-storage properties, announced today the rollout of "Rent Now," its
fully-digital rental platform. Customers can now "skip the counter" by
selecting a storage unit, completing the rental agreement and making
their rental payment online. The customer receives their property access
code and step-by-step directions to their specific rental unit on a
digital map sent to their mobile device.

"Rent Now is Life Storage's answer to delivering storage needs to our
customers on demand. We anticipated there was a growing segment of our
customers who prefer to self-serve and complete their rental process
online. Rent Now delivers that flexible solution," commented CEO David
Rogers. "Making it easy for our customers to engage with us is a top
priority at Life Storage, and we are very excited by Rent Now's adoption
rate."

Rent Now is fully-integrated with Life Storage's operating, security and
revenue management systems, allowing for real-time and efficient
inventory and sales management. "Consumer behavior is changing rapidly.
Leveraging technology to transact in ways that are expected by these
consumers, while also efficiently selling inventory at our owned and
managed properties, is a win for each of our customers, partners and
shareholders," noted COO Ed Killeen.

Following a successful launch in its Buffalo, NY market, Life Storage is
expanding the initiative in August to 142 stores in the greater New York
City area, Texas (San Antonio, Austin, Dallas-Fort Worth), Florida
(Miami, Tampa-St. Petersburg-Clearwater, Jacksonville), Richmond,
Virginia and St. Louis, Missouri. Rent Now will be fully-integrated to
all Life Storage stores by early 2019.

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
700 storage facilities in 28 states. The Company serves both residential
and commercial storage customers with storage units rented by month.
Life Storage consistently provides responsive service to its 400,000
customers, making it a leader in the industry. For more information,
visit https://www.lifestorage.com.

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