Exhibit 99.1 Life Storage May 2020 Investor PresentationExhibit 99.1 Life Storage May 2020 Investor Presentation


2 SAFE HARBOR STATEMENT FORWARD LOOKING STATEMENTS This presentation may contain forward looking statements as defined in Section 27A of the Securities Act of 1933, and in Section 21E of the Securities Exchange Act of 1934. Forward looking statements address matters that are subject to a number of risks and uncertainties. Such factors include, but are not limited to, the effect of competition from new self-storage facilities, which would cause rents and occupancy rates to decline; risks associated with the COVID-19 global health crisis or similar events, including but not limited to (i) the impact to the health of our employees and/or customers, (ii) the negative impacts to the economy and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, (iii) reducing or eliminating our ability to increase rents charged to our current or future customers, (iv) limiting our ability to collect rent from or evict past due customers, (v) we could see an increase in move-outs of longer-term customers due to the economic uncertainty and significant rise in unemployment resulting from the COVID-19 global health crisis which could lead to lower occupancies and reduced average rental rates as longer-term customers are replaced with new customers at lower rates, (vi) potential negative impacts on the cost and availability of debt and equity which could have a negative impact on our capital and growth plans, and (vii) the requirement to close our facilities if we were determined not to be an “essential business”; the Company’s ability to evaluate, finance and integrate acquired businesses into the Company’s existing business and operations; the Company’s ability to effectively compete in the industry in which it does business; and other such factors as set forth in the Company's 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission. The Company is under no obligation to update any such forward looking statements.2 SAFE HARBOR STATEMENT FORWARD LOOKING STATEMENTS This presentation may contain forward looking statements as defined in Section 27A of the Securities Act of 1933, and in Section 21E of the Securities Exchange Act of 1934. Forward looking statements address matters that are subject to a number of risks and uncertainties. Such factors include, but are not limited to, the effect of competition from new self-storage facilities, which would cause rents and occupancy rates to decline; risks associated with the COVID-19 global health crisis or similar events, including but not limited to (i) the impact to the health of our employees and/or customers, (ii) the negative impacts to the economy and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, (iii) reducing or eliminating our ability to increase rents charged to our current or future customers, (iv) limiting our ability to collect rent from or evict past due customers, (v) we could see an increase in move-outs of longer-term customers due to the economic uncertainty and significant rise in unemployment resulting from the COVID-19 global health crisis which could lead to lower occupancies and reduced average rental rates as longer-term customers are replaced with new customers at lower rates, (vi) potential negative impacts on the cost and availability of debt and equity which could have a negative impact on our capital and growth plans, and (vii) the requirement to close our facilities if we were determined not to be an “essential business”; the Company’s ability to evaluate, finance and integrate acquired businesses into the Company’s existing business and operations; the Company’s ability to effectively compete in the industry in which it does business; and other such factors as set forth in the Company's 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission. The Company is under no obligation to update any such forward looking statements.


3 AT A GLANCE LIFE STORAGE More than 850 89.5% More than 30+ years in 304 properties stores in same store 450,000 self-storage managed for third 29 states and Ontario, Quarter-end customers business party entities Canada occupancy Investment Grade 43% quarterly Rated 6.0x $6.6 Billion 305% 10-year dividend increase 1 Moody’s: Baa2 Debt to EBITDA enterprise value total return over past 5 years S&P: BBB Notes: (1) As of March 31, 20203 AT A GLANCE LIFE STORAGE More than 850 89.5% More than 30+ years in 304 properties stores in same store 450,000 self-storage managed for third 29 states and Ontario, Quarter-end customers business party entities Canada occupancy Investment Grade 43% quarterly Rated 6.0x $6.6 Billion 305% 10-year dividend increase 1 Moody’s: Baa2 Debt to EBITDA enterprise value total return over past 5 years S&P: BBB Notes: (1) As of March 31, 2020


4 INVESTMENT HIGHLIGHTS LIFE STORAGE Diversified Portfolio with Increasing Focus on Primary Markets Growth Strategy Driven by Disciplined Capital Allocation Innovative Technology Solutions to Drive Customer Acquisition and Revenue Management Differentiated Corporate Customer Value Proposition Strong Financial Performance, Conservative Balance Sheet and Attractive Valuation4 INVESTMENT HIGHLIGHTS LIFE STORAGE Diversified Portfolio with Increasing Focus on Primary Markets Growth Strategy Driven by Disciplined Capital Allocation Innovative Technology Solutions to Drive Customer Acquisition and Revenue Management Differentiated Corporate Customer Value Proposition Strong Financial Performance, Conservative Balance Sheet and Attractive Valuation


5 DIVERSIFIED PORTFOLIO LIFE STORAGE HAS A COAST TO COAST PRESENCE 1 Life Storage owns and manages properties in 29 states, including in 18 of the top 25 fastest growing markets in the United States , as well as Ontario, Canada. Its 2016 expansion to the West Coast and asset recycling program in 2018 and 2019 have enhanced both its demographics and geographic diversity. Ontario, Canada 32 6 17 31 1456 12 4211 5 6 6 5 6 9 1713 24 59 14 13 7 28 6 6 38 48 7 10 2 867 Locations11 8 3154 628 9 563 Wholly Owned25 20 120 Joint Venture27 23 184 Managed8 867 62.9 MM 450K + 2 2 2 Self Storage Facilities Net Rentable Sq. Ft. Customers Notes: (1) Forbes 2018 Fastest Growing U.S. Cities (2) As of March 31, 20205 DIVERSIFIED PORTFOLIO LIFE STORAGE HAS A COAST TO COAST PRESENCE 1 Life Storage owns and manages properties in 29 states, including in 18 of the top 25 fastest growing markets in the United States , as well as Ontario, Canada. Its 2016 expansion to the West Coast and asset recycling program in 2018 and 2019 have enhanced both its demographics and geographic diversity. Ontario, Canada 32 6 17 31 1456 12 4211 5 6 6 5 6 9 1713 24 59 14 13 7 28 6 6 38 48 7 10 2 867 Locations11 8 3154 628 9 563 Wholly Owned25 20 120 Joint Venture27 23 184 Managed8 867 62.9 MM 450K + 2 2 2 Self Storage Facilities Net Rentable Sq. Ft. Customers Notes: (1) Forbes 2018 Fastest Growing U.S. Cities (2) As of March 31, 2020


6 DIVERSIFIED PORTFOLIO BIGGER-BETTER-STRONGER Life Storage has grown substantially in recent years, with a particular focus on accessing and building scale in both primary markets as well as secondary markets where the company can leverage scale to drive margin expansion and revenue growth. § Increased scale by 60%, ($ in '000s, except FFO/Share, Rent/Sq Ft, Median Income) Dec 2015 Mar 2020 % Inc including roughly 776% growth in managed stores (non-Joint Stores Venture) Owned 452 563 25% Joint Venture 69 120 74% § Added five primary markets (Los Managed (non-Joint Venture) 21 184 776% Angeles, Seattle, Sacramento, Total 542 867 60% Baltimore and Las Vegas) Top-35 Markets Sq Ft (owned) 55% 65% 18% § Enhanced store quality Climate Controlled Sq Ft (owned) 43% 48% 13% § Improved demographic profile Demographics 3-Mile Pop Density § Increased store operating 78,742 94,222 20% performance 3-Mile Med HH Income $ 69,517 $ 72,112 4% § Strengthened corporate Financial financial performance (1) (2) Avg SS Rent per Square Foot $ 12.64 $ 14.59 15% (1) (4) Avg SS Rev per Store (Last Twelve Month) $ 808 $ 954 18% (3) (4) Store Revenue $ 360,766 $ 569,559 58% (3) (4) Management Fees $ 5,836 $ 15,600 167% (3) (4) Adj. FFO per Share $ 4.94 $ 5.72 16% (5) Credit Rating BBB-/Baa3 BBB/Baa2 +1 grade Notes: (1) Data for 4Q15 (4) Data for last twelve months as of Mar 31, 2020 (2) Data for 1Q20 (5) Prior to Dec 1, 2015 (3) Data for last twelve months as of Dec 31, 20156 DIVERSIFIED PORTFOLIO BIGGER-BETTER-STRONGER Life Storage has grown substantially in recent years, with a particular focus on accessing and building scale in both primary markets as well as secondary markets where the company can leverage scale to drive margin expansion and revenue growth. § Increased scale by 60%, ($ in '000s, except FFO/Share, Rent/Sq Ft, Median Income) Dec 2015 Mar 2020 % Inc including roughly 776% growth in managed stores (non-Joint Stores Venture) Owned 452 563 25% Joint Venture 69 120 74% § Added five primary markets (Los Managed (non-Joint Venture) 21 184 776% Angeles, Seattle, Sacramento, Total 542 867 60% Baltimore and Las Vegas) Top-35 Markets Sq Ft (owned) 55% 65% 18% § Enhanced store quality Climate Controlled Sq Ft (owned) 43% 48% 13% § Improved demographic profile Demographics 3-Mile Pop Density § Increased store operating 78,742 94,222 20% performance 3-Mile Med HH Income $ 69,517 $ 72,112 4% § Strengthened corporate Financial financial performance (1) (2) Avg SS Rent per Square Foot $ 12.64 $ 14.59 15% (1) (4) Avg SS Rev per Store (Last Twelve Month) $ 808 $ 954 18% (3) (4) Store Revenue $ 360,766 $ 569,559 58% (3) (4) Management Fees $ 5,836 $ 15,600 167% (3) (4) Adj. FFO per Share $ 4.94 $ 5.72 16% (5) Credit Rating BBB-/Baa3 BBB/Baa2 +1 grade Notes: (1) Data for 4Q15 (4) Data for last twelve months as of Mar 31, 2020 (2) Data for 1Q20 (5) Prior to Dec 1, 2015 (3) Data for last twelve months as of Dec 31, 2015


7 GROWTH STRATEGY EMBEDDED GROWTH DRIVERS Improved Portfolio NOI and NAV Acquisitions Expansions Third Party Management Joint Ventures Lease-Up Stores § Significant operating § Adding 10-20K sq ft of § Brand Strength; greater § Increases market share § CofO and other lease-up margin gains from properties will provide premium space to presence = greater and scales cost sharing platform and scale out-sized NOI growth as successful stores interest opportunities efficiencies they move to stabilization § Increases market share § Adds property and § Reduces effective age and scales cost sharing management fee § Competitively opportunities income repositions properties § Adds property and § Enhances acquisition management fee pipeline income § Preferred alternative to § Enhances acquisition recapitalize non-strategic pipeline assets7 GROWTH STRATEGY EMBEDDED GROWTH DRIVERS Improved Portfolio NOI and NAV Acquisitions Expansions Third Party Management Joint Ventures Lease-Up Stores § Significant operating § Adding 10-20K sq ft of § Brand Strength; greater § Increases market share § CofO and other lease-up margin gains from properties will provide premium space to presence = greater and scales cost sharing platform and scale out-sized NOI growth as successful stores interest opportunities efficiencies they move to stabilization § Increases market share § Adds property and § Reduces effective age and scales cost sharing management fee § Competitively opportunities income repositions properties § Adds property and § Enhances acquisition management fee pipeline income § Preferred alternative to § Enhances acquisition recapitalize non-strategic pipeline assets


8 GROWTH STRATEGY 1 ASSET MANAGEMENT Asset recycling strategy has generated newer properties with higher revenue and greater growth prospects. Recap Property: Average Age Asking Rate per Sq Ft Houston, TX 30 $20.00 25 $16.00 20 $12.00 15 $8.00 10 $4.00 5 Acquired: St. Louis, MO 0 $0.00 Recapitalized/Divested Acquired Properties Recapitalized/Divested Acquired Properties Properties Properties 2 Average Physical Occupancy Average Revenue per Store 100% $1,400,000 $1,200,000 90% $1,000,000 80% $800,000 Acquired: 70% Queens, NY $600,000 60% $400,000 50% $200,000 40% $0 Recapitalized/Divested Acquired Properties Recapitalized/Divested Acquired Properties Properties Properties Notes: (1) All wholly owned transactions since Jan 1, 2018 to date (Recapitalized/Divested: 45; Acquired: 43). (2) Revenue per Store for Recapitalized/Divested Properties is last-twelve-months from transaction; Acquired Properties is last- twelve-month for stabilized properties or stabilized projections for lease-up stores. 8 GROWTH STRATEGY 1 ASSET MANAGEMENT Asset recycling strategy has generated newer properties with higher revenue and greater growth prospects. Recap Property: Average Age Asking Rate per Sq Ft Houston, TX 30 $20.00 25 $16.00 20 $12.00 15 $8.00 10 $4.00 5 Acquired: St. Louis, MO 0 $0.00 Recapitalized/Divested Acquired Properties Recapitalized/Divested Acquired Properties Properties Properties 2 Average Physical Occupancy Average Revenue per Store 100% $1,400,000 $1,200,000 90% $1,000,000 80% $800,000 Acquired: 70% Queens, NY $600,000 60% $400,000 50% $200,000 40% $0 Recapitalized/Divested Acquired Properties Recapitalized/Divested Acquired Properties Properties Properties Notes: (1) All wholly owned transactions since Jan 1, 2018 to date (Recapitalized/Divested: 45; Acquired: 43). (2) Revenue per Store for Recapitalized/Divested Properties is last-twelve-months from transaction; Acquired Properties is last- twelve-month for stabilized properties or stabilized projections for lease-up stores.


9 GROWTH STRATEGY EXPANSION PROPERTIES Investment Premium Sq Ft Added Incremental NOI at Stabilization (In $millions) (in thousands) (in $millions) $60.0 450 $6.0 400 $50.0 $5.0 350 $40.0 300 $4.0 250 $30.0 $3.0 200 $20.0 150 $2.0 100 $10.0 $1.0 50 $0.0 0 $0.0 11 1 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Notes: (1) Estimated Weighing demand indicators and revenue potential, the Company redevelops properties to add premium space types. The Company completed 24 such projects in 2019. With an 8%+ yield, these low risk investments in existing properties also upgrade the appearance and customer experience at these stores. 9 GROWTH STRATEGY EXPANSION PROPERTIES Investment Premium Sq Ft Added Incremental NOI at Stabilization (In $millions) (in thousands) (in $millions) $60.0 450 $6.0 400 $50.0 $5.0 350 $40.0 300 $4.0 250 $30.0 $3.0 200 $20.0 150 $2.0 100 $10.0 $1.0 50 $0.0 0 $0.0 11 1 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Notes: (1) Estimated Weighing demand indicators and revenue potential, the Company redevelops properties to add premium space types. The Company completed 24 such projects in 2019. With an 8%+ yield, these low risk investments in existing properties also upgrade the appearance and customer experience at these stores.


10 GROWTH STRATEGY THIRD-PARTY MANAGEMENT Management Fee Income Since rebranding to Life Storage, the Company’s 400 $20 third-party management revenues have grown 350 substantially. As of March 31, 2020, more than 60% of 300 $15 its managed portfolio were properties in which the Company held no ownership interest, while 250 management fee income has grown by more than 200 $10 30% per year since 2016. 150 100 $5 50 0 $0 1 2016 2017 2018 2019 2020 3rd Party (no ownership) Joint Ventures $ Fees Notes: (1) Estimated # of Stores Fee Income ($ in MM)10 GROWTH STRATEGY THIRD-PARTY MANAGEMENT Management Fee Income Since rebranding to Life Storage, the Company’s 400 $20 third-party management revenues have grown 350 substantially. As of March 31, 2020, more than 60% of 300 $15 its managed portfolio were properties in which the Company held no ownership interest, while 250 management fee income has grown by more than 200 $10 30% per year since 2016. 150 100 $5 50 0 $0 1 2016 2017 2018 2019 2020 3rd Party (no ownership) Joint Ventures $ Fees Notes: (1) Estimated # of Stores Fee Income ($ in MM)


11 GROWTH STRATEGY JOINT VENTURES Relationships with joint venture partners allow Life Storage to grow its national footprint, leverage existing resources, and generate additional fee income with limited capital commitment. Joint venture FFO per Share contribution has grown from roughly $0.04 per share in 2010 to $0.23 per share in 2019. Pro-Rata Share of Joint Venture FFO Joint Venture Management Fee Income (in $millions) (in $millions) $12.0 $10.0 $9.0 $10.0 $8.0 $7.0 $8.0 $6.0 $6.0 $5.0 $4.0 $4.0 $3.0 $2.0 $2.0 $1.0 $0.0 $0.0 1 1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Notes: (1) Estimated11 GROWTH STRATEGY JOINT VENTURES Relationships with joint venture partners allow Life Storage to grow its national footprint, leverage existing resources, and generate additional fee income with limited capital commitment. Joint venture FFO per Share contribution has grown from roughly $0.04 per share in 2010 to $0.23 per share in 2019. Pro-Rata Share of Joint Venture FFO Joint Venture Management Fee Income (in $millions) (in $millions) $12.0 $10.0 $9.0 $10.0 $8.0 $7.0 $8.0 $6.0 $6.0 $5.0 $4.0 $4.0 $3.0 $2.0 $2.0 $1.0 $0.0 $0.0 1 1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Notes: (1) Estimated


12 GROWTH STRATEGY LEASE-UP PROPERTIES The Company does not develop new properties, but occasionally purchases newly built properties or properties in the early stages of lease-up. As of March 31, 2020, there were $20.2 MM +$0.27 22 of these lease-up facilities, which will have an outsized contribution to NOI over the 1 Incremental NOI Impact per Estimated Stabilized NOI 2 share as of March 31, 2020 next couple of years. 3 Market Number of Stores Cost Net Rentable Sq. Ft. Occupancy 3/31/20 NOI Tampa, FL 3 $35,205 219,576 64.5% $924 Richmond, VA 3 31,004 239,393 55.8% 592 Sacramento, CA 2 23,393 136,890 81.4% 872 Atlanta, GA 2 26,105 167,554 80.7% 860 Washington, DC 2 28,729 151,815 52.9% 536 Charleston, SC 2 16,305 142,025 61.7% 476 Chicago, IL 1 10,089 78,023 87.0% 256 Queens, NY 1 57,298 115,085 77.5% 1,664 Charlotte, NC 1 12,549 70,068 70.8% 252 Raleigh, NC 1 11,874 79,339 57.8% 252 St. Louis, MO 1 9,301 77,340 63.7% 280 Jacksonville, FL 1 9,955 72,609 61.3% 156 Chattanooga, TN 1 9,604 71,640 65.9% 116 Greenville, SC 1 8,658 68,036 56.2% 68 22 $290,069 1,689,393 67.0% $7,304 Notes: (1) NOI at 80% occupied at stable market rates (2) Based on the difference between estimated NOI and current NOI, and assuming 46,750,896 diluted shares (3) Q1 2020 NOI annualized12 GROWTH STRATEGY LEASE-UP PROPERTIES The Company does not develop new properties, but occasionally purchases newly built properties or properties in the early stages of lease-up. As of March 31, 2020, there were $20.2 MM +$0.27 22 of these lease-up facilities, which will have an outsized contribution to NOI over the 1 Incremental NOI Impact per Estimated Stabilized NOI 2 share as of March 31, 2020 next couple of years. 3 Market Number of Stores Cost Net Rentable Sq. Ft. Occupancy 3/31/20 NOI Tampa, FL 3 $35,205 219,576 64.5% $924 Richmond, VA 3 31,004 239,393 55.8% 592 Sacramento, CA 2 23,393 136,890 81.4% 872 Atlanta, GA 2 26,105 167,554 80.7% 860 Washington, DC 2 28,729 151,815 52.9% 536 Charleston, SC 2 16,305 142,025 61.7% 476 Chicago, IL 1 10,089 78,023 87.0% 256 Queens, NY 1 57,298 115,085 77.5% 1,664 Charlotte, NC 1 12,549 70,068 70.8% 252 Raleigh, NC 1 11,874 79,339 57.8% 252 St. Louis, MO 1 9,301 77,340 63.7% 280 Jacksonville, FL 1 9,955 72,609 61.3% 156 Chattanooga, TN 1 9,604 71,640 65.9% 116 Greenville, SC 1 8,658 68,036 56.2% 68 22 $290,069 1,689,393 67.0% $7,304 Notes: (1) NOI at 80% occupied at stable market rates (2) Based on the difference between estimated NOI and current NOI, and assuming 46,750,896 diluted shares (3) Q1 2020 NOI annualized


13 INNOVATIVE TECHNOLOGY RENT NOW: FIRST RATE SELF-SERVICE RENTAL PLATFORM In today’s market, many customers prefer to self-serve and bypass the traditional sales process at the counter. Recognizing the potential for self-service in the self storage industry, Life Storage became the first publicly-traded self storage REIT to offer fully digital, contact-free rentals in July 2018. Key Attributes: § Completely digital, contact free, self-serve model to allow customers to “skip the counter” and support social distancing. § Innovative online dynamic pricing functionality that allows customers to select storage units from one of three convenience and pricing-based tiers (Premium, Standard, Value) according to their individual needs and preferences. § Detailed, digital mapping of facilities that enables both step-by-step directions for customers to find their unit as well as the data requirements to precisely and dynamically control pricing for convenience tiers. § Fully integrated with the Company’s operating, security and revenue management systems, allowing for real-time, fully automated and accurate inventory and sales management. Rent Now % of Rentals (Monthly Average) 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec 2019 202013 INNOVATIVE TECHNOLOGY RENT NOW: FIRST RATE SELF-SERVICE RENTAL PLATFORM In today’s market, many customers prefer to self-serve and bypass the traditional sales process at the counter. Recognizing the potential for self-service in the self storage industry, Life Storage became the first publicly-traded self storage REIT to offer fully digital, contact-free rentals in July 2018. Key Attributes: § Completely digital, contact free, self-serve model to allow customers to “skip the counter” and support social distancing. § Innovative online dynamic pricing functionality that allows customers to select storage units from one of three convenience and pricing-based tiers (Premium, Standard, Value) according to their individual needs and preferences. § Detailed, digital mapping of facilities that enables both step-by-step directions for customers to find their unit as well as the data requirements to precisely and dynamically control pricing for convenience tiers. § Fully integrated with the Company’s operating, security and revenue management systems, allowing for real-time, fully automated and accurate inventory and sales management. Rent Now % of Rentals (Monthly Average) 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec 2019 2020


14 INNOVATIVE TECHNOLOGY DATA DRIVEN PLATFORMS § Target facilities with need § Optimize ad campaigns for conversion § Target similar customers Performance Data Rent Now Data § Optimize website performance § Highly-specific profiling § Store occupancy § Facilitate urgent rentals § Move-in performance Marketing § Analyze access behavior § Historical performance § Optimize rental process § Enhanced with third-party competitor data and demand signals Revenue Mgmt § Optimize rates § Optimize incentives § Optimize for supply/demand § Optimize in-place rent increases Customer Data Call & Store Data § Optimize unit mix § Analyze call transcripts § Rental characteristics § Evaluate urgency signals § Lifetime value § Optimize sales with training § Price sensitivity § Streamline customer experience § Enhanced with third-party demographic and § Forecast staffing needs psychographic data14 INNOVATIVE TECHNOLOGY DATA DRIVEN PLATFORMS § Target facilities with need § Optimize ad campaigns for conversion § Target similar customers Performance Data Rent Now Data § Optimize website performance § Highly-specific profiling § Store occupancy § Facilitate urgent rentals § Move-in performance Marketing § Analyze access behavior § Historical performance § Optimize rental process § Enhanced with third-party competitor data and demand signals Revenue Mgmt § Optimize rates § Optimize incentives § Optimize for supply/demand § Optimize in-place rent increases Customer Data Call & Store Data § Optimize unit mix § Analyze call transcripts § Rental characteristics § Evaluate urgency signals § Lifetime value § Optimize sales with training § Price sensitivity § Streamline customer experience § Enhanced with third-party demographic and § Forecast staffing needs psychographic data


15 INNOVATIVE TECHNOLOGY / CORPORATE VALUE PROP WAREHOUSE ANYWHERE: A B2B FORWARD STOCKING SOLUTION Corporate and small business customers are an important segment to Life Storage. The Company created a network of more than 10,000 Life Storage and partner facilities across the country to fulfill its business customers’ nationwide storage needs. Warehouse Anywhere, a subsidiary of Life Storage, launched an intelligent warehouse solution to help solve the final mile delivery challenge of its corporate customers. Warehouse Anywhere provides third-party logistics (3PL) and warehousing services through a forward deployed, unmanned, de-centralized model combining storage asset management with proprietary inventory tracking technology. Key Attributes: § Corporate value proposition: As a final mile solution, Warehouse Anywhere places products closer to customers, reduces logistics costs, increases inventory tracking accuracy and improves delivery time. § Cloud-connected warehousing and forward stocking solution for businesses that need “mini-distribution” centers (self storage units). § Technology solution successfully deployed in several industries, including retail, service and repair, and healthcare. § Differentiated fee-based revenue model with technology implementation and ancillary services (e.g., courier).15 INNOVATIVE TECHNOLOGY / CORPORATE VALUE PROP WAREHOUSE ANYWHERE: A B2B FORWARD STOCKING SOLUTION Corporate and small business customers are an important segment to Life Storage. The Company created a network of more than 10,000 Life Storage and partner facilities across the country to fulfill its business customers’ nationwide storage needs. Warehouse Anywhere, a subsidiary of Life Storage, launched an intelligent warehouse solution to help solve the final mile delivery challenge of its corporate customers. Warehouse Anywhere provides third-party logistics (3PL) and warehousing services through a forward deployed, unmanned, de-centralized model combining storage asset management with proprietary inventory tracking technology. Key Attributes: § Corporate value proposition: As a final mile solution, Warehouse Anywhere places products closer to customers, reduces logistics costs, increases inventory tracking accuracy and improves delivery time. § Cloud-connected warehousing and forward stocking solution for businesses that need “mini-distribution” centers (self storage units). § Technology solution successfully deployed in several industries, including retail, service and repair, and healthcare. § Differentiated fee-based revenue model with technology implementation and ancillary services (e.g., courier).


16 FINANCIAL STRENGTH GROWING VALUE Life Storage is well positioned to continue cash flow and dividend growth, supported by multiple revenue drivers, a favorable payout ratio and a solid balance sheet. Robust Adjusted FFO Per Share Growth Strong Dividend Growth $4.50 $6.00 $4.00 $5.00 $3.50 $4.00 $3.00 $2.50 $3.00 $2.00 $2.00 $1.50 $1.00 $1.00 $0.50 $0.00 $0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 Payout Ratio 73.5% 65.5% 54.9% 52.7% 62.2% 64.8% 71.3% 74.4% 72.6% 71.2% 76.4%16 FINANCIAL STRENGTH GROWING VALUE Life Storage is well positioned to continue cash flow and dividend growth, supported by multiple revenue drivers, a favorable payout ratio and a solid balance sheet. Robust Adjusted FFO Per Share Growth Strong Dividend Growth $4.50 $6.00 $4.00 $5.00 $3.50 $4.00 $3.00 $2.50 $3.00 $2.00 $2.00 $1.50 $1.00 $1.00 $0.50 $0.00 $0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 Payout Ratio 73.5% 65.5% 54.9% 52.7% 62.2% 64.8% 71.3% 74.4% 72.6% 71.2% 76.4%


17 FINANCIAL STRENGTH WELL POSITIONED BALANCE SHEET Solid, unsecured balance sheet with no debt maturities until 2021, a 6.5-year weighted average debt tenor, and a virtually 100% unencumbered asset base. Debt Maturity Schedule (in $millions) Rate 3.50% $600 Bank Term Notes $500 3.88% Institutions $400 4.00% Mortgage $300 Line 3.67% 1.91% 4.53% $200 Public Bond 5.54% $100 $- 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 $ in Millions17 FINANCIAL STRENGTH WELL POSITIONED BALANCE SHEET Solid, unsecured balance sheet with no debt maturities until 2021, a 6.5-year weighted average debt tenor, and a virtually 100% unencumbered asset base. Debt Maturity Schedule (in $millions) Rate 3.50% $600 Bank Term Notes $500 3.88% Institutions $400 4.00% Mortgage $300 Line 3.67% 1.91% 4.53% $200 Public Bond 5.54% $100 $- 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 $ in Millions


18 FINANCIAL STRENGTH CONSERVATIVE FINANCIAL RATIOS Life Storage’s conservative Financial Ratios provide flexibility and a favorable outlook. Debt Service Coverage 7.0x 6.0x 5.0x 6.0x 4.3x 41% 4.0x Debt/EBITDA Debt Service Debt to 3.0x Coverage Total Assets 2.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 1 Debt to Total Assets Senior Unsecured Note Covenants Required Actual 45% Total Consolidated Debt to Total Assets 60% 41.1% 40% Total Secured Debt to Total Assets 40% 0.7% 35% Total Unencumbered Assets to Total Unsecured Debt 150% 235.8% 30% Consolidated Income Available for Debt Service to Total 25% 1:5 : 1 4:3 : 1 Annual Debt Service Charge Notes: 20% (1) Covenants further defined in the Company’s Base indenture dated June 20, 2016 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 18 FINANCIAL STRENGTH CONSERVATIVE FINANCIAL RATIOS Life Storage’s conservative Financial Ratios provide flexibility and a favorable outlook. Debt Service Coverage 7.0x 6.0x 5.0x 6.0x 4.3x 41% 4.0x Debt/EBITDA Debt Service Debt to 3.0x Coverage Total Assets 2.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 1 Debt to Total Assets Senior Unsecured Note Covenants Required Actual 45% Total Consolidated Debt to Total Assets 60% 41.1% 40% Total Secured Debt to Total Assets 40% 0.7% 35% Total Unencumbered Assets to Total Unsecured Debt 150% 235.8% 30% Consolidated Income Available for Debt Service to Total 25% 1:5 : 1 4:3 : 1 Annual Debt Service Charge Notes: 20% (1) Covenants further defined in the Company’s Base indenture dated June 20, 2016 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20


19 PEER BENCHMARKS SECTOR LEADING SAME STORE NOI GROWTH Favorable operating trends developing relative to peers. Same store NOI growth driven by both accelerating same store revenue growth and strong expense control. Same Store Revenue Growth Same Store Operating Expense Growth 5.0% 6.0% 5.0% 4.9% 4.1% 4.3% 4.0% 4.0% 4.0% 3.5% 3.8%3.8% 3.4% 4.0% 3.3% 3.5% 3.2% 3.0% 2.6% 2.2% 1.7% 2.0% 1.9% 1.9% 2.0% 1.7% 1.5% 0.8% 1.4% 1.2% 1.0% 0.0% 2018 2019 1Q20 0.0% -1.3% 2018 2019 1Q20 -2.0% Same Store NOI Growth FFO Growth 8.0% 6.0% 6.9%6.9% 6.6% 4.8% 6.0% 4.1% 4.0% 4.0% 4.5% 3.3% 3.0% 2.9% 3.8% 4.0% 3.2% 3.1% 3.0% 2.5% 2.0% 2.0% 2.0% 1.8% 2.0% 1.2% 1.1% 0.9% 0.8% 0.2% 0.1% 0.0% 0.0% 1 2018 2019 1Q20 2018 2019 1Q20 LSI EXR CUBE PSA Notes: (1) LSI 2019 adjusted FFO affected by planned dilution associated with the completed asset recycling strategy that included the sale of 45 stabilized stores between 4Q18 and 3Q19.19 PEER BENCHMARKS SECTOR LEADING SAME STORE NOI GROWTH Favorable operating trends developing relative to peers. Same store NOI growth driven by both accelerating same store revenue growth and strong expense control. Same Store Revenue Growth Same Store Operating Expense Growth 5.0% 6.0% 5.0% 4.9% 4.1% 4.3% 4.0% 4.0% 4.0% 3.5% 3.8%3.8% 3.4% 4.0% 3.3% 3.5% 3.2% 3.0% 2.6% 2.2% 1.7% 2.0% 1.9% 1.9% 2.0% 1.7% 1.5% 0.8% 1.4% 1.2% 1.0% 0.0% 2018 2019 1Q20 0.0% -1.3% 2018 2019 1Q20 -2.0% Same Store NOI Growth FFO Growth 8.0% 6.0% 6.9%6.9% 6.6% 4.8% 6.0% 4.1% 4.0% 4.0% 4.5% 3.3% 3.0% 2.9% 3.8% 4.0% 3.2% 3.1% 3.0% 2.5% 2.0% 2.0% 2.0% 1.8% 2.0% 1.2% 1.1% 0.9% 0.8% 0.2% 0.1% 0.0% 0.0% 1 2018 2019 1Q20 2018 2019 1Q20 LSI EXR CUBE PSA Notes: (1) LSI 2019 adjusted FFO affected by planned dilution associated with the completed asset recycling strategy that included the sale of 45 stabilized stores between 4Q18 and 3Q19.


20 1 MONTHLY TRENDS FAVORABLE MOVE-IN AND MOVE-OUT ACTIVITY IN MAY Same store occupancy at May 31, 2020 was 91.4% compared to 90.9% at May 31, 2019. Had auction processes not been curtailed due to the COVID-19 global health crisis, same store occupancy would have been approximately 90.4% at May 31, 2020. Same store move-ins were 3% higher in May 2020 than May 2019, while same store move-outs were 12% lower during the same time period. Discounts as a percent of same store revenue were higher in May 2020 by 140 basis points compared to May 2019. Same Store Occupancy Same Store Move Ins 25,000 93.0% 20,000 91.5% 15,000 90.0% 10,000 88.5% 5,000 87.0% 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Discounts % of Same Store Revenue Same Store Move Outs 5.0% 20,000 4.0% 15,000 3.0% 10,000 2.0% 5,000 1.0% 0.0% 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 Notes: (1) May 2020 data is preliminary and subject to standard month-end close process.20 1 MONTHLY TRENDS FAVORABLE MOVE-IN AND MOVE-OUT ACTIVITY IN MAY Same store occupancy at May 31, 2020 was 91.4% compared to 90.9% at May 31, 2019. Had auction processes not been curtailed due to the COVID-19 global health crisis, same store occupancy would have been approximately 90.4% at May 31, 2020. Same store move-ins were 3% higher in May 2020 than May 2019, while same store move-outs were 12% lower during the same time period. Discounts as a percent of same store revenue were higher in May 2020 by 140 basis points compared to May 2019. Same Store Occupancy Same Store Move Ins 25,000 93.0% 20,000 91.5% 15,000 90.0% 10,000 88.5% 5,000 87.0% 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Discounts % of Same Store Revenue Same Store Move Outs 5.0% 20,000 4.0% 15,000 3.0% 10,000 2.0% 5,000 1.0% 0.0% 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 Notes: (1) May 2020 data is preliminary and subject to standard month-end close process.


21 ATTRACTIVE VALUATION OUTPERFORMING CURRENT VALUATION Comparatively, important metrics are imbalanced despite the Company's position and performance. The Company is well-positioned financially and has a positive outlook but is trading at a value price. FFO Multiple EBITDA Multiple 25.0x 25.0x 20.0x 20.0x 15.0x 15.0x 10.0x 10.0x 5.0x 5.0x 0.0x 0.0x EXR PSA NSA CUBE LSI EXR PSA LSI CUBE NSA 2019 2020 2019 2020 17 FFO Multiple 2017 EBITDA Multiple 2018 EBITDA Multiple Dividend Yield Implied Cap Rate 5.0% 6.0% 4.0% 5.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% EXR NSA PSA CUBE LSI CUBE NSA LSI PSA EXR Source: FactSet Priced as of May 29, 202021 ATTRACTIVE VALUATION OUTPERFORMING CURRENT VALUATION Comparatively, important metrics are imbalanced despite the Company's position and performance. The Company is well-positioned financially and has a positive outlook but is trading at a value price. FFO Multiple EBITDA Multiple 25.0x 25.0x 20.0x 20.0x 15.0x 15.0x 10.0x 10.0x 5.0x 5.0x 0.0x 0.0x EXR PSA NSA CUBE LSI EXR PSA LSI CUBE NSA 2019 2020 2019 2020 17 FFO Multiple 2017 EBITDA Multiple 2018 EBITDA Multiple Dividend Yield Implied Cap Rate 5.0% 6.0% 4.0% 5.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% EXR NSA PSA CUBE LSI CUBE NSA LSI PSA EXR Source: FactSet Priced as of May 29, 2020


22 SUSTAINABILITY DRIVING VALUE AT LIFE STORAGE Communities Customers Environment Employees Customers Governance • U.S. Green Building § Excellent benefits. • Average customer § Separate Chair & CEO Council (USGBC®) silver training & development satisfaction score of § Stockholder ability to member programs more than 93% over the call special meetings last five years - Two-certified sustainable § Roughly 60% of our buildings § Simple majority vote to managers and • Newsweek’s amend by-laws employees are female “America’s Best • Mandatory efficiency Customer Service” requirements: § Stock ownership § Eighty percent award in 2019 & 2020 requirements for - Energy-efficient Cool employee engagement Roofs executives & directors rate with an 80% § Thorough, multi-step - LED light fixtures and response rate in our process to ensure § External and internal motion sensors most recent anonymous customer satisfaction executive pay parity - Energy-efficient HVACs annual employee - Satisfaction surveys, § Anti-hedging, anti-short- survey internal store visit reports, - Water-saving native sale & anti-pledging third-party secret planting or xeriscape § Employee training, shopper service landscaping policies oversight and § Sponsored more than • Forty-five solar arrays on § One-share, one-vote evaluation on safety 32 facilities generating 450 community and and emergency § Annual director school youth athletics 15 GWh to date procedures elections organizations in 2019 • Upgraded more than 22,000 light fixtures to LED in 2019, saving 1.6 GWh annually22 SUSTAINABILITY DRIVING VALUE AT LIFE STORAGE Communities Customers Environment Employees Customers Governance • U.S. Green Building § Excellent benefits. • Average customer § Separate Chair & CEO Council (USGBC®) silver training & development satisfaction score of § Stockholder ability to member programs more than 93% over the call special meetings last five years - Two-certified sustainable § Roughly 60% of our buildings § Simple majority vote to managers and • Newsweek’s amend by-laws employees are female “America’s Best • Mandatory efficiency Customer Service” requirements: § Stock ownership § Eighty percent award in 2019 & 2020 requirements for - Energy-efficient Cool employee engagement Roofs executives & directors rate with an 80% § Thorough, multi-step - LED light fixtures and response rate in our process to ensure § External and internal motion sensors most recent anonymous customer satisfaction executive pay parity - Energy-efficient HVACs annual employee - Satisfaction surveys, § Anti-hedging, anti-short- survey internal store visit reports, - Water-saving native sale & anti-pledging third-party secret planting or xeriscape § Employee training, shopper service landscaping policies oversight and § Sponsored more than • Forty-five solar arrays on § One-share, one-vote evaluation on safety 32 facilities generating 450 community and and emergency § Annual director school youth athletics 15 GWh to date procedures elections organizations in 2019 • Upgraded more than 22,000 light fixtures to LED in 2019, saving 1.6 GWh annually


23 INVESTMENT HIGHLIGHTS LIFE STORAGE Diversified Portfolio with Increasing Focus on Primary Markets Growth Strategy Driven by Disciplined Capital Allocation Innovative Technology Solutions to Drive Customer Acquisition and Revenue Management Differentiated Corporate Customer Value Proposition Strong Financial Performance, Conservative Balance Sheet and Attractive Valuation23 INVESTMENT HIGHLIGHTS LIFE STORAGE Diversified Portfolio with Increasing Focus on Primary Markets Growth Strategy Driven by Disciplined Capital Allocation Innovative Technology Solutions to Drive Customer Acquisition and Revenue Management Differentiated Corporate Customer Value Proposition Strong Financial Performance, Conservative Balance Sheet and Attractive Valuation