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Life Storage Adds Four Canadian Properties to Its Third-Party Management Portfolio

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Life
Storage, Inc
., (NYSE:LSI), a leading national owner and operator of
self storage properties in the United States, has added four self
storage facilities in the Greater Toronto Area to its third-party
management portfolio. The extended Greater Toronto Area, including the
Hamilton and St. Catharines-Niagara Canadian Metropolitan Areas, total
more than seven million people, making it one of the largest North
American markets. The facilities are owned by Bluebird Self Storage.

"We are excited to expand into southern Ontario. The market dynamics and
demographics of that region, as well as our home office proximity to
Canada, make this a significant opportunity to continue driving our
Company's growth," said Joe Saffire, incoming Chief Executive Officer of
Life Storage. "We are entering this new market with Bluebird, a company
with more than 30 years of experience in both the American and Canadian
self storage markets."

"Having worked with Life Storage for many years, we have seen the
success and innovation of their operational and technology platforms,
such as Rent Now, their fully-digital rental platform that allows
customers to self-serve and complete their rental process online," said
Reade DeCurtins, principal at Bluebird Self Storage. "Toronto is one of
the fastest growing markets in North America, and we are excited to
partner with Life Storage to grow our portfolio in that region."

Three Bluebird Self Storage facilities in Toronto, Mississauga and
Woodbridge, Ontario were brought onto the Life Storage management
platform on January 2, 2019 and will continue to operate under the
Bluebird brand. A fourth facility in Mississauga is scheduled to
complete the transition process by the end of the month. Life Storage
also currently manages eight self storage facilities for Bluebird's
parent company, Budget Development, in the United States.

In addition to these third-party managed properties, Life Storage has
made minority equity investments in three development properties in
partnership with Bluebird in Toronto, Mississauga and Burlington,
Ontario. These properties are scheduled to open within the next 24
months.

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
750 storage facilities in 28 states and in the province of Ontario,
Canada. 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/.

ABOUT BLUEBIRD SELF STORAGE

Bluebird Self Storage is a Toronto-based subsidiary of Budget
Development Partners, which has over a 30-year history as vertically
integrated developers, operators and owners of self storage in the
Southeast United States and Canada. Prior to the recent Bluebird
initiative, many of Budget's U.S. properties have been operated by Life
Storage's third-party management platform, Life Storage Solutions. For
more information visit https://bluebirdstorage.ca.

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