FOURTH QUARTER 2017 INVESTOR PRESENTATION
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1 1 FOURTH QUARTER 2017 INVESTOR PRESENTATION
2 2 LIFE STORAGE AT A GLANCE Over 700 Stores in 28 States More than 375,000 Customers 91.6% Same Store Quarterly Occupancy 32 Years in Self-Storage Business $2.4 Billion Of Acquisitions In Past 2 Years (Includes JVs) Investment Grade Rated Moody s: Baa2 S&P: BBB 5.6x Debt to EBITDA $4.2 Billion Market Cap 122% Dividend Increase Over Past 5 Years 253% 10 Year Total Return
3 LIFE STORAGE 3 NEW BRAND, NEW OPPORTUNITY Portfolio Transformation Growth Drivers New Brand Platforms Financial Strength Attractive Valuation During the last 21 months, Life Storage's transformation has enhanced the company's market positioning, scaled the operating platform and strengthened the balance sheet. Life Storage is well positioned for growth and is attractively-valued heading into 2018.
4 4 LIFE STORAGE PORTFOLIO TRANSFORMATION Increased Scale & Entrance into Fast Growing Markets Improved Core Metrics
5 PORTFOLIO TRANSFORMATION 5 EXPANSION & ENTRANCE INTO FAST GROWING MARKETS Recent acquisitions expanded the Company's footprint into California, Nevada, and increased exposure in Illinois. Life Storage now has a significant presence in 20 of 25 of the fastest growing markets in the US.* Sacramento 0 to 11 Chicago 14 to 45 Boston 10 to 17 Las Vegas 0 to 22 Orlando 6 to 12 Los Angeles 0 to 12 Dallas/Ft. Worth 36 to 46 Austin 17 to 25 Houston 55 to 61 Before After Before After Before After M 49.6M 290K 393K Self Storage Facilities Net Rentable Sq. Ft. Customers *Forbes 2017 Fastest Growing U.S. Cities
6 PORTFOLIO TRANSFORMATION 6 IMPROVED CORE METRICS +14% +25% +30% +11% 6% +40% Increase in population within 5 miles Increase in Wholly Owned Stores Increase in Net Rentable Sq. Ft. Average Revenue Per Store Decrease in Property Age Increase in Climate Control Quick Facts: Upgraded age, size & quality of portfolio Strengthened demographic profile Improved scale and penetration in many core markets Entered three key new markets in scale Los Angeles Las Vegas Sacramento
7 7 LIFE STORAGE GROWTH DRIVERS 120+ Non Same-Store Properties Expansion Properties Lease-up Properties Management Fee Income Joint Venture Revenues
8 GROWTH DRIVERS 8 EMBEDDED GROWTH DRIVERS Improved Portfolio NOI and NAV Acquisitions Re-Development Third Party Management Joint Ventures Lease-Up Stores 120 properties from the Ongoing success with Rebranding has accelerated the 20+ year track record of 25 "C of O" and other LifeStorage acquisition and expanding and enhancing Company's push into 3rd Party sponsoring and operating lease-up properties will others will gain an stores in existing portfolio Management, allowing significant jointly owned partnerships provide out-sized NOI on-boarding benefit from the ramp-up growth as they move to Company s platforms Adds 10-20k sq. ft. of Provides additional presence stabilization premium space to Revenues from management fees and scale in existing markets; Three new, dense markets successful stores grew 79% in 2017 vs significant cost sharing Three of these will be (Los Angeles, Las Vegas, added to the same store Sacramento) are expected to Upgrades overall Provides additional presence and Property and management pool in 2018 outperform core portfolio presence of the scale in existing markets; fee income properties significant cost sharing Significant operating margin Enhances acquisition gains from platforms and Reduces effective age Enhances acquisition pipeline pipeline scale efficiencies
9 GROWTH DRIVERS NON SAME-STORE PROPERTIES The Company's operating platforms will lend outsized-growth to a significant block of stores acquired in Many of these stores enter the Company's same store reporting in 2018, and include markets in California and Nevada where the Company previously did not have a presence. Realized Rate per Sq. Ft. Average Revenue per Store Market Share of Company Revenue, Before and After Recent Acquisitions $14.48 $921,975 Los Angeles Las Vegas $13.31 $831, % 3.5% 0.0% 2.9% Sacramento Chicago 0.0% 2.3% 3.3% 7.9% Same Store Average 2016 Stable Acquisitions Before After
10 GROWTH DRIVERS 10 NON SAME-STORE: LEGACY LIFESTORAGE POISED FOR GROWTH Combined occupancy of the C of O, lease-up and stabilized stores grew 6.6% in stabilized locations will be included in the 2018 same store pool, including two new high growth markets Sacramento and Las Vegas Q Over Q Performance Stabilized Lease-Up Combined 100% 100% 100% Occupancy 80% 86.3% 5.0% 90.6% 80% 72.6% 19.4% 86.7% 80% 84.5% 6.6% 90.1% 60% Q4 '16 Q4 '17 60% Q4 '16 Q4 '17 60% Q4 '16 Q4 '17
11 GROWTH DRIVERS 11 EXPANSION PROPERTIES Investment Climate Control Sq Ft. Added Incremental NOI at Stabilization $45MM 500 K $5.0 MM $40MM 450 K $4.5 MM $4.0 MM $35MM 400 K $3.5 MM $30MM * 350 K * $3.0 MM 2017* 2018* *Projected Weighing demand indicators & revenue potential, the Company redevelops properties to add premium space types. Fifteen such projects were completed in 2017, and the Company anticipates approximately10-20 projects per year in 2018 & With an 8%+ yield, these low risk investments in existing properties also upgrade the appearance and customer experience at these stores.
12 GROWTH DRIVERS 12 LEASE-UP PROPERTIES The Company does not develop new properties, but occasionally purchases newly built properties or properties in the early stages of lease-up. 25 of these lease-up facilities have not yet made their full impact on NOI. In 2018 and over the next few years, these properties will have an outsized contribution to NOI. $20.7M Estimated Stabilized NOI Incremental NOI Impact per Share* Market Number of Stores Cost Net Rentable Sq. Ft. Occupancy 12/31/17 NOI Chicago, IL 11 $ 134, , % $ 5,610 Austin, TX 2 12, , % 711 Dallas, TX 2 21, , % 750 Phoenix, AZ 2 17, , % 1,220 Boston, MA 1 10,291 63, % 406 Boulder, CO 1 8,373 45, % 303 Charleston, SC 1 8,620 70, % (51) Chattanooga, TN 1 6,550 57, % 510 Los Angeles, CA 1 18,600 79, % 566 Miami, FL 1 11,274 69, % 605 San Marcos, TX 1 8,353 59, % 211 Charlotte, NC 1 12,425 70, % (11) 25 $ 270,248 1,787, % 10,830 * Based on the difference between estimated NOI and current NOI, and assuming 46,541,927 diluted shares.
13 GROWTH DRIVERS 13 THIRD PARTY MANAGEMENT Since rebranding to Life Storage, the Company's 3rd party management revenues grew by 79% on a year Management Fee Income +41% CAGR (since 2011) over year basis. The added stores provide for $2.0 additional operating scale, and expand the acquisitions pipeline. $1.5 $1.0 $0.5 $
14 GROWTH DRIVERS 14 JOINT VENTURE REVENUES Relationships with JV partners allow Life Storage to grow its national footprint, leverage existing resources, and generate additional fee income with limited capital commitment. Joint Venture FFO per Share contribution has grown from roughly $0.04 per share in 2010 to an estimated $0.16 per share in Pro-Rata Share of Joint Venture FFO Joint Venture Fee Income $8 MM $7 MM $7 MM $6 MM $6 MM $5 MM $5 MM $4 MM $4 MM $3 MM $3 MM $2 MM $2 MM $1 MM $1 MM $0 MM $0 MM
15 15 LIFE STORAGE A NEW BRAND Timeline A Name that Fits Positive Indicators Improvement in Search Rankings
16 LIFE STORAGE BRAND 16 TIMELINE years as Uncle Bob's Self Storage Aug Sovran is now Life Storage on NYSE Mar Transition to Life Storage complete Jul Sovran acquires LifeStorage Sep Uncle Bob's begins brand transformation After 25 years of building the Uncle Bob s brand into a leader in the industry, the Company is now leveraging their experience to build the Life Storage brand.
17 LIFE STORAGE BRAND 17 A NAME FOR ANY CUSTOMER, ANY LIFE EVENT
18 LIFE STORAGE BRAND 18 POSITIVE INDICATORS FOR A NEW BRAND Increase in click-through rates 22% 28% A click-through rate is a measure of impressions to clicks in search engine results. When we've been shown in search results, Uncle Bob's and Life Storage results don't look much different - the main difference is the brand name and website. However, as Life Storage, the Company's click-through rates have increased from 22% to 28%. Facebook "Likes" (Followership) 27k 143k Leveraging social media for brand exposure and search engine optimization is part of the Company's online marketing strategy. With the Life Storage brand, gaining followership has been easier - in one year as Life Storage on Facebook, followership has increased 430%.
19 LIFE STORAGE BRAND 19 IMPROVEMENT IN SEARCH RANKINGS Top 20 Markets - Average Google Ranking /1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 10/14 10/19 10/28 11/5 12/1 1/1 2/1 Charts measure average position in a Google search results for the seven highest-volume search terms in the industry. Values represent placement in results. where the top result is 1. As any company undergoing a brand change, Life Storage faced lower Google Search Rankings for several months post-transition. In late October, a dramatic improvement in search rankings began, and continues to improve market to market. The Company's average ranking positions in Google Search Results for the seven highest volume keywords in the industry improved to the coveted first page, currently with an average rating of six.
20 20 LIFE STORAGE OPERATING PLATFORMS Revenue Management Marketing Customer Care Center Store Operations
21 REVENUE MANAGEMENT 21 MAXIMIZE LONG TERM REVENUE Life Storage maximizes long term revenue by developing, analyzing and refining quantitative processes designed for the characteristics unique to self storage. The Company's Revenue Management System uses data to balance street rates, promotions and in-place rate increases while maximizing revenue. Data Rates Specials In-Place Increases Data collected from the Pricing model with analyst Incentives adjust Targets customers with a Company s stores, oversight strategically dynamically in real time low probability of moving Customer Care Center, adjusts rates with current and are designed to out or with high and website, along with and forecasted market attract long-term replacement value. external data, drive the trends. customers. Company's systems and decision making.
22 REVENUE MANAGEMENT 22 REVENUE MANAGEMENT SYSTEM The Goal The Right Data The Model The Result Match todays sophisticated & Big data is transformed, Analyst parameters, pricing Optimized pricing and informed customer to their organized and distilled to use as algorithms and machine promotions attract the right ideal space at the ideal price inputs for pricing models. learning models combine to customers to maximize within the Life Storage output pricing and promotions. long-term revenue. portfolio.
23 REVENUE MANAGMENT 23 MONITORING AND ADJUSTING Experienced pricing analysts use sophisticated analytical tools to monitor current strategies and spot changing trends quickly. Focus on accurate forecasting models and alerts so that when market conditions deviate from expectations, adjustments are made quickly. New Development Tracking application allows analysts to stay ahead of new supply and build/maintain occupancy when a new competitor opens.
24 MARKETING 24 STRATEGY AND RESULTS Brand Marketing + Upper Funnel Marketing + Search Marketing = Conversions The Company invests in 82% of customers research Search Engines are the primary Leveraging each of these advertising and sponsorships in before making purchases. source of most conversions, channels, the Company the communities that Life Storage engages and the Company invests engages customers early, immediately surround its potential customers early in strategically in search engine and influences future facilities. These placements the process. By leveraging optimization techniques to choices. The strategy create positive, memorable articles, videos, and ads that secure top placement in brings in a larger pool of brand impressions that create address pre-storage intent, search results. potential customers than familiarity and influence Life Storage targets potential The Company also leverages search engine marketing potential customers choices customers with search, social data from search engine can provide alone. when searching for storage. media, and remarketing advertising to optimize campaigns to introduce campaigns with greater storage solutions early. precision and efficiency.
25 MARKETING 25 OPTIMIZATION FOR CONVERSION WHERE IT S NEEDED Life Storage marketing campaigns target individuals most likely to rent at facilities with the most availability, and then "learn" how to do it more often and more efficiently. Data Analysis Data from the Company's Revenue Management systems and Point of Sale systems is analyzed for occupancy, rate and incentive signals. Facilities are targeted based on availability and favorable incentives and rates, signaling the need to drive more inquiries to these locations. Campaign Optimization Campaign data is analyzed for conversion success and cost efficiency. Campaigns are optimized to target individuals that show similar search behavior. Campaign Targeting Search advertising campaigns are adjusted, targeting the facilities that need more inquiries with higher spending. Campaigns are expanded to capture more searching customers in the immediate 2-5 mile radius around facilities targeted.
26 CUSTOMER CARE CENTER 26 TRAINING FOR SALES The Company 's Customer Care Center provides scalable assistance to prospective customers looking for a Consultative sales approach. The Center also provides 24/7/364 assistance for existing Life Storage customers. 100% U.S. based and staffed with Life Storage employees Customers wait (on average) less than eight seconds to speak to a live representative Proprietary Point of Sale software -internally designed, developed and sustained Carefully monitored, high quality standards and expectations for all customer interactions Exacting performance with a 98%+ Service Level
27 STORE OPERATIONS 27 PLATFORMS Life Storage's front line store teams and managerial personnel are dedicated to ensuring an unparalleled customer experience. Recurring secret shopper visits ensure store teams are maintaining the highest levels of customer satisfaction Comprehensive and vigorous coaching and training provided on an ongoing basis to all Store Teams Key Performance Metrics drive exceptional employee performance Customer Satisfaction surveying, analysis and procedure for follow-up on customer service issues 9 out of 10 customers would recommend Life Storage to a friend (or do business with us again)
28 28 LIFE STORAGE FINANCIAL STRENGTH Growing Value Well Positioned Balance Sheet Conservative Financial Ratios Strong Capital Structure
29 FINANCIAL STRENGTH 29 GROWING VALUE Life Storage is well positioned to continue cash flow and dividend growth, supported by multiple revenue drivers, a favorable payout ratio, and a solid balance sheet. Robust FFO* Per Share Growth Strong Dividend Growth $6.00 $4.50 $4.00 $5.00 $3.50 $3.00 $4.00 $2.50 $3.00 $2.00 $1.50 $ ** $ *** *** Payout Ratio 73.5% 65.5% 54.9% 52.7% 62.2% 64.8% 71.3% 74.4% 74.3% *As adjusted **Midpoint of guidance ***Projected
30 FINANCIAL STRENGTH 30 WELL POSITIONED BALANCE SHEET Solid, unsecured balance sheet with no debt maturities until 2019, a 7.8 year weighted average debt tenor, and a virtually 100% unencumbered asset base. Debt Maturity Schedule $600 MM $500 MM Bank Term Notes $400 MM Line $300 MM Institutions $200 MM Mortgage $100 MM Public Bond $0 MM
31 FINANCIAL STRENGTH 31 CONSERVATIVE FINANCIAL RATIOS Life Storage s conservative Financial Ratios provide flexibility and a favorable outlook. 6 X Debt Service Coverage 5 X 4 X 3 X 5.6x Debt/EBITDA 4.7x Debt Service Coverage 39% Debt to Gross Assets 2 X Debt to Gross Assets Senior Unsecured Note Covenants Required Actual Senior Unsecured Note Covenants Required Actual 40% Total Consolidated Debt to Total Assets 60% 38.9% Total Secured Debt to Total Assets 40% 0.3% 30% Total Unencumbered Assets to Total Unsecured Debt 150% 249.0% Consolidated Income Available for Debt Service to Total 1:5 : 1 4:7 : 1 20% *Covenants further defined in the Company s Base indenture as of June 20, 2016
32 FINANCIAL STRENGTH 32 STRONG CAPITAL STRUCTURE The Company has access to a broad array of capital resources, both public and private, creating an attractive leverage profile that supports its growth strategy. There is significant free cash flow after Capex and dividend requirements are met. Mortgage Debt <1% Liquidity Cash on Hand $9.2 Million Credit Available $395 Million Common Stock 70% Revolver 2% OP Units <1% Debt to Enterprise Value 29.5% Revolver 6% Unsecured Notes 28%
33 33 LIFE STORAGE ATTRACTIVE VALUATION Outperforming Current Valuation
34 ATTRACTIVE VALUATION 34 OUTPERFORMING CURRENT VALUATION Comparatively, important metrics are imbalanced despite the Company's position and performance. The Company is well-positioned financially and has a positive outlook post-acquisition, but is trading at a value price & 2018 FFO Multiple 2017 & 2018 EBITDA Multiple 24 X 24 X 20 X 20 X 16 X 16 X 12 X 12 X 8 X 8 X 4 X 4 X 0 X CUBE EXR NSA PSA RMZ LSI 0 X CUBE EXR NSA PSA RMZ LSI 2017 FFO Multiple 2018 FFO Multiple 2017 EBITDA Multiple 2017 EBITDA 17 FFO Multiple 2018 EBITDA Multiple 2017 EBITDA Multiple 2018 EBITDA Multiple 2018 EBITDA Multiple 5% 4% 3% 2% 1% 0% Dividend Yield CUBE EXR NSA PSA RMZ LSI 7% 6% 5% 4% 3% 2% 1% 0% Implied Cap Rate N/A CUBE EXR NSA PSA RMZ LSI Sources: FactSet, SNL, Bloomberg and Public Filings Priced as of 2/23/18
35 2 LIFE STORAGE AT A GLANCE Over 700 Stores in 28 States More than 375,000 Customers 91.6% Same Store Quarterly Occupancy 32 Years in Self-Storage Business $2.4 Billion Of Acquisitions In Past 2 Years (Includes JVs) Investment Grade Rated Moody s: Baa2 S&P: BBB 5.6x Debt to EBITDA $4.2 Billion Market Cap 122% Dividend Increase Over Past 5 Years 253% 10 Year Total Return
36 SAFE HARBOR STATEMENT 36 FORWARD LOOKING STATEMENTS This presentation may contain forward looking statements as defined in Section 27A of the Securities Act of 1933, and in Section 21E of the Securities Exchange Act of Forward looking statements address matters that are subject to a number of risks and uncertainties. Such factors include, but are not limited to, the effect of competition from new self storage facilities; the Company's ability to evaluate, finance and integrate acquired businesses into the Company's existing operations; the Company s ability to enter new markets where it has little or no operational experience; and other such factors as set forth in the Company's 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission. The Company is under no obligation to update any such forward looking statements.
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1 FIRST QUARTER 2018 INVESTOR PRESENTATION 2 LIFE STORAGE AT A GLANCE Over 700 stores in 28 states More than 390,000 customers 91.1% same store quarterly occupancy 30+ years in self-storage business 145
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