The Board of Directors of Life Storage, Inc. (NYSE:LSI), a self-storage real estate investment trust (REIT), announced today an increase in the Company's quarterly common stock dividend from $0.74 per share to $0.86 per share or $2.96 to $3.44 annualized. The increase is effective with the quarterly dividend to be paid on October 26, 2021 to shareholders of record on October 13, 2021. The dividend, based on yesterday's closing share price, equates to an annual yield of 3%.

"The Board is pleased to approve a 16% increase in our quarterly dividend based on our strong operating results, outlook and financial position," said Joe Saffire, the Company's Chief Executive Officer. "Our team and platforms are well positioned to continue generating strong cash flow to invest in our technology initiatives, operating platforms, properties and people while also returning capital to shareholders by maintaining our payout ratio."

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 1,000 storage facilities in 34 states. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to more than 575,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com/.

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Life Storage, Inc. Raises Quarterly Common Stock Dividend by 16%