The Company Reports that all Florida Properties are Operational

Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, announced today that all 161 of its wholly owned and managed properties in Florida, including 72 properties stretching from the Tampa vicinity down to the more highly impacted area of Naples, are operational. The Company continues to assess preliminary damage related to Hurricane Ian and will provide additional information and updates in conjunction with the Company's next scheduled earnings release and conference call for the third quarter.

"The health, safety and well-being of all our customers, teammates, and all those in the impacted areas remain our top priority. We're happy to confirm that all our employees are safe and accounted for," said Joseph Saffire, Chief Executive Officer. "We have been in regular communication with our team throughout to provide updates and resource support as needed, and happy that Life Storage continues to provide our services to customers in the impacted areas."

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 1,100 storage facilities in 37 states. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 675,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com.

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Life Storage, Inc. Provides Update on Hurricane Ian