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Life Storage, Inc. Completes Planned CEO Succession

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Life
Storage, Inc
. (NYSE:LSI), a leading national owner and operator of
self storage properties, stated today, pursuant to its succession plan
announced in September of last year, that Joseph V. Saffire has been
appointed the Company's Chief Executive Officer effective March 1, 2019.
He replaces David Rogers, who is retiring after serving in that capacity
since 2012.

Mr. Saffire has been the Company's Chief Investment Officer since 2017.
Prior to that, he held various executive leadership positions over a
20-year banking career with HSBC, Wells Fargo and First Niagara
Financial Group, with extensive experience in commercial real estate,
including self storage.

Mr. Rogers is one of four co-founders of the Company and has held
various executive positions for 35 years. He is, and will remain, on the
Company's Board of Directors.

He commented, "Joe, Andy (Andrew Gregoire, CFO) and Ed (Edward Killeen,
COO) form a great leadership team, and have the talent and experience to
continue to grow our Company's portfolio and build value for our
shareholders. I look forward to watching Life Storage thrive on their
watch."

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 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 http://invest.lifestorage.com/.

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