6467 Main Street

Williamsville, New York 14221

Fellow Shareholders,

Life Storage experienced another strong year in 2022. We surpassed one billion dollars in annual revenue, added a record 107 stores to our third-party management platform, launched a kiosk pilot and expanded our digital store operations. We also completed more than one billion dollars of acquisitions for the second year in a row, further diversifying and scaling our platform. With a focus on operational excellence, customer service and innovation, we have built Life Storage into an industry leader, generating strong, profitable growth and significant shareholder value.

As always, the credit for our exceptional results and outperformance goes to the more than 2,500 team members who work tirelessly every day to advance our growth strategy and deliver for our customers. We continue to be impressed by the innovation and relentless focus across the team-they are the driving force of our company and the foundation of our success.

Highlights in 2022 include:

  • Same store revenue and net operating income year-over-year growth of 15.2% and 19.4%, respectively (1)
  • Average realized rent per square foot growth of 15.1%
  • Net operating income margin improvement of 250 basis points year-over-year(1)
  • Core FFO per share growth of 28.4% year-over-year; highest amongst self-storage REITs (1)

Our strong financial performance allowed us to build on our track record of creating significant value for shareholders. Highlights include:

  • Increased the Life Storage quarterly dividend to $1.08 in the fourth quarter, reflecting 25.6% growth year-over-year
  • Delivered total shareholder returns of 101% over the past 5 years
  1. Net operating income (NOI) and Core FFO per share are non-GAAP measures. Refer to pages 25-26 of our 2022 Annual Report on Form 10-K filed on February 24, 2023, for information regarding NOI, including a reconciliation to GAAP net income. Refer to Appendix A for information regarding Core FFO per share, including a reconciliation to GAAP diluted earnings per share.

Sustainability growth core to our success

Over the last few years, we've been implementing an integrative approach to sustainability across our organization, as illustrated by our second annual sustainability report (https://www.lifestorage.com/company/sustainability). A commitment to sustainability is deeply embedded in our company's overall growth strategy and shapes many of our strategic efforts. Successfully adopting sustainable practices across all areas of our business allows us to create long-term value for our stakeholders.

Source:Factset as of March 31, 2023

Embarking on our next chapter with Extra Space

A commitment to driving value for shareholders is at the heart of everything we do. It was with this objective in mind that, on April 2, 2023, the Life Storage Board unanimously agreed to combine Life Storage with Extra Space Storage in an all-stock transaction. Following a deliberate and comprehensive review, including engaging with several parties regarding potential transactions, the Board determined that the transaction with Extra Space provides shareholders with an immediate premium, and also allows them to benefit from the tremendous upside of the combined company, whereby Life Storage shareholders would have a significant ownership of approximately 35% of the combined company.

By combining with Extra Space, we will be bringing together two industry-leading platforms with complementary portfolios, operating models and strategic visions to create the preeminent storage operator in America. Our diversified geographic footprints, coupled with our innovative third-party management and joint venture platforms, will provide the combined company with a robust pipeline for continued external growth. Extra Space was attracted to us in large part because they recognize our similarities in culture, strength of our team, technological capabilities and our customer-centric focus. We will have a strong financial profile with robust cash flow generation to invest in growth and build upon both companies' long track records of industry-leading shareholder returns.

Partnering with Life Storage is also a natural next step in Extra Space's growth journey. Together, we will be able to build on both companies' strong foundations to win in the marketplace, deliver best-in-class customer service and drive significant, sustainable value to shareholders.

On behalf of the entire Board, I thank you for your investment and support. We respectfully ask you for your voting support on the items contained in the proxy.

Sincerely,

Mark G. Barberio

Non-Executive Chair of the Board

April 13, 2023

6467 Main Street

Williamsville, New York 14221

Dear Shareholders:

The Notice and Proxy Statement that follow contain details about our 2023 Annual Meeting of Shareholders (the "Annual Meeting"). Your proxy is being solicited by the Board of Directors of the Company. You will note that the Board of Directors of the Company recommends a vote "FOR" the election of the eight director nominees named in the proxy statement to serve until the 2024 Annual Meeting of Shareholders, "FOR" the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm of the Company for fiscal year 2023, "FOR" the proposal to approve the compensation of the Company's executive officers, and "FOR" for a frequency of "One Year" for future advisory votes on the compensation of the Company's executive officers.

This year's Annual Meeting will be a meeting held exclusively online via live webcast and will not be held at a physical location. You will be able to attend the Annual Meeting, vote your shares electronically, and submit questions in writing during the meeting by visiting www.virtualshareholdermeeting.com/LSI2023 and entering your unique voter identification number. Additional information regarding attending the Annual Meeting and voting your shares can be found in the Proxy Statement. The vote of every Shareholder is important, and we believe that hosting a virtual meeting will enable more of our Shareholders to attend and participate in the meeting since our Shareholders can participate from any location around the world with Internet access.

This Proxy Statement and form of proxy are first being made available to Shareholders on April 13, 2023.

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

When:

Thursday, May 18, 2023 • 9:00 a.m. (E.D.T.)

NOTICE IS HEREBY GIVEN THAT the Annual Meeting of Shareholders of Life Storage, Inc. (the "Company" or "Life Storage"), which will be an online webcast meeting accessible at www.virtualshareholdermeeting.com/LSI2023, will be held on Thursday, May 18, 2023, at 9:00 a.m. (E.D.T.), to consider and take action on the following:

Items of Business:

Meeting Agenda

1.  The election of the eight director nominees named in this Proxy Statement as directors to hold office until the next Annual Meeting of Shareholders and until their successors are elected and qualified.

2.  The ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2023.

3.  A proposal to approve (on a non-binding basis) the compensation of the Company's executive officers.

4.  A proposal (on a non-binding basis) on the frequency of holding future advisory votes on the compensation of the Company's executive officers.

Board Recommendation

FOR each nominee

FOR

FOR

One Year

5.  The transaction of such other business as may properly come before the meeting or any adjournments thereof.

Record Date:

FURTHER NOTICE IS HEREBY GIVEN that the stock transfer books of the Company will not be closed, but only Shareholders of record at the close of business on April 10, 2023 will be entitled to notice of the meeting and to vote at the meeting.

Voting:

Even if you plan to attend the Annual Meeting on the webcast, we ask you to please complete, sign and return the enclosed proxy card or vote your shares by telephone or over the Internet. If you will need special assistance at the meeting, please contact Life Storage Investor Relations at (716) 633-1850. Please note that the Annual Meeting will only be held virtually, and there will be no physical meeting.

By Order of the Board of Directors,

Alexander E. Gress

Secretary

Williamsville, New York

April 13, 2023

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on May 18, 2023

The Proxy Statement and Annual Report on Form 10-K for the year ended December 31, 2022 are available at www.proxyvote.com.

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Life Storage Inc. published this content on 17 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2023 21:15:20 UTC.