Terreno Realty Corp was incorporated in November 2009 in Maryland. The Company acquires, owns and operates industrial real estate in six major coastal U.S. markets Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore. It invests in several types of industrial real estate, including warehouse/distribution, flex (including light industrial and research and development, or R&D) and trans-shipment. As of December 31, 2013, it owned 96 buildings aggregating approximately 6.8 million square feet. As of December 31, 2013, its properties were approximately 92.8% leased to 214 tenants, the largest of which accounted for approximately 7.2% of its total annualized base rent. The Company competes for real property investments with pension funds and their advisors, bank and insurance company investment accounts, other public and private real estate investment companies, real estate limited partnerships, owner-users, individuals and other entities engaged in real estate investment activities. The industrial properties that the Company owns are subject to various federal, state and local environmental laws.