The company is structured as an internally managed real estate interest trust (REIT). As a REIT, the company must distribute at least 90% of its taxable income. International Market Centers is the largest owner and operator of permanent business-to-business showroom space in North America for the home furniture industry. It is also one of the largest owners and operators of permanent business-to-business showroom space for the home décor and gift industries, owning approximately 11.9 million gross square feet.
International Market Centers has properties in High Point, N.C., and Las Vegas. The High Point Markets have long been the seminal sales events in the U.S. home furniture industry. The High Point Property consists of 13 buildings that encompass approximately 6.5 million gross square feet (5.2 million rentable square feet), making us the largest landlord of showroom space in High Point, with 57% of the total available gross square footage for showrooms.
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The company’s Las Vegas Property hosts two Markets annually, one in January and the other in July/August. The Las Vegas Property, which is located a few miles from the Las Vegas Strip and adjacent to downtown Las Vegas, has a world-class campus that consists of three main buildings and three exhibition pavilions that have approximately 5.4 million gross square feet. The three buildings include tenants in the home furniture, home décor and gift industries.
Furniture Today estimates that the U.S. home furniture industry generated approximately $95 billion in revenue in 2013 (including mattresses), and Home Accents Today estimates that the U.S. home décor industry generated approximately $57 billion in revenue in 2012. The proceeds from this offering initially will be used to pay down loans and credit facilities.
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