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5:46 AM
Registration & Breakfast
5:46 AM
Welcome from IMN
5:46 AM
Chair's Opening Remarks

Bruce Stachenfeld

Managing Partner
Duval & Stachenfeld
5:46 AM
State of the CRE Finance Market
In this panel we welcome mezzanine, preferred equity, other sub-debt and senior lenders to discuss the current state of play in the CRE finance markets, what this means for deal-making and what we can expect in 2014.
* Where are market fundamentals and what has this meant for CRE finance today vs. this time last year? * Who are the most active lenders? What new/returning market entrants are we seeing? Competition from overseas investors? * What kinds of deals are we seeing and how are they being capitalized? Is there a willingness amongst lenders to take on more risk? What yield trends are you seeing? * How are deal structures for mezzanine debt evolving? Is there greater market acceptance of new structures? What is the cost of capital for borrowers today? * Whats happening in the securitization markets? Who is the new investor base for B notes? * Have the CRE finance markets finally turned a corner? What is the outlook for 2014 better, worse or much the same? *

Jeffrey Lenobel

Partner and Chair of the Real Estate Group
Schulte Roth & Zabel LLP

Drew Fung

Managing Director
Clarion Partners

Harris Trifon

Global Head of CRE Debt and Head of US ABS Research
Deutsche Bank

Douglas Lyons

Managing Principal
Pearlmark Real Estate

Warren de Haan

Chief Originations Officer and Managing Director
Starwood Property Trust

Bruce Batkin

President & CEO
Terra Capital Partners, LLC
5:46 AM
Mezzanine Originator Panel: Chasing Yield in an Increasingly Competitive Landscape
* With a more competitive market, how are you differentiating yourself? What are the pitfalls for new lenders? * How has your strategy changed over the past 12 months? How is the prospect of rising interest rates and compressing spreads impacting your underwriting? Have you relaxed your credit requirements? Are you taking on more risk? Are you originating throughout the entire capital stack? Embedding mezzanine within the senior debt? What yields are you chasing? * How much origination have you done this year? What are the main challenges to originating in the current market? * What assets/markets are you active in? What kinds of deals are you staying away from? Where are pricing levels? * Deal structures are becoming more aggressive what is common now? What can we expect in 2014? * With fewer distressed assets in the market, where do you see the greatest opportunities for mezzanine lenders going forward? Mega mezz deals? * How has your relationship with others in the capital stack evolved? What resistance are you experiencing from senior debt providers? How are you addressing this? * Any words of advice for prospective borrowers looking for mezzanine financing? What can kill a deal in your direct experience? *

Thomas O'Connor

Partner
Duval & Stachenfeld LLP

Stuart A.  Rothstein

Partner
Apollo Global Management

Sujan Patel

Founder and Managing Principal
Nantam Capital

Brian Sedrish

Managing Director
Related Companies

Stuart Silberberg

Authorized Correspondent
Starwood Property Trust

Chad Christensen

Senior Vice President- Structured Investments
Washington Holdings
10:00 AM
Morning Refreshment & Networking Break

5:46 AM
Keynote NYC CRE Owner & Investor Power Panel
* What is your perspective on NYC real estate now compared to a year ago? How do you foresee the NYC landscape and commercial real estate (CRE) market changing within the next 2, 5 and even 10 years? If applicable, what are you doing to realize/position yourself for this? * What can we learn from past NYC market cycles? * What is the financing environment now like for NYC CRE? Debt or equity: Where are you seeing the best financing deals? What can we expect in 2014? * Deal-making: Finally getting easier since the crash? Are there any deals that you wish you had been involved in? Any that you are glad you passed up? * What will be your key focus for 2014? *

Michael Lehrman

Cantor Fitzgerald
Cantor Fitzgerald

Jeff Blau

CEO
Related Companies

Michael Maturo

President
RXR Realty

Kent Swig

President
Swig Equities

Norman Sturner

Principal
Murray Hill Properties
5:46 AM
Deal-Making in an Evolving CRE Finance Market: The Senior Debt Lender Viewpoint
In this session we welcome Mortgage REITs, insurance companies, banks, private equity firms and other senior debt lenders to give their views on the CRE finance market - the opportunities and the chase for yield, how they are evolving to remain competitive and how they are working with borrowers and sub-debt providers to close deals..
* As the CRE finance market becomes more crowded how are you remaining competitive? Are deal terms becoming less restrictive? What are your credit parameters/underwriting criteria? How are you addressing a potential increase in interest rates? Are you modifying deal structures? What are your pricing levels? Return expectations? What has been your loan volume year-to-date and how does this compare to 2012? * What kinds of assets are you lending on and in what markets? What is your appetite for risk today? Are you considering secondary and tertiary markets? Are you moving beyond your core loan-type and into other product lines? * Is there any more willingness to have mezzanine in the deal? Are you selective about which mezzanine lenders you will allow in a deal? What is the relationship between the various stakeholders in the capital stack like today? * Are you optimistic about 2014? What factors will have the biggest impact on your business next year and how? *

Timothy Davis

Partner
White and Williams LLP

Tim Johnson

Managing Director
The Blackstone Group

Sujan Patel

Founder and Managing Principal
Nantam Capital

Jack Gay

Managing Director
TIAA-CREF

David Bloom

Head of Real Estate
Resource Capital Corp.

Josh Zegen

Managing Partner & Co-Founder
Madison Realty Capital
5:46 AM
Featured Panel: NYC Real World Deals – Taking Advantage of Real Estate Opportunities in the World’s Capital
Our featured panelists representing companies leading the way in NYC real estate will address their perspectives on where the opportunities across asset classes are and how to get deals done in todays NYC.
* What has been your best deal of the year? How was it structured and financed? * Is the NYC market ready for new development or are we largely in a holding pattern with assets still? * NYC tech boom: Does the hype equal the opportunity for CRE investors? * What have been the notable office leasing trends for 2013? * Multi-family deals: Will the momentum continue into 2014? * Retail: Leasing activity on the up? *Water front developments * Lower Manhattan: Are we ready for another Sandy? * Beyond Manhattan: Untapped opportunities in other boroughs * Beyond NYC: Are you looking at opportunities outside of the Big Apple? Where and what? * What is keeping you up at night? * Outlook for 2014 *

Leo Leyva

Co-Chair of Litigation Dept. & Real Estate Special Op. Group
Cole Schotz, PC

Richard Kessler

Chief Operating Officer
Benenson Capital Company

Christopher Schlank

Managing Partner & Co-Founder
Savanna

Kevin Davis

Chief Investment Officer
Taconic Investment Partners, LLC

Isaac Zion

Co-Chief Investment Officer
SL Green Realty Corp

Walter Schmidt

Senior Managing Partner
Rockwood Capital, LLC
1:00 PM
Q&A Session

Michael Lehrman

Cantor Fitzgerald
Cantor Fitzgerald

Anthony Orso

CEO
CANTOR COMMERCIAL REAL ESTATE (CCRE)
5:46 AM
Lunch courtesy of:

5:46 AM Track A
Track A: Financing on Value-Add vs. Stabilized Deals: Lender Perspectives
* Where is the market for mezzanine and subordinated debt on value-add vs. stabilized deals? * What are the broad financing terms for value-add deals vs. stabilized ones in todays marketplace compared to a year ago? * How important is the distinction between value-add vs. stabilized, as compared to the location of the underlying asset, asset class, asset type, sponsorship, etc.? * How has the market moved in the past 12 months? What is the outlook over the next 12 months? *

John Garth

Managing Director Originations
Pembrook Capital Management

James Henderson

Managing Director-Alternative Investments Group
Cornerstone Real Estate Advisers LLC

Jordan Bock

Managing Director and Head of Private Debt Investments
DivCore Real Estate Asset Management

Michael Girimonti

Managing Director
Pearlmark Real Estate Partners

Daniel Jacobson

Direct Investments
AEW Capital Management
5:46 AM Track B
Track B: Dealing with the Present & Protecting Future Interests: Mezzanine Lender & Borrower Workouts, Inter-Creditor Agreements and Loan Documentation
* What are the main obstacles to successful workouts today between borrowers and senior lenders? Borrowers and mezz lenders? What types of loans /situations are particularly challenging to work out? How are these being addressed by borrowers and lenders? What structural/documentation issues are affecting workouts and refinancings?* Current notable workout trends. Will some assets slide back into special servicing with a possible rise in interest rates? What will be most at risk? * What can borrowers/lenders learn from post-crash workouts to better protect their interests in future deals? * What is the latest on inter-creditor agreements? How are they standing up? What are todays most important contractual issues? Critical provisions protecting mezzanine lenders in the event of bankruptcy or foreclosure and sale of collateral? To minimize payment blockages and standstill periods? * What remedies are currently open to mezzanine lenders? * Highlighting pitfalls and common problems to avoid * What lessons can be learned from recent cases? * What further evolution can we expect in inter-creditor agreements and loan documentation? *

Tim Little

Partner, National Chair
Katten Muchin Rosenman

David Cher

Of Counsel
DLA Piper LLP (US)

Gary Zimmerman

SVP & Manager
UCCPlus - Fidelity National Title Group

Lenard Parkins

Partner
Haynes and Boone, LLP

Cory Williams

Partner
SDI Realty Group

Steven Ostrow

Partner
White and Williams LLP
3:00 PM Track A
Track A: Bridge Lending: What Opportunities Does this Market Hold for Investors in 2014?
* How active is the bridge lending marketing? Recaps vs. new origination * How has the market changed over the past year? Who are the main market players now? What role do regional and local banks play today? * Examining recent market trends * What are the best opportunities for originating? What asset classes? Have you loosened your underwriting criteria? * How are you sourcing deals? * Terms/deal structures commonly seen today * What is the outlook for the next 12 months? *

Dominic De Simone

Partner
Ballard Spahr LLP

Todd Sammann

Principal
Colony Capital, LLC

Brett Forman

President
Forman Capital, LLC

Michael Butz

Partner, Investments
Torchlight Investors

Spencer Garfield

Managing Director
Fortress Investment Group

Richard Bendit

Assistant General Counsel
Berkadia
3:00 PM Track B
Track B: A Whole New (CRE Finance) World? What is the Cost of Capital Today for New Acquisitions and Refinancings?
* What/where are todays best CRE buys? Whats your sweet spot? * Are more senior and sub-debt lenders vying for your business? If so, has this affected the property deals that you are going after? Your asset financing strategies? * Debt vs. equity for todays new acquisitions * When does mezzanine not make sense? * How are lenders sourcing and working with you? What deal structures are you seeing? Terms/conditions? How do these compare to a year ago? How far off are they from pre-crisis levels? * Equity JVs: How are these being structured? * What are the main refinancing challenges for borrowers and lenders? What are the options available to property owners with maturing loans where current lenders will not refinance? * Traditional vs. non-traditional sources of debt: Is there any significant advantage to working with the different types of lender in your experience? What do you look for in a lender? Experience vs. better rates/terms/conditions * What structures/terms/conditions are you walking away from? * Where do you see the real estate debt markets going over the next year? How do you foresee this impacting your acquisition/financing strategies? *

Jordan Metzger

Member
Cole Schotz, PC

Marc Davidson

Managing Director and Portfolio Manager
AEW Capital Management, L.P.

Charles Agus

Senior Vice President
Benedict Realty Group

Todd Eisner

Real Estate Partner
Duval & Stachenfeld

Robyn Sorid

Co-Founder & Managing Principal
G4 Capital Partners

Jonathan Schultz

Managing Principal
Onyx Equities, LLC
5:46 AM
Afternoon Refreshment & Networking Break

4:00 PM Track A
Track A: Preferred Equity: How Does This Compare to Mezz for Borrower Interests? For Investors?
* From the borrower perspective how does preferred equity compare to mezzanine financing in a deal? How about for lenders? Are there particular deals or situations where preferred equity makes more sense than mezzanine financing for lenders or borrowers? * What are the control rights of preferred equity vs. other positions in the capital stack? What remedies are available to preferred equity investors? * What deals/terms are preferred equity investors currently favoring? * How has the CMBS market impacted preferred equity? * Where is this market headed in 2014? *

Kevin O Shea

Partner
Allen & Overy, LLP

Travis Feehan

Principal
Normandy Real Estate Partners

William Trefethen

Managing Partner
Parse Capital, LLC

Noah Davis

Managing Director
IRSA International LLC
4:00 PM Track B
Track B: Portfolio Lenders Vs. Non-Traditional Lenders Vs. CMBS & Conduit Loan Financing - Convergence Among Lenders? The Borrowers’ Perspective
As competition for good deals and credit worthy borrowers continues to heat up, are lenders originating loans that are outside of their core product lines? Are commercial banks originating loans customarily associated with alternative lenders? Are B note buyers looking to get into CMBS origination? What are insurance companies doing to remain competitive? Are there new players coming to market looking to originate loan products across the spectrum? Are lenders more willing to follow their clients across state borders and do deals in new markets? Is the convergence among lenders here to stay?

Bob Sonnenblick

Chairman
Sonnenblick Development, LLC

Robert Deckey

CIO
George Comfort & Sons

Adam Altman

Managing Member
KABR Real Estate Investment Partners

Jay Rollins

President
JCR Capital
5:46 AM Track A
Track A: Financing for Land & Construction: Is the Pace Picking Up?
* What is the current state of play for land/construction financing? How big is the gap in the capital stack for these types of deal today? What types of lender are looking to fill this? * What opportunities are there for lenders willing to take on the risk? What returns can be expected? What are typical deal terms/conditions in the current climate? How do the mechanics of structured capital in development deals differ from existing property deals? * How great are the opportunities in defaulted land/construction loans today? * What are the workout considerations for land and construction loan deals? What role, if any, is the borrower playing? * What is the outlook for land/new construction financing next year? Will it favor the lender or borrower? What are the asset classes/geos to watch? *

Matthew Gillio

CEO & President
Gillio Development, Inc.

Adam Fruitbine

Managing Director
Alliance Residential Company

George Vallone

President
The Hoboken Brownstone Company

Tom Shapiro

President & CIO
GTIS Partners

David Dishy

President - Development
L&M Development Partners

Rodney Montag

CEO & Managing Partner
RAM Real Estate Capital
5:46 AM Track B
Track B: Secondary vs. Tertiary Markets: Borrowers’ and Lenders’ Perspectives
While gateway markets will command a steady amount of investor and lender interest, there has been an increased focus on second tier cities in the last couple of years and, even more recently, on tertiary markets.  What is the definition of a second tier city versus a tertiary one?  Is there a rotation into tertiary markets?  Is there enough risk premium or liquidity in the marketplace to justify investing or lending in tertiary markets?  How is the mezzanine financing of secondary and tertiary markets done differently to gateway cities? Are foreign investors and lenders, who have traditionally preferred gateway markets, players in the smaller markets?  Do macro trends affecting a particular market really matter or is real estate still a local sport?  What is the outlook over the next 12-24 months?  

David Teitelbaum

Owner
Teitelbaum Developers

Jeffrey Remillard

Director of Acquisitions
Abacus Capital Group

Terri Gumula

Vice President
Citi Community Capital

John Gibson

Principal
Hull Storey Gibson Companies

Mukang Cho

CEO & Managing Principal
Morning Calm Management

Gary Simonetti

Senior Director - Real Estate Finance
TIAA-CREF
5:46 AM
Networking Reception

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Event Contacts for Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt

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We will process your data for the following lawful purposes: with your consent; to fulfil our obligations to you; and where there is a legitimate interest to do so.

When possible, we rely on your consent to use your data for the purposes described in this Privacy Notice. We also process personal data to fulfil our contractual obligations to you, for example, when you register for any of our services, subscribe to a publication, sign-up for an event or purchase a product from us, we will need to process some of your personal data. This will also include details of the person/people responsible for payment (if different).

We may determine that processing your personal data serves both of our legitimate interests. This is the case in relation to many of our research, customer survey, sales, marketing and advertising activities described in this Privacy Notice. These activities allow us to better understand your requirements, which in turn enables us to provide you with a better service. We review the bases for our processing decisions carefully and you can object to these activities at any time (see the “Your Rights” section of this Privacy Notice).

What Personal Data We Collect & Why

Our primary goal in collecting personal data from you is to give you a relevant customised experience of our products and services.

  • Registration, Free Trials & Subscriptions

    When you register with our website and/or sign up for a free trial of our products or services, we may ask you to provide your name, address, email address and telephone number, and details relevant to your occupation or employer.

    If you subscribe to one of our products or services, we will also ask for payment details. Credit/debit card payments are processed using a third party supplier and we do not retain the credit card data (see the Third Party Sites of this Privacy Notice). Address details may be shared with third party service providers engaged by us for order fulfilment, delivery and payment collection. This personal data is used by us to complete subscription requests.

  • Events & Conferences

    If you have registered for an event through a group website we may collect personal data including: name, job title, company, address, telephone number and email.

    This information is necessary so that we can complete your registration for the event and provide you with relevant event materials.

    We may also provide delegate details (e.g. name, email) to event sponsors who, subject to your consent, may contact you for their own advertising and marketing purposes.

  • Advertising & Marketing

    We use the personal data you provide us and which we collect from you to inform you about similar products and services which we provide. We may send you marketing communications that are sponsored by our partners and which are targeted to your interests based on information you have provided us such as job title, employer and/or industry. If you have consented to receive information from other Euromoney group companies, we may share your personal data with these companies so that they can fulfil your request to receive marketing materials in accordance with your preferences. We will not share your personal data with any third parties for their own marketing purposes unless you have provided your consent.

    Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.

    You can opt out from receiving such materials at any time.

    The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).

    Marketing materials are sent electronically, by post and we may occasionally call you.

  • Online Targeted Advertising

    We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.

    We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.

  • Lead Generation and Scoring

    We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.

    We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.

  • Surveys, Market Research & Customer Feedback

    We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.

  • Public forums, message boards and blogs

    Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.

  • Business or Asset Sale

    If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.

    If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.

  • Additional Third Party Disclosures

    We may disclose your personal data to other third parties in the following situations:

    • To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
    • Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
    • If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
  • Email Tracking

    We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).

International Transfers

Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.

We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.

Retention Periods

We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:

  • Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
  • The business rationale for collection and expiry of the purpose for which personal data was collected;
  • Our ongoing ability to ensure the accuracy of the data; and
  • Legal and regulatory requirements.

We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.

How You Can Set Your Data & Privacy Preferences

You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.

Your Rights

You have certain rights in relation to your personal data which include the following:

  • Access & Portability

    You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.

    You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.

    If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.

  • Rectification, Restriction, Objection

    You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.

  • How to Exercise Your Rights

    To exercise any of these rights, please contact us by post or email at the following addresses:

    Euromoney Institutional Investor PLC
    8 Bouverie Street
    London, EC4Y 8AX
    United Kingdom

    Email: dataprotectionofficer@euromoneyplc.com

    Web form: Complete Subject Data Request Form

    We may need to check your identity prior to processing a request.

    Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.

Protecting Your Data

Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.

All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.

Third Party Sites

Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.

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