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Life Storage, Inc. Announces Leadership Succession

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David Rogers to Retire as Chief Executive Officer, to be Succeeded by
Joseph V. Saffire, currently Chief Investment Officer

Life
Storage, Inc.
(NYSE:LSI), a leading national owner and operator of
self storage facilities, announced today that it will promote the
Company's Chief Investment Officer Joseph Saffire to Chief Executive
Officer upon the retirement of current CEO David Rogers, effective March
1, 2019. Mr. Rogers will continue to serve on the Company's Board of
Directors.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180912005947/en/

Joseph V. Saffire (Photo: Business Wire)

Joseph V. Saffire (Photo: Business Wire)

Mark Barberio, the Company's Chairman commented, "We are excited for Joe
to transition to the role of CEO. He brings a wealth of leadership,
relationship, real estate, and capital markets skills to this position,
and he has been a great fit since joining us last year. We believe Joe,
along with the rest of our talented and experienced team, will continue
to successfully serve our customers, grow our portfolio, and build our
Company's shareholder value."

Mr. Barberio continued, "The Board of Directors would like to thank Dave
for his significant contributions to the Company over the past 35 years
as a co-founder, CFO and, for the past seven years, as CEO. We are
pleased that he will continue to provide his knowledge, perspective, and
passion as a member of our Board."

Mr. Rogers commented, "Joe has proven to be an incredible asset to our
Company, working extremely well with the entire management team and all
of our stakeholders. His efforts to advance our real estate investment
and third-party management strategies and operations have better
positioned Life Storage for further growth. I look forward to
collaborating with him over the next six months to ensure a smooth
transition, and with my fellow board members to position Life Storage
for continued success."

Mr. Saffire noted, "It is an absolute honor to lead Life Storage through
our next phase of growth. I look forward to continuing to work
side-by-side with this incredible customer-focused, hard-working,
collaborative and innovative team."

Prior to joining Life Storage, Mr. Saffire held various executive
leadership roles over a two-decade banking career across three
continents with HSBC, Wells Fargo, and First Niagara Financial Group. In
addition to driving strategic growth at all three banks, Mr. Saffire had
extensive experience with commercial real estate, including self
storage. In his last role with First Niagara, Mr. Saffire served as
Executive Vice President and Head of Commercial Banking with
responsibility for total commercial assets of $20 billion and more than
1,000 teammates.

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, NY, 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-plus
customers, making it a leader in the industry. For more information
visit https://invest.lifestorage.com/.

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