 Hi there. I'm Patrice Darrington, the director of the MSRED Graduate Programme and I'm looking to give you a little preliminary insight into some of the great curriculum that you'll have with our program. So you've got lots of other details about all the events and the activities and the full-time nature and immersion in our program. About the learning, it is designed to really take in the comprehensive activities that the real estate industry has under its umbrella. So that is going to include everything from development, planning, making development proposals, and those can be anything from what we call horizontal development, that is just buying large pieces of land and breaking it up, or starting to build things on top of sites. So development activities, planning for those and so on, the design activities, getting approval, also obviously learning how these things can be constructed. Many developers really see projects through the construction stage and then they might sell them. So you're going to be learning about that as well. Of course, importantly, these buildings need to be funded. So the activities of investment and finance, that is loans and other forms of debt vehicles, are part of what is in real estate. So that's another aspect. And then, of course, there's the ongoing management of these properties, continuing to build their value, continuing to make them exciting for their tenants and so on. So that's the comprehensive nature of real estate and our curriculum is designed to cover all of that across all areas and in sufficient depth to help you be prepared as a professional for that. So the way in which we approach it is we have three semesters. The first semester is about learning the technical skills, about building a toolkit of knowledge and skills and analytical tools that you will apply to all sorts of real estate problems. So therefore, what you do is we are going to look at all of the dimensions, the aesthetic dimension, design, the site planning, the notion of a building within its urban context. That sort of thing is an important area to understand and really know how to analyze. Additionally, as I say, understanding the basics of construction, what the different construction possibilities are and enough about them to make decisions as to what is going to be the best avenue to follow. And then, of course, legal aspects. Real estate has a lot of legal contracts and a lot of legal undertakings and obligations. So knowing how that affects your ability to do your real estate activity is very important. And then right at the heart of everything is learning how to structure finance, how to do financial analysis in order to get the return requirements, how to structure loan debt, well, real estate debt as loans and so on, and how to get the right sort of loans for your property. So there's that. And then, of course, project management. If you're managing this whole thing from your vision through to delivery, even maybe through the lifecycle of the building, then understanding how to manage that project or that whole operating activity right through is an important technical skill. We all think we can make great managers, but there are a lot of traps in real estate. But fortunately, there's a lot of good learning and a lot of good activities and procedures that you can pursue and learn and apply. And then, of course, there are other skills that are very critical. One is understanding community engagement. Another is negotiating. All of these things may seem as though they're just add-ons, but very critical to your ability to be a real estate professional. So in our first semester, we really tackle those fundamental pieces that come together for you as a professional. Then the second semester, we then suggest that you think about which area, which general field of real estate you would like to go into now that you've seen the broad range in the first semester. So some people will really want to be developers. They will want to envision things and they will want to get all the funding for it and they will want to manage that project and cut the ribbon and so on. So that is really something of what we call a development stream and it is very complicated in all of the things that must be taken into account. Very complex financing that you have to work through and so on. And then the other area that some people follow is that they take existing properties and they work out how to buy or sell those, how to create finance for them, equity and the whole capital stack of equity and debt structures and so on. So that's really the finance and investment side of real estate. So these are these are just very general categories, but they really are the two major areas. So we try to offer different courses in the fall semester that you can elect or in the sorry in the second semester that you can elect to take in order to do some deep dives into those general areas. This is to get additional skills specific to that particular undertaking. So you know with finance you'll learn about the CNBS, the structured security debt market, you'll learn about uh rich structures and so on. But everyone will be continuing with core courses generally understanding the whole broad aspect of real estate development and the fundamentals of it such as continued finance analysis and and so on. So you will have some core classes but then you will also be doing some electives. In the core classes and so on we start to apply your skills. So we start to come up with case studies, real world examples, ways in which you start to use your tools and really practice with them on real estate development you know projects, solutions, deals, that type of thing. So that's the second semester and then the third semester is about really pulling it all together. Everyone now pulls together their array of skills, their array of their their broad knowledge and so on and really works to practice it, try it out on a number of different comprehensive projects. You will in that semester do your own what we call a capstone project which is a very great opportunity. It is a whole deal book. You will put together a real estate development project from the beginning from getting a site through to understanding what building type and what format and what sort of program will go on that site, arrange the financing, work out the development strategy and schedule and then to look at what will happen upon completion. Are you going to sell it or are you going to lease it up and then how will it be managed? So that is what you do as your own project in the final semester although that's there are lots and lots of similar ones in what I call mini capstone opportunities. Lots of courses that you'll be undertaking will do that in an abbreviated format. But the good thing is that in that final semester you produce this whole deal book which shows your overarching competence as a real estate professional and it's a lot of fun. We get really interesting projects. As you can imagine in New York City we've got some good sources of projects, great sites, great complexities, fascinating tenants to put in them and so on. So it's a really wonderful culmination. What we do then is of course with those projects we get everyone to compete and so we run what we call a shark tower at the end of that and that is the pitching of that deal and we end up with a few finalists and then we have one big party night where we invite some serious industry leaders in and we have you know the run-ups and someone will win the shark tower but everyone really participates and joins in and then we party. So that's really the way in which we get to the culmination of your comprehensive capability and the demonstration of it to you yourself to us who you know want to make sure you're fully skilled as you leave and then it's something that you can show to potential employers to anyone you want to show off to. So a very exciting way to finish the program. So that's generally how the three semesters go. This coming year we'll be introducing a new what we call stream. We've always had technology within our program. One way or another we're using technology, we're learning about its possibilities and so on but now we're going to be very specifically establishing what we call a prop tech stream and this is going to be a series of courses dedicated to that. So in the first semester you'll learn Python, database, data science processes and so on and then you will work in subsequent courses on building applications or exploring the potential for applications in real estate areas. That is part of the elective section that you'll be offered. So it's going to be an option that you'll be able to all look at and see if it's right for you. So that's pretty exciting. I think it's going to be the first time they're really offering it in a nice sequence and we're very excited. Now of course just you know the classrooms, the projects and so on that's not the end of it. Real estate is something that you're living in constantly and you're experiencing and the wonderful thing about our program is that we're in New York where around us we have tremendous opportunities to do site visits, to invite in lots and lots of industry leaders to come and share their experience. We have a tremendous group of alumni that have gone through that are in different areas ranging from hotel development in Miami to you know a major REIT, New York office building REIT and so these people come in and they they share with you their professional stories, they share with you their insights, their REIT on the world and so on. So that's a very important part of your education and what we consider our curriculum. Also we what we do is we like to even though we use New York as our petri dish because it's a very you know very very rich laboratory for us to work in, we also understand that people come from everywhere. So we try and so we run study trips and we usually do this in the third semester where people can elect to apply their tools of real estate across border. So we will typically do one with a destination in Europe, a destination in South America, a destination in Asia and they will be just week-long study trips with study, with classroom, with lectures in advance and a specific project. So this time you're doing a real estate project with the additional complexity of it being somewhere different, somewhere that's unusual to what you've been learning. So we think that that's you know a pretty good expansion of your of testing your capability and also you know having a good time seeing a little different area. Now also within the program there are a number of great clubs that students set up. We have some that are very long running, we have an international club, we have the women in real estate development club, we have the private equity club, we have all sorts of different student areas that basically you create on your own and we bring in the alumni from previous years and they tell you a little bit about what they did and how they went about it and so on. But basically it's an opportunity for you to really dive in with your classmates, the chair and interests and look into these areas more. You can invite in speakers, we help you with that, you can do visits and and so on. So club organization and club participation is is a very great part of our activities and we really encourage it and support it. And then of course you know our program is we think it's the best and but we have to get out and prove that and there are a number of national competitions for real estate students and we encourage you to participate in those and they range from being very urban development oriented to being very financial structuring oriented and they occur at the Urban Land Institute and Heinz Development and Harvard University runs one and so on. So we really have, we support our students in participating in those and you know really try to offer faculty as advisors and so on and we've had some great successes. We've certainly won in the number of these areas and we hope that you will bring your brilliance and also win some of those competitions while you're with us. So that's really about it in terms of a comprehensive overarching description of our curriculum. The important thing to remember is that real estate is very broad while we are really focused on getting you core knowledge, skills, understanding of concepts and analytical abilities. In the end it's going to be your passion that it makes you that enables you to select where you want to go and gets you to hone your skills to go out and be a professional in that particular area and that's what we really want for you. So looking forward to you joining us. Thank you very much.