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1 L IFE ST O RAG E INVEST O R PRESENT AT IO N RE I T we e k 2018 - NE W YORK , NY 2 L IFE ST O RAG E A VAL UE PROPOSI T I ON Por tfolio Multiple Mode r n Pr ogr e ssive F inanc ial Attr ac tive T r ansfor me d

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SLIDE 1

L IFE ST O RAG E INVEST O R PRESENT AT IO N

RE I T we e k 2018 - NE W YORK , NY

1

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SLIDE 2

Sinc e c ha ng ing to the L ife Sto ra g e b ra nd, the Co mpa ny's tra nsfo rma tio n ha s e nha nc e d its ma rke t po sitio ning , sc a le d the o pe ra ting pla tfo rm a nd stre ng the ne d the b a la nc e she e t. L ife Sto ra g e is we ll po sitio ne d fo r g ro wth a nd is a ttra c tive ly-va lue d. Por tfolio T r ansfor me d Multiple Gr

  • wth Dr

ive r s Mode r n Br anding Pr

  • gr

e ssive Platfor ms F inanc ial Str e ngth Attr ac tive Valuation

L IFE ST O RAG E

A VAL UE PROPOSI T I ON

2

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SLIDE 3

*F

  • rb e s 2018 F

a ste st Gro wing U.S. Citie s

706 37.0M 49.6M

Se lf Sto ra g e F a c ilitie s Ne t Re nta b le Sq . F t. Custo me rs

C O MPANY PO RT FO L IO

L I F E ST ORAGE HAS A COAST T O COAST PRE SE NCE

3

L ife Sto ra g e o wns a nd ma na g e s pro pe rtie s in 28 sta te s a c ro ss the U.S. a nd it ha s a pre se nc e in 18 o f the to p 25 fa ste st g ro wing ma rke ts in the c o untry*. I ts 2016 e xpa nsio n into the We st Co a st ha s b o lste re d b o th its de mo g ra phic s a nd g e o g ra phic dive rsity.

Major Market Four or few locations

711 L

  • c ations

566 Who lly Owne d 98 Jo int Ve nture 47 Ma na g e d

711 50.1 MM 390K +

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SLIDE 4

Quic k F a c ts 2016 vs. 2018:

  • Upg ra de d a g e , size & q ua lity o f po rtfo lio
  • Stre ng the ne d de mo g ra phic pro file
  • I

mpro ve d sc a le a nd pe ne tra tio n in ma ny c o re ma rke ts

  • Sig nific a nt pre se nc e in the to p te n la rg e st U.S.

Me tro Are a s*, inc luding :

  • Ne w Yo rk – Ne wa rk – Ne w Je rse y, NY-NJ
  • L
  • s Ang e le s – L
  • ng Be a c h – Ana he im, CA
  • Chic a g o – Na pe rville – E

lg in, I L

  • Da lla s – F
  • rt Wo rth – Arling to n, T

X

  • Ho usto n – T

he Wo o dla nds – Sug a r L a nd, T X

PO RT FO L IO UPG RADES

ST RONG CORE ME T RI CS

4

Ac q uisitio ns fro m 2016 (inc luding the L ife Sto ra g e po rtfo lio ), e xpa nsio ns a nd e nha nc e me nts o f e xisting pro pe rtie s, the inte g ra tio n o f “c e rtific a te o f o c c upa nc y” fa c ilitie s, a nd the Co mpa ny’ s e xpa nde d pre se nc e in ma jo r me tro s ha s sig nific a ntly e le va te d its c o re me tric s.

*US Ce nsus Bure a u

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SLIDE 5

Adde d 105 Stabilize d Pr

  • pe r

tie s to the 2018 Same Stor e Pool E xpansion Pr

  • pe r

tie s L e ase - up Pr

  • pe r

tie s Manage me nt F e e Inc ome Joint Ve ntur e Re ve nue s

L IFE ST O RAG E

GROWT H DRI VE RS

5

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SLIDE 6

G RO WT H DRIVERS

E MBE DDE D GROWT H DRI VE RS

6

I mpro ve d Po rtfo lio NOIa nd NAV

Ac quisitions Re -De ve lopme nt T hir d Pa r ty Ma na g e me nt Joint Ve ntur e s

  • 120 pro pe rtie s fro m the

L ife Sto ra g e a c q uisitio n a nd

  • the rs ha ve g a ine d a n
  • n-b o a rding b e ne fit fro m the

Co mpa ny’ s pla tfo rms

  • T

hre e ne w, de nse ma rke ts (L

  • s Ang e le s, L

a s Ve g a s, Sa c ra me nto ) a re e xpe c te d to

  • utpe rfo rm c o re po rtfo lio
  • Sig nific a nt o pe ra ting ma rg in

g a ins fro m pla tfo rms a nd sc a le e ffic ie nc ie s

  • Ong o ing suc c e ss with

e xpa nding a nd e nha nc ing sto re s in e xisting po rtfo lio

  • Adds 10-20k sq . ft. o f

pre mium spa c e to suc c e ssful sto re s

  • Upg ra de s o ve ra ll

“pre se nc e ” o f the pro pe rtie s

  • Re duc e s e ffe c tive a g e
  • 20+ ye a r tra c k re c o rd o f

spo nso ring a nd o pe ra ting jo intly o wne d pa rtne rships

  • Pro vide s a dditio na l pre se nc e

a nd sc a le in e xisting ma rke ts;

  • Adds pro pe rty a nd

ma na g e me nt fe e inc o me

  • E

nha nc e s a c q uisitio n pipe line

  • T

he L ife Sto ra g e Bra nd ha s a c c e le ra te d the Co mpa ny’ s mo me ntum in its 3rd Pa rty Ma na g e me nt b usine ss

  • Re ve nue s fro m ma na g e me nt fe e s

g re w 75% in 2017 vs. 2016, a nd c o ntinue d stro ng g ro wth is e xpe c te d in 2018

  • Pro vide s a dditio na l pre se nc e a nd

sc a le in e xisting ma rke ts; sig nific a nt c o st sha ring

  • E

nha nc e s a c q uisitio n pipe line

L e a se -Up Stor e s

  • T

hre e sta b ilize d “c e rtific a te o f

  • c c upa nc y” (C o f O)

pro pe rtie s we re a dde d to the Co mpa ny’ s sa me sto re po o l in 2018.

  • T

he re ma ining 22 "C o f O" a nd le a se -up pro pe rtie s will pro vide o ut-size d NOI g ro wth a s the y mo ve to sta b iliza tio n

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SLIDE 7

G RO WT H DRIVERS

E XPANSI ON PROPE RT I E S

7 I nve stme nt (I n $millio ns) Pre mium Sq F

  • t. Adde d*

(in tho usands) I nc re me nta l NOIa t Sta b iliza tio n (in $millio ns)

We ig hing de ma nd indic a to rs & re ve nue po te ntia l, the Co mpa ny re de ve lo ps pro pe rtie s to a dd pre mium spa c e type s. F ifte e n suc h pro je c ts we re c o mple te d in 2017, a nd the Co mpa ny a ntic ipa te s a ppro xima te ly10-20 pro je c ts pe r ye a r in 2018 & 2019. With a n 8%+ yie ld, the se lo w risk inve stme nts in e xisting pro pe rtie s a lso upg ra de the a ppe a ra nc e a nd c usto me r e xpe rie nc e a t the se sto re s.

* NRSF = to ta l NRSF a fte r e xpa nsio n le ss NRSF re mo ve d ** Pro je c te d

$20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 2016 2017 2018** 200 250 300 350 2016 2017 2018** $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 2016** 2017** 2018**

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SLIDE 8

+0.19

I nc re me nta l NOI I mpa c t pe r Sha re ** E stima te d Sta b ilize d NOI *

$19.1M

G RO WT H DRIVERS

L E ASE

  • UP PROPE

RT I E S

T he Co mpa ny do e s no t de ve lo p ne w pro pe rtie s, b ut o c c a sio na lly purc ha se s ne wly b uilt pro pe rtie s o r pro pe rtie s in the e a rly sta g e s o f le a se -up. T we nty-two o f the se le a se -up fa c ilitie s ha ve no t ye t ma de the ir full impa c t o n NOI . I n 2018 a nd o ve r the ne xt fe w ye a rs, the se pro pe rtie s will ha ve a n o utsize d c o ntrib utio n to NOI .

8 Ma rke t Numb e r o f Sto re s Co st Ne t Re nta b le Sq . F t. Oc c upa nc y 12/ 31/ 18 NOI ***

Chic a g o , I L 9 $ 123,166 708,305 85.5% $ 5,044 Austin, T X 2 12,477 146,969 89.6% 876 Da lla s, T X 2 21,690 127,207 84.3% 764 Pho e nix, AZ 2 17,179 131,858 93.5% 1,328 Bo sto n, MA 1 10,291 63,283 86.3% 400 Bo ulde r, CO 1 8,373 45,986 75.8% 216 Cha rle sto n, SC 1 8,620 70,165 40.4% 104 L

  • s Ang e le s, CA

1 18,600 79,345 89.1% 740 Mia mi, F L 1 11,274 69,801 88.9% 732 Sa n Ma rc o s, T X 1 8,353 59,066 87.8% 224 Cha rlo tte , NC 1 12,549 70,118 17.0% (224)

22 $ 252,572 1,572,103 81.6%

10,204

* NOI a t 85% o c c upie d a t sta b le ma rke t ra te s ** Ba se d o n the diffe re nc e b e twe e n e stima te d NOI a nd c urre nt NOI , a nd a ssuming 46,536,672 dilute d sha re s. *** Q1 2018 NOI a nnua lize d

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SLIDE 9

G RO WT H DRIVERS

T HI RD PART Y MANAGE ME NT

9

Sinc e re b ra nding to L ife Sto ra g e , the Co mpa ny's 3rd pa rty ma na g e me nt re ve nue s ha ve g ro wn sub sta ntia lly o n a ye a r o ve r ye a r b a sis – a 75% inc re a se in 2017 ve rsus 2016. Do ub le dig it g ro wth is e xpe c te d to c o ntinue in 2018.

Ma na g e me nt F e e I nc o me +36% CAGR (sinc e 2011)

$0.0 $0.5 $1.0 $1.5 $2.0 2010 2011 2012 2013 2014 2015 2016 2017 2018*

*E stima te b a se d o n Q1 fe e s a nnua lize d / $0.04 pe r sha re

I n millio ns

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SLIDE 10

Pro -Ra ta Sha re o f Jo int Ve nture F F O (in $millio ns)

G RO WT H DRIVERS

JOI NT VE NT URE RE VE NUE S

Re la tio nships with JV pa rtne rs a llo w L ife Sto ra g e to g ro w its na tio na l fo o tprint, le ve ra g e e xisting re so urc e s, a nd g e ne ra te a dditio na l fe e inc o me with limite d c a pita l c o mmitme nt. Jo int Ve nture F F O pe r Sha re c o ntrib utio n ha s g ro wn fro m ro ug hly $0.04 pe r sha re in 2010 to a n e stima te d $0.19 pe r sha re in 2018.

10 Jo int Ve nture F e e I nc o me (in $millio ns)

$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0

2010 2011 2012 2013 2014 2015 2016 2017 2018*

$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0

2010 2011 2012 2013 2014 2015 2016 2017 2018*

*E stima te b a se d o n Q1 a nnua lize d

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SLIDE 11

Gr

  • wing Value

We ll Positione d Balanc e She e t Conse r vative F inanc ial Ratios Str

  • ng Capital Str

uc tur e

L IFE ST O RAG E

F I NANCI AL ST RE NGT H

11

Q1 2018 Highlights

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SLIDE 12

FINANC IAL ST RENG T H

Q1 2018 HI GHL I GHT S

12

  • E

xc e e de d Q1 a djuste d F F O pe r sha re e xpe c ta tio ns: $1.30 pe r sha re ; a 3.2% inc re a se o ve r Q1 2017

(ve rsus g uidanc e : $1.24 - $1.28)

  • E

xc e e de d Q1 sa me sto re NOI g ro wth e xpe c ta tio ns: 2.50%

(ve rsus g uidanc e : 1.00% - 2.00%)

  • Ac hie ve d re c o rd-hig h sa me sto re o c c upa nc y a t q ua rte r-e nd: 91.2%
  • Re duc e d sa me sto re inte rne t ma rke ting e xpe nse b y 18% b y le ve ra g ing impro ve d se a rc h e ng ine visib ility
  • Adde d 10 sto re s to the Co mpa ny’ s third pa rty ma na g e me nt pla tfo rm, L

ife Sto ra g e So lutio ns

  • I

nc re a se d ma na g e me nt fe e inc o me b y 31.7% o ve r Q1 2017

  • Ra ise d a nnua l sa me sto re NOI

g uida nc e to 1.25% - 2.25%

(ve rsus pre vio us: 0.75% - 1.75%)

  • Ra ise d a nnua l a djuste d F

F O g uida nc e ra ng e : $5.36 - $5.43

(ve rsus pre vio us: $5.33 – $5.43)

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SLIDE 13

*As a djuste d **Midpo int o f g uida nc e ***Pro je c te d

Ro b ust F F O* Pe r Sha re Gro wth

FINANC IAL ST RENG T H

GROWI NG VAL UE

13

L ife Sto ra g e is we ll po sitio ne d to c o ntinue c a sh flo w a nd divide nd g ro wth, suppo rte d b y multiple re ve nue drive rs, a fa vo ra b le pa yo ut ra tio , a nd a so lid b a la nc e she e t.

$2.00 $3.00 $4.00 $5.00 $6.00

2010 2011 2012 2013 2014 2015 2016 2017 2018**

$1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50

2010 2011 2012 2013 2014 2015 2016 2017 2018***

Stro ng Divide nd Gro wth

2010 2011 2012 2013 2014 2015 2016 2017 2018***

Pa yo ut Ra tio

73.5% 65.5% 54.9% 52.7% 62.2% 64.8% 71.3% 74.4% 74.1%

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SLIDE 14

FINANC IAL ST RENG T H

WELL PO SIT IO NED BALANC E SHEET

14

So lid, unse c ure d b a la nc e she e t with no de b t ma turitie s until 2019, a 7.5 ye a r we ig hte d a ve ra g e de b t te no r, a nd a virtua lly 100% une nc umb e re d a sse t b a se .

De b t Ma turity Sc he d ule

(in $millio ns)

$0 $100 $200 $300 $400 $500 $600 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

MM MM MM MM MM MM MM

L ine Ba nk T e rm No te s I nstitutio ns Pub lic Bo nd Mo rtg a g e

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SLIDE 15

De b t Se rvic e Co ve ra g e De b t to Gro ss Asse ts

5.7x

De b t/ E BI T DA

4.6x

De b t Se rvic e Co ve ra g e

39%

De b t to Gro ss Asse ts

Se nio r Unse c ure d No te Co ve na nts Re q uire d Ac tua l

*Co ve na nts furthe r de fine d in the Co mpa ny’ s Ba se inde nture a s o f June 20, 2016

FINANC IAL ST RENG T H

C O NSERVAT IVE FINANC IAL RAT I OS

15

L ife Sto ra g e ’ s c o nse rva tive F ina nc ia l Ra tio s pro vide fle xib ility a nd a fa vo ra b le o utlo o k.

2 3 4 5 6

2010 2011 2012 2013 2014 2015 2016 2017 Q1-2018

Se nio r Unse c ure d No te Co ve na nts* Re q uire d Ac tua l T

  • ta l Co nso lida te d De b t to T
  • ta l Asse ts

≤ 60%

39.4% T

  • ta l Se c ure d De b t to T
  • ta l Asse ts

≤ 40%

0.3% T

  • ta l Une nc umb e re d Asse ts to T
  • ta l Unse c ure d De b t

≥ 150%

246.0% Co nso lida te d Inc o me Ava ila b le fo r De b t Se rvic e to T

  • ta l

Annua l De b t Se rvic e Cha rg e

≥ 1:5 : 1

4:7 : 1

X X X X X 20% 30% 40%

2010 2011 2012 2013 2014 2015 2016 2017 Q1-2018

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SLIDE 16

FINANC IAL ST RENG T H

ST RO NG C APIT AL ST RUC T URE

16

T he Co mpa ny ha s a c c e ss to a b ro a d a rra y o f c a pita l so urc e s, b o th pub lic a nd priva te , c re a ting a n a ttra c tive le ve ra g e pro file tha t suppo rts its g ro wth stra te g y. T he re is sig nific a nt fre e c a sh flo w a fte r Ca pe x a nd divide nd re q uire me nts a re me t.

L iq uidity

Ca sh o n Ha nd $7.8 Millio n

Cre dit Ava ila b le

$370 Millio n

De b t to E nte rprise Va lue

31.2% Re vo lve r 6%

OP Units <1% Unse c ure d No te s 27% Co mmo n Sto c k 69% Mo rtg a g e De b t <1% Re vo lve r 2%

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SLIDE 17

Outpe r for ming Cur r e nt Va lua tion

L IFE ST O RAG E

AT T RACT I VE VAL UAT I ON

17

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SLIDE 18

AT T RAC T IVE VAL UAT IO N

OUT PE RF ORMI NG CURRE NT VAL UAT I ON

18

Co mpa ra tive ly, impo rta nt me tric s a re imb a la nc e d de spite the Co mpa ny's po sitio n a nd pe rfo rma nc e . T he Co mpa ny is we ll- po sitio ne d fina nc ia lly a nd ha s a po sitive o utlo o k, b ut is tra ding a t a va lue pric e . Divide nd Yie ld 2018 & 2019 E BI T DA Multiple

17 F F O Multiple 2017 E BI T DA Multiple

4 8 12 16 20 24 CUBE E XR NSA PSA RMZ L SI 2018 & 2019 F F O Multiple 4 8 12 16 20 24 CUBE E XR NSA PSA RMZ L SI

2018 E BI T DA Multiple 2018 E BI T DA Multiple

2% 3% 4% 5% CUBE E XR NSA PSA RMZ L SI 2% 3% 4% 5% 6% 7% CUBE E XR NSA PSA RMZ L SI I mplie d Ca p Ra te

X X X X X X X X X X X X X X

2019 E BI T DA Multiple 2018 E BI T DA Multiple

2017 E BI T DA Multiple 2018 E BI T DA Multiple 2018 E BI T DA Multiple

2019 F F O Multiple 2018 F F O Multiple

N/ A So urc e s: F a c tSe t, SNL , Blo o mb e rg a nd Pub lic F iling s

Pric e d a s o f midda y 05.03.18

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SLIDE 19

Ove r 700 store s in 28 sta te s More tha n 390,000 c ustome rs 91.1% sa me store qua rte rly

  • c c upa nc y

145 prope rtie s ma na g e d for third pa rtie s e ntitie s $5.7 Billion e nte rprise va lue 215% 10 ye a r tota l re turn 108% qua rte rly divide nd inc re a se

  • ve r pa st 5 ye a rs

30+ ye a rs in se lf- stora g e busine ss

L IFE ST O RAG E

AT A GL ANCE

Inve stme nt Gra de Ra te d Moody’s: Ba a 2 S&P: BBB 5.7x De bt to E BIT DA

19

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SLIDE 20

L IFE ST O RAG E

20 YE AR T OT AL RE T URN

L SI r anke d 15th o f 84 RE IT s

  • ve r

last 20 ye ar s

* So urc e : Blo o mb e rg

20

I ndic e s RE I T I nde x 431.4% S&P 500 258.0% DOW 335.5%

L ife Stor age 960.1%

L SI Pe rfo rma nc e *

  • $10,000 inve ste d a t I

PO with divide nds re inve ste d

  • Annua lize d re turn = 12.88%

=151,239

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SLIDE 21

SAFE HARBO R ST AT EMENT

F ORWARD L OOK I NG ST AT E ME NT S

21

T his pre se nta tio n ma y c o nta in fo rwa rd lo o king sta te me nts a s de fine d in Se c tio n 27A o f the Se c uritie s Ac t o f 1933, a nd in Se c tio n 21E

  • f the Se c uritie s E

xc ha ng e Ac t o f 1934. F

  • rwa rd lo o king sta te me nts a ddre ss ma tte rs tha t a re sub je c t to a numb e r
  • f risks a nd unc e rta intie s.

Suc h fa c to rs inc lude , b ut a re no t limite d to , the e ffe c t o f c o mpe titio n fro m ne w se lf sto ra g e fa c ilitie s; the Co mpa ny's a b ility to e va lua te , fina nc e a nd inte g ra te a c q uire d b usine sse s into the Co mpa ny's e xisting o pe ra tio ns; the Co mpa ny’ s a b ility to e nte r ne w ma rke ts whe re it ha s little o r no o pe ra tio na l e xpe rie nc e ; a nd o the r suc h fa c to rs a s se t fo rth in the Co mpa ny's 10-K fo r the ye a r e nde d De c e mb e r 31, 2017 a s file d with the Se c uritie s a nd E xc ha ng e Co mmissio n. T he Co mpa ny is unde r no o b lig a tio n to upda te a ny suc h fo rwa rd lo o king sta te me nts.