Market Overview

Life Storage, Inc. Adds 42 Stabilized Properties to its Third-Party Management Platform; Total Managed Location Count Now Exceeds 200

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Life Storage, Inc. (NYSE:LSI) a leading national owner and operator of
self storage properties, announced today that it will assume management
of a 42 property portfolio of "Class A" storage facilities owned by
Brookwood Properties, effective November 1, 2018. Life Storage now
manages 203 facilities, more than double the number of those managed at
the same time in 2016.

"This partnership further demonstrates our commitment to growing Life
Storage Solutions and also validates our technology platforms, customer
service and corporate and consumer customer acquisition strategies,"
commented Ed Killeen, Chief Operating Officer of Life Storage. "We are
extremely excited to partner with Brookwood Properties and look forward
to building on this relationship over time."

"Life Storage instilled in us the confidence we were looking for in a
partner and management company. Finding a partner who would ensure a
seamless transition for our customers and employees was critical to our
decision process, and Life Storage's responsiveness to plan and
successfully execute this transition in just six weeks was
unparalleled," said Craig Smith, owner of Brookwood Properties.

The properties total approximately 4.0 million square feet of storage
space and are located in markets where the Company already operates:
Texas (10), Louisiana (29), and Mississippi (3). One property is under
development and is scheduled to commence operations under the Life
Storage brand by year-end. Brookwood Properties has eight additional
properties in construction that will open at various times over the next
18 months.

FORWARD LOOKING STATEMENTS:

When used within this news release, the words "intends," "believes,"
"expects," "anticipates," and similar expressions are intended to
identify "forward looking statements" within the meaning of that term in
Section 27A of the Securities Act of 1933, and in Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the Company to
be materially different from those expressed or implied by such forward
looking statements. Such factors include, but are not limited to, the
effect of competition from new self storage facilities, which could
cause rents and occupancy rates to decline; the Company's ability to
evaluate, finance and integrate acquired businesses into the Company's
existing business and operations; the Company's ability to enter new
markets where it has little or no operational experience; the Company's
existing indebtedness may mature in an unfavorable credit environment,
preventing refinancing or forcing refinancing of the indebtedness on
terms that are not as favorable as the existing terms; interest rates
may fluctuate, impacting costs associated with the Company's outstanding
floating rate debt; the Company's ability to comply with debt covenants;
the future ratings on the Company's debt instruments; the regional
concentration of the Company's business may subject it to economic
downturns in the states of Florida and Texas; the Company's ability to
effectively compete in the industries in which it does business; the
Company's reliance on its call center; the Company's cash flow may be
insufficient to meet required payments of principal, interest and
dividends; and tax law changes which may change the taxability of future
income.

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

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