The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC. COM 00287y109   6,695 43,200 SH   SOLE   0 0 43,200
ABBOTT LABORATORIES COM 002824100   958 8,700 SH   SOLE   0 0 8,700
AEGON LTD - NY REG SHRS COM 0076ca104   211 36,691 SH   SOLE   0 0 36,691
AGILENT TECHNOLOGIES, INC.(SPU COM 00846U101   221 1,593 SH   SOLE   0 0 1,593
ALLSTATE CORP COM 020002101   280 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107   9,152 64,940 SH   SOLE   0 0 64,940
ALTRIA GROUP INC. COM 02209S103   4,158 103,076 SH   SOLE   0 0 103,076
AMAZON.COM, INC. COM 023135106   3,638 23,945 SH   SOLE   0 0 23,945
AMERICAN ELECTRIC POWER COM 025537101   812 10,000 SH   SOLE   0 0 10,000
AON PLC COM 037389103   3,381 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100   51,562 267,813 SH   SOLE   0 0 267,813
APPLIED MATERIALS INC COM 038222105   498 3,075 SH   SOLE   0 0 3,075
ARCHER-DANIELS-MIDLAND CORP COM 039483102   735 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108   539 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101   936 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104   412 11,642 SH   SOLE   0 0 11,642
BANK OF HAWAII CORPORATION COM 062540109   5,272 72,760 SH   SOLE   0 0 72,760
BERKSHIRE HATHAWAY INC. CL A COM 084670108   9,767 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702   7,318 20,518 SH   SOLE   0 0 20,518
BLACKSTONE INC. (THE) COM 09260d107   1,440 11,000 SH   SOLE   0 0 11,000
BOSTON PROPERTIES INC. REIT COM 101121101   421 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108   3,067 59,774 SH   SOLE   0 0 59,774
BRITISH AMERICAN TOBACCO PLC - COM 110448107   585 19,964 SH   SOLE   0 0 19,964
COPT DEFENSE PROP REIT(FRM COR COM 22002T108   233 9,100 SH   SOLE   0 0 9,100
CARRIER GLOBAL CORP (UNITED TE COM 14448c104   827 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101   1,981 6,700 SH   SOLE   0 0 6,700
CHEVRON CORP COM 166764100   16,900 113,304 SH   SOLE   0 0 113,304
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104   3,369 14,906 SH   SOLE   0 0 14,906
CHURCH & DWIGHT COM 171340102   227 2,400 SH   SOLE   0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100   1,776 5,932 SH   SOLE   0 0 5,932
COCA-COLA CO COM 191216100   10,179 172,730 SH   SOLE   0 0 172,730
COCA-COLA EUROPACIFIC PARTNERS COM g25839104   400 6,000 SH   SOLE   0 0 6,000
CONOCOPHILLIPS COM 20825c104   2,519 21,700 SH   SOLE   0 0 21,700
CONSTELLATION BRANDS, INC. COM 21036P108   2,659 11,000 SH   SOLE   0 0 11,000
CROWN CASTLE INTERNATIONAL COR COM 22822v101   334 2,900 SH   SOLE   0 0 2,900
DARDEN RESTAURANTS INC. COM 237194105   493 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205   6,568 45,090 SH   SOLE   0 0 45,090
DIGITAL REALTY TRUST, INC. REI COM 253868103   3,074 22,840 SH   SOLE   0 0 22,840
DISNEY WALT CO COM 254687106   5,045 55,875 SH   SOLE   0 0 55,875
EDWARDS LIFESCIENCES CORP. COM 28176E108   943 12,370 SH   SOLE   0 0 12,370
EMERSON ELECTRIC CO COM 291011104   694 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107   4,106 155,810 SH   SOLE   0 0 155,810
EQUITY RESIDENTIAL REIT COM 29476l107   2,630 43,000 SH   SOLE   0 0 43,000
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303   744 4,900 SH   SOLE   0 0 4,900
EXXON MOBIL CORPORATION COM 30231G102   1,170 11,700 SH   SOLE   0 0 11,700
FIDELITY NATIONAL FINANCIAL, I COM 31620r303   534 10,458 SH   SOLE   0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106   322 5,364 SH   SOLE   0 0 5,364
GENERAL MILLS, INC. COM 370334104   3,648 56,000 SH   SOLE   0 0 56,000
GENERAL MOTORS COMPANY COM 37045v100   4,078 113,540 SH   SOLE   0 0 113,540
HOME DEPOT COM 437076102   6,775 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES HOLDINGS INC. COM 44267T102   351 4,100 SH   SOLE   0 0 4,100
IAC INC. COM 44891n208   258 4,925 SH   SOLE   0 0 4,925
INTERNATIONAL BUSINESS MACHINE COM 459200101   5,144 31,452 SH   SOLE   0 0 31,452
IRON MOUNTAIN INC. REIT COM 46284v101   9,139 130,600 SH   SOLE   0 0 130,600
JPMORGAN CHASE & CO. COM 46625H100   11,096 65,231 SH   SOLE   0 0 65,231
JOHNSON & JOHNSON COM 478160104   4,887 31,180 SH   SOLE   0 0 31,180
KKR & CO. INC. COM 48251w104   1,491 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103   1,725 14,200 SH   SOLE   0 0 14,200
KINDER MORGAN, INC. COM 49456B101   4,290 243,220 SH   SOLE   0 0 243,220
LOEWS CORP COM 540424108   5,422 77,917 SH   SOLE   0 0 77,917
MARKER THERAPEUTICS, INC. COM 57055L107   389 70,700 SH   SOLE   0 0 70,700
MCDONALD'S CORP COM 580135101   2,076 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105   14,644 134,320 SH   SOLE   0 0 134,320
METLIFE INC. COM 59156r108   265 4,000 SH   SOLE   0 0 4,000
MICROSOFT CORPORATION COM 594918104   9,130 24,279 SH   SOLE   0 0 24,279
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105   3,296 45,500 SH   SOLE   0 0 45,500
MORGAN STANLEY COM 617446448   1,063 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103   8,509 78,370 SH   SOLE   0 0 78,370
NESTLE SA - SPON ADR COM 641069406   1,966 17,000 SH   SOLE   0 0 17,000
NOVARTIS AG - ADR COM 66987v109   1,085 10,750 SH   SOLE   0 0 10,750
NVIDIA CORPORATION COM 67066G104   3,989 8,055 SH   SOLE   0 0 8,055
ON HOLDING AG COM h5919c104   270 10,000 SH   SOLE   0 0 10,000
ORACLE CORP COM 68389X105   316 3,000 SH   SOLE   0 0 3,000
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107   644 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108   7,169 42,209 SH   SOLE   0 0 42,209
PFIZER, INC. COM 717081103   4,050 140,665 SH   SOLE   0 0 140,665
PHILIP MORRIS INTERNATIONAL-AL COM 718172109   10,547 112,106 SH   SOLE   0 0 112,106
PHILLIPS 66 COM 718546104   1,678 12,600 SH   SOLE   0 0 12,600
PROCTER & GAMBLE CO COM 742718109   10,963 74,809 SH   SOLE   0 0 74,809
PUBLIC STORAGE - REIT COM 74460D109   728 2,388 SH   SOLE   0 0 2,388
RTX CORP (FRMLY RAYTHEON TECH COM 75513e101   1,464 17,400 SH   SOLE   0 0 17,400
RALPH LAUREN CORP (FMLY POLO R COM 751212101   433 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100   1,318 23,500 SH   SOLE   0 0 23,500
RIO TINTO PLC SPONSORED ADR COM 767204100   745 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104   3,297 91,000 SH   SOLE   0 0 91,000
SEMPRA ENERGY COM 816851109   2,167 29,000 SH   SOLE   0 0 29,000
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302   336 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107   731 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100   521 5,006 SH   SOLE   0 0 5,006
TANGER INC. REIT COM 875465106   6,571 237,050 SH   SOLE   0 0 237,050
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106   8,324 58,445 SH   SOLE   0 0 58,445
TEXAS INSTRUMENTS INC. COM 882508104   1,705 10,000 SH   SOLE   0 0 10,000
TOAST, INC. COM 888787108   215 11,800 SH   SOLE   0 0 11,800
TOTALENERGIES SE ADR (FRMRLY T COM 89151E109   2,640 39,175 SH   SOLE   0 0 39,175
TRAVELERS COMPANIES, INC. COM 89417e109   622 3,264 SH   SOLE   0 0 3,264
U.S. BANCORP (FORMERLY FIRST B COM 902973106   632 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108   1,842 7,500 SH   SOLE   0 0 7,500
UNITED PARCEL SERVICE, INC. CL COM 911312106   802 5,100 SH   SOLE   0 0 5,100
UNITEDHEALTH GROUP INC COM 91324P102   1,627 3,090 SH   SOLE   0 0 3,090
VICI PROPERTIES INC. (REIT) COM 925652109   3,263 102,350 SH   SOLE   0 0 102,350
VERIZON COMMUNICATIONS INC. COM 92343V104   2,585 68,559 SH   SOLE   0 0 68,559
WALMART INC. COM 931142103   4,257 27,000 SH   SOLE   0 0 27,000
YUM BRANDS INC. (FORMERLY TRIC COM 895953107   794 6,080 SH   SOLE   0 0 6,080
YUM CHINA HOLDINGS, INC. COM 98850p109   243 5,720 SH   SOLE   0 0 5,720
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102   815 6,700 SH   SOLE   0 0 6,700
ZOETIS INC. COM 98978v103   6,684 33,864 SH   SOLE   0 0 33,864
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149   1,292 100,000 SH   SOLE   0 0 100,000
ENERGY TRANSFER LP 10.1562 QT PREFERRED 29273v407   656 26,000 SH   SOLE   0 0 26,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648   759 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805   1,822 73,000 SH   SOLE   0 0 73,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685   948 40,000 SH   SOLE   0 0 40,000