2017 I NVE ST OR PRE SE NT AT I ON 2 L IFE ST O RAG E AT - PowerPoint PPT Presentation

1 FO URT H Q UART ER 2017 I NVE ST OR PRE SE NT AT I ON

2 L IFE ST O RAG E AT A GL ANCE 91.6% $2.4 Billion Ove r 700 More tha n 32 Ye a rs in Sa me Store Of Ac quisitions Store s in 375,000 Se lf- Stora g e In Pa st 2 Ye a r s Qua rte rly 28 Sta te s Custome rs Busine ss (I nc lude s JVs) Oc c upa nc y Inve stme nt 122% Divide nd Gra de Ra te d 5.6x $4.2 Billion 253% 10 Ye a r Inc re a se Ove r Moody’s: Ba a 2 De bt to E BIT DA Ma rke t Ca p T ota l Re turn Pa st 5 Ye a rs S&P: BBB

3 3 L IFE ST O RAG E NE W BRAND, NE W OPPORT UNI T Y Por tfolio F inanc ial Attr ac tive Gr owth Dr ive r s Ne w Br and Platfor ms T r ansfor mation Valuation Str e ngth During the la st 21 mo nths, L ife Sto ra g e 's tra nsfo rma tio n ha s e nha nc e d the c o mpa ny's 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 he a ding into 2018.

4 L IFE ST O RAG E PORT F OL I O T RANSF ORMAT I ON Inc re a se d Sc a le & Entra nc e into Fa st G ro wing Ma rke ts Im p ro ve d C o re Me tric s

5 PO RT FO L IO T RANSFO RMAT IO N E XPANSI ON & E NT RANCE I NT O F AST GROWI NG MARK E T S Re c e nt a c q uisitio ns e xpa nde d the Co mpa ny's fo o tprint into Ca lifo rnia , Ne va da , a nd inc re a se d e xpo sure in I llino is. L ife Sto ra g e no w ha s a sig nific a nt pre se nc e in 20 o f 25 o f the fa ste st g ro wing ma rke ts in the US.* Chic a g o Bo sto n 14 to 45 10 to 17 Sa c ra me nto 0 to 11 L a s Ve g a s 0 to 22 Orla ndo 6 to 12 L o s Ang e le s 0 to 12 Austin Da lla s/ F t. Wo rth Ho usto n 36 to 46 17 to 25 55 to 61 Be fo re Afte r Be fo re Afte r Be fo re Afte r 542 706 37.0M 49.6M 290K 393K Se lf Sto ra g e F a c ilitie s Ne t Re nta b le Sq . F t. Custo me rs *F o rb e s 2017 F a ste st Gro wing U.S. Citie s

6 PO RT FO L IO T RANSFO RMAT IO N I MPROVE D CORE ME T RI CS 6% +40% +14% +30% +25% +11% De c re a se in I nc re a se in I nc re a se in po pula tio n I nc re a se in Ne t Ave ra g e Re ve nue I nc re a se in Who lly Pro pe rty Ag e Clima te Co ntro l within 5 mile s Re nta b le Sq . F t. Pe r Sto re Owne d Sto re s Quic k F a c ts: • 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 • E nte re d thre e ke y ne w ma rke ts in sc a le • L o s Ang e le s • L a s Ve g a s • Sa c ra me nto

7 L IFE ST O RAG E GROWT H DRI VE RS 120+ Non Same - Stor e Pr ope r tie s E xpansion Pr ope r tie s L e ase - up Pr ope r tie s Manage me nt F e e Inc ome Joint Ve ntur e Re ve nue s

8 G RO WT H DRIVERS E MBE DDE D GROWT H DRI VE RS 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 L e a se -Up Stor e s • 120 pro pe rtie s fro m the • Ong o ing suc c e ss with • Re b ra nding ha s a c c e le ra te d the • 20+ ye a r tra c k re c o rd o f • 25 "C o f O" a nd o the r L ife Sto ra g e a c q uisitio n a nd Co mpa ny's push into 3rd Pa rty le a se -up pro pe rtie s will e xpa nding a nd e nha nc ing spo nso ring a nd o pe ra ting o the rs will g a in a n sto re s in e xisting po rtfo lio Ma na g e me nt, a llo wing sig nific a nt jo intly o wne d pa rtne rships pro vide o ut-size d NOI o n-b o a rding b e ne fit fro m the ra mp-up g ro wth a s the y mo ve to Co mpa ny’ s pla tfo rms sta b iliza tio n • Adds 10-20k sq . ft. o f • Pro vide s a dditio na l pre se nc e • Re ve nue s fro m ma na g e me nt fe e s pre mium spa c e to a nd sc a le in e xisting ma rke ts; • T hre e o f the se will b e • T hre e ne w, de nse ma rke ts suc c e ssful sto re s g re w 79% in 2017 vs. 2016. sig nific a nt c o st sha ring a dde d to the sa me sto re (L o s Ang e le s, L a s Ve g a s, po o l in 2018 Sa c ra me nto ) a re e xpe c te d to • Upg ra de s o ve ra ll • Pro vide s a dditio na l pre se nc e a nd • Pro pe rty a nd ma na g e me nt o utpe rfo rm c o re po rtfo lio sc a le in e xisting ma rke ts; “pre se nc e ” o f the fe e inc o me pro pe rtie s sig nific a nt c o st sha ring • Sig nific a nt o pe ra ting ma rg in • E nha nc e s a c q uisitio n g a ins fro m pla tfo rms a nd • Re duc e s e ffe c tive a g e • E nha nc e s a c q uisitio n pipe line pipe line sc a le e ffic ie nc ie s

9 G RO WT H DRIVERS 120+ NON SAME -ST ORE PROPE RT I E S T he Co mpa ny's o pe ra ting pla tfo rms will le nd o utsize d-g ro wth to a sig nific a nt b lo c k o f sto re s a c q uire d in 2016. Ma ny o f the se sto re s e nte r the Co mpa ny's sa me sto re re po rting in 2018, a nd inc lude ma rke ts in Ca lifo rnia a nd Ne va da whe re the Co mpa ny pre vio usly did no t ha ve a pre se nc e . Ave ra g e Re ve nue pe r Sto re Re a lize d Ra te pe r Sq . F t. Ma rke t Sha re o f Co mpa ny Re ve nue , Be fo re a nd Afte r Re c e nt Ac q uisitio ns $921,975 $14.48 L o s Ang e le s L a s Ve g a s $831,202 0.0% 3.5% 0.0% 2.9% $13.31 Sa c ra me nto Chic a g o 0.0% 2.3% 3.3% 7.9% Be fo re Afte r Sa me Sto re 2016 Sta b le Ave ra g e Ac q uisitio ns

10 G RO WT H DRIVERS NO N SAME-ST O RE: LEG AC Y LIFEST O RAG E PO ISED FO R G RO WT H Co mb ine d o c c upa nc y o f the “C o f O”, le a se -up a nd sta b ilize d sto re s g re w 6.6% in 2017 • 70 sta b ilize d lo c a tio ns will b e inc lude d in the 2018 sa me sto re po o l, inc luding two ne w hig h g ro wth ma rke ts – Sa c ra me nto • a nd L a s Ve g a s Q4 2017 Ove r Q4 2016 Pe rforma nc e Sta b ilize d L e a se -Up Co mb ine d 100% 100% 100% 90.6% 90.1% 5.0% 6.6% Oc c upa nc y 86.7% 86.3% 84.5% 19.4% 80% 80% 80% 72.6% 60% 60% 60% Q4 '16 Q4 '17 Q4 '16 Q4 '17 Q4 '16 Q4 '17

11 G RO WT H DRIVERS E XPANSI ON PROPE RT I E S I nve stme nt Clima te Co ntro l Sq F t. Adde d I nc re me nta l NOIa t Sta b iliza tio n MM $45 MM $5.0 K 500 MM $4.5 $40 MM K 450 MM $4.0 MM $35 K 400 MM $3.5 $30 MM MM $3.0 K 350 2017 2018* 2017* 2018* 2017 2018* *Pro je c te d 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.

12 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 +0.21 $20.7M 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. 25 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 I nc re me nta l NOI E stima te d Sta b ilize d NOI pro pe rtie s will ha ve a n o utsize d c o ntrib utio n to NOI . I mpa c t pe r Sha re * 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/ 17 NOI Chic a g o , I L 11 $ 134,416 866,708 83.5% $ 5,610 Austin, T X 2 12,477 146,976 82.1% 711 Da lla s, T X 2 21,690 127,207 81.9% 750 Pho e nix, AZ 2 17,179 131,858 89.0% 1,220 Bo sto n, MA 1 10,291 63,283 85.4% 406 Bo ulde r, CO 1 8,373 45,986 75.5% 303 Cha rle sto n, SC 1 8,620 70,165 37.2% (51) Cha tta no o g a , T N 1 6,550 57,260 92.7% 510 L o s Ang e le s, CA 1 18,600 79,375 89.5% 566 Mia mi, F L 1 11,274 69,801 92.1% 605 Sa n Ma rc o s, T X 1 8,353 59,066 80.5% 211 Cha rlo tte , NC 1 12,425 70,118 2.0% (11) 10,830 25 $ 270,248 1,787,803 79.3% * 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 46,541,927 dilute d sha re s.

13 G RO WT H DRIVERS T HI RD PART Y MANAGE ME NT Sinc e re b ra nding to L ife Sto ra g e , the Co mpa ny's 3rd nc o me +41% CAGR (sinc e 2011) Ma na g e me nt F e e I pa rty ma na g e me nt re ve nue s g re w b y 79% o n a ye a r o ve r ye a r b a sis. T he a dde d sto re s pro vide fo r $2.0 a dditio na l o pe ra ting sc a le , a nd e xpa nd the a c q uisitio ns pipe line . $1.5 $1.0 $0.5 $0.0 2010 2011 2012 2013 2014 2015 2016 2017