First Year Energy Savings Expected to be in Excess of 55%
HOUSTON–Lapolla Industries, Inc. (“Lapolla”) (LPAD), a Houston-based global supplier and manufacturer of spray polyurethane foam insulation, reflective roof coatings, and equipment designed to reduce energy consumption in the residential, industrial and commercial markets, today announced that its AirTight® Division (“AirTight”) has entered into its first Multi-Family Energy Savings Program agreement with the multi-billion dollar REIT, Home Properties, Inc. (HME), to implement its proprietary energy savings program at the Jacob Ford Village Apartments located in Morristown, New Jersey.
Home Properties is a multi-billion dollar Real Estate Investment Trust based in Rochester, New York that owns and manages more than 41,000 residential apartment units, primarily in the Mid-Atlantic and North Eastern United States.
The first agreement is with Jacob Ford Village, a two-story, garden apartment complex that consists of 270 residential units. Under the terms of the agreement, AirTight will implement and install its all-inclusive energy savings package throughout the entire multi-family unit complex at a cost exceeding $1 million. A recent assessment conducted by AirTight and Karpman Consulting LLC, an independent energy company, reported that the program will yield annual energy savings in excess of 55 percent for Home Properties.
“Our Multi-Family Energy Savings Program harnesses cutting edge technology with its proprietary design and equipment. AirTight’s four-component energy savings program, including installation of Lapolla’s spray polyurethane foam, provides a property owner with a substantial energy reduction. This will increase property value and resident comfort, and will likely lead to reduced vacancy rates. AirTight has documented significant savings for landlords and property managers on their energy bills. We believe that this is the only end-to-end solution in the marketplace that can provide annual energy savings of more than 50 percent in any region or climate for multi-family properties,” stated Peter Pierangeli, Vice President of the AirTight Division. “For now, our concentration remains on the United States, and we plan to introduce this to our global customers and partners.”
Lapolla’s AirTight Division primarily focuses on marketing, promoting, and selling energy saving products and energy reduction services. The AirTight Multi-Family Energy Savings Program is a turn-key project service. This service provides energy assessments and analysis with the assistance of independent consultants, project design, regulatory assistance to facilitate potential rebates from state and utility authorities, and project management services. This energy conservation program, conceived and put into place by Lapolla’s Chairman, Richard J. Kurtz, was designed to save landlords substantial energy costs while dramatically reducing the properties’ carbon footprint and increasing the tenants’ comfort. This will increase the overall value and ROI of the property.
Commenting on the new initiative, Brent Kohere, Regional Vice President for Home Properties, stated, “This is a winning situation for all parties involved. The residents will have greater comfort in their homes and should see a reduction in their energy costs. The property as a whole will be more energy efficient, reducing overall energy consumption and lowering energy costs. It is a win for Home Properties to partner with experts in the field like the AirTight team, and the rebate/incentive plan will enhance an already solid return on investment for the capital improvement. Lastly, we see this as a win for AirTight because partnering with a company with a reach as great as ours will enable them to deliver excellent energy conservation results and promote their unique program which we anticipate will generate notable energy savings.”
“Home Properties is a great player in the multi-family space, and we are confident that our comprehensive solution will enhance the energy-efficiency of the Jacob Ford Village and contribute to great savings,” stated Doug Kramer, CEO of Lapolla Industries. “This is only the tip of the iceberg when it comes to market opportunity for our AirTight Multi-Family Energy Savings Program; we believe that the U.S. market alone for this type of program is close to $19.2 billion dollars. Lapolla is addressing a significant unmet need in the global property management and construction market, and we are looking forward to capitalizing on this opportunity and expanding our program throughout the United States, and ultimately internationally as well.”
Home builders and renovators around the world recognize Lapolla’s brand as having the leading offering when it comes to energy-saving spray foam solutions to offer customers, both commercial and residential.
About Lapolla Industries, Inc.
Lapolla Industries, Inc. is a global supplier, and manufacturer of spray polyurethane foam insulation, reflective roof coatings, and equipment, designed to reduce energy consumption in the residential, industrial and commercial markets, for both new construction and retrofit applications. More information is available at www.lapolla.com.
About Home Properties, Inc.
Home Properties, Inc. is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in suburbs of major metropolitan areas in selected Northeast and Mid-Atlantic markets. An S&P 400 Company, Home Properties owns and operates 119 communities containing 41,568 apartment units. For more information, visit Home Properties’ website at www.homeproperties.com.
Statements made in this press release that are not historical facts constitute “forward-looking statements” pursuant to Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and Private Securities Litigation Reform Act of 1995. Any such forward-looking statements should be considered in context with various disclosures made by Company about its business. All information herein is as of date hereof. Company undertakes no duty to update any forward-looking statement.
Lapolla Industries, Inc.
Douglas J. Kramer / Mike Kontranowski