Life Storage, Inc. Prices Offering of Senior Notes

BUFFALO, N.Y.–(BUSINESS WIRE)–lt;a href=”” target=”_blank”gt;$LSIlt;/agt; lt;a href=”” target=”_blank”gt;#LSIlt;/agt;–Life
Storage, Inc
. (NYSE:LSI), a leading national owner and operator of
self storage properties, announced today that its operating partnership,
Life Storage LP (the “Operating Partnership”), priced an offering of
$350 million aggregate principal amount of 4.000% Senior Unsecured Notes
due 2029 (the “Notes”). The Notes will be issued at 99.476% of par value
with a coupon of 4.000%. Interest on the Notes is payable semi-annually
on June 15 and December 15 of each year, commencing on December 15,
2019. The Notes will mature on June 15, 2029. The offering is expected
to close on June 3, 2019 subject to the satisfaction of customary
closing conditions.

The Operating Partnership expects to use net proceeds from this offering
to repay its $100 million unsecured term note maturing June 4, 2020 and
amounts outstanding under its unsecured line of credit. Remaining
proceeds will be used for general corporate purposes. Citigroup Global
Markets Inc., Wells Fargo Securities, LLC and U.S. Bancorp Investments,
Inc. acted as joint book-running managers for the offering. SunTrust
Robinson Humphrey, Inc., HSBC Securities (USA) Inc., Jefferies LLC, and
BB&T Capital Markets acted as co-managers for the offering.

The Operating Partnership has filed an effective registration statement
(including a prospectus supplement and accompanying prospectus) with the
Securities and Exchange Commission (the “SEC”) relating to the offering
to which this communication relates. Before making an investment in the
Notes, potential investors should read the prospectus supplement, the
accompanying prospectus and the other documents that the Company and the
Operating Partnership have filed with the SEC for more complete
information about the Company and the offering. Potential investors may
obtain these documents for free by visiting EDGAR on the SEC website at
Alternatively, the issuer, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus supplement and
accompanying prospectus if you request it by contacting:

  • Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
    1155 Long Island Avenue, Edgewood, NY 11717, by telephone at
    1-800-831-9146 or by email at
  • Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
    Minneapolis, MN 55402, Attention: WFS Customer Service, by telephone
    at 1-800-645-3751 or by email at
  • U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor,
    Charlotte, NC 28202 or by telephone at 1-877-558-2607.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
Notes in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offer or sale of
the Notes will be made only by means of a prospectus supplement relating
to the offering of the Notes and the accompanying prospectus.


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
775 storage facilities in 28 states and Ontario, Canada.


David Dodman
Phone: (716) 229-8284

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