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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AT&T INC COM 78387G103 1,997 59,438 SH   SOLE   0 0 59,438
ABBVIE INC. COM 00287y109 798 12,200 SH   SOLE   0 0 12,200
ABBOTT LABORATORIES COM 002824100 392 8,700 SH   SOLE   0 0 8,700
ALLEGHANY CORP COM 017175100 739 1,594 SH   SOLE   0 0 1,594
ALTRIA GROUP INC COM 02209S103 5,154 104,606 SH   SOLE   0 0 104,606
AMERICAN ELECTRIC POWER COM 025537101 607 10,000 SH   SOLE   0 0 10,000
AON PLC COM 037389103 1,102 11,618 SH   SOLE   0 0 11,618
APPLE INC COM 037833100 9,237 83,685 SH   SOLE   0 0 83,685
ARCHER-DANIELS-MIDLAND CORP COM 039483102 529 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 282 4,000 SH   SOLE   0 0 4,000
AVALONBAY COMMUNITIES, INC REI COM 053484101 817 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 444 11,642 SH   SOLE   0 0 11,642
BANCO SANTANDER SA ADR COM 05964h105 1,227 147,279 SH   SOLE   0 0 147,279
BANK OF AMERICA (NEW) COM 060505104 1,570 87,768 SH   SOLE   0 0 87,768
BANK OF HAWAII CORPORATION COM 062540109 890 15,000 SH   SOLE   0 0 15,000
BAXTER INT'L INC COM 071813109 374 5,106 SH   SOLE   0 0 5,106
BERKSHIRE HATHAWAY CL B COM 084670207 3,005 20,014 SH   SOLE   0 0 20,014
BERKSHIRE HATHAWAY INC CL A COM 084670108 4,294 19 SH   SOLE   0 0 19
BOEING CO COM 097023105 851 6,550 SH   SOLE   0 0 6,550
BOSTON PROPERTIES INC. REIT COM 101121101 772 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 4,772 80,844 SH   SOLE   0 0 80,844
CATERPILLAR INC COM 149123101 2,792 30,500 SH   SOLE   0 0 30,500
CHEUNG KONG HOLDING COM 166744201 502 30,000 SH   SOLE   0 0 30,000
CHEVRON CORP COM 166764100 12,754 113,696 SH   SOLE   0 0 113,696
CHUBB CORP COM 171232101 414 4,000 SH   SOLE   0 0 4,000
CISCO SYSTEMS INC COM 17275R102 609 21,900 SH   SOLE   0 0 21,900
COCA COLA ENTERPRISES COM 191219104 1,769 40,000 SH   SOLE   0 0 40,000
COCA-COLA CO COM 191216100 7,500 177,642 SH   SOLE   0 0 177,642
CONOCOPHILLIPS COM 20825c104 1,360 19,700 SH   SOLE   0 0 19,700
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 258 9,100 SH   SOLE   0 0 9,100
DIAGEO PLC ADR COM 25243Q205 4,459 39,085 SH   SOLE   0 0 39,085
DISNEY WALT CO COM 254687106 1,556 16,520 SH   SOLE   0 0 16,520
EMERSON ELECTRIC CO COM 291011104 440 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 1,719 47,580 SH   SOLE   0 0 47,580
EQUITY COMMONWEALTH REIT(FRMLY COM 294628102 7,371 287,150 SH   SOLE   0 0 287,150
EXPEDIA INC (IAC/INTERACTIVECO COM 30212p105 431 5,050 SH   SOLE   0 0 5,050
EXPRESS SCRIPTS HOLDING CO COM 302182100 2,071 24,460 SH   SOLE   0 0 24,460
EXXON MOBIL CORPORATION COM 30231G102 14,991 162,156 SH   SOLE   0 0 162,156
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 360 10,458 SH   SOLE   0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106 334 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 722 46,585 SH   SOLE   0 0 46,585
FREEPORT-MCMORAN INC(FRMLY FM COM 35671d857 1,816 77,730 SH   SOLE   0 0 77,730
GENERAL ELECTRIC COM 369604103 4,743 187,710 SH   SOLE   0 0 187,710
GENERAL GROWTH PROPERTIES - RE COM 370021107 1,262 44,846 SH   SOLE   0 0 44,846
GENERAL MILLS INC COM 370334104 1,093 20,500 SH   SOLE   0 0 20,500
GENERAL MOTORS CO COM 37045v100 3,423 98,050 SH   SOLE   0 0 98,050
HSBC HOLDINGS PLC LTD ADR COM 404280406 627 13,279 SH   SOLE   0 0 13,279
HOME DEPOT COM 437076102 2,477 23,600 SH   SOLE   0 0 23,600
HOME PROPERTIES INC - REIT COM 437306103 984 15,000 SH   SOLE   0 0 15,000
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 560 4,296 SH   SOLE   0 0 4,296
IAC/INTERACTIVECORP COM 44919p300 307 5,050 SH   SOLE   0 0 5,050
INTEL CORP COM 458140100 2,032 56,000 SH   SOLE   0 0 56,000
INTERNATIONAL BUSINESS MACHINE COM 459200101 8,213 51,192 SH   SOLE   0 0 51,192
JPMORGAN CHASE & CO. COM 46625H100 3,469 55,434 SH   SOLE   0 0 55,434
JOHNSON & JOHNSON COM 478160104 4,006 38,310 SH   SOLE   0 0 38,310
KIMBERLY-CLARK COM 494368103 2,050 17,740 SH   SOLE   0 0 17,740
KINDER MORGAN INC COM 49456B101 9,029 213,405 SH   SOLE   0 0 213,405
KRAFT FOODS GROUP INC (MONDELE COM 50076q106 1,342 21,424 SH   SOLE   0 0 21,424
LOEWS CORP COM 540424108 3,493 83,129 SH   SOLE   0 0 83,129
LORILLARD, INC. COM 544147101 6,544 103,966 SH   SOLE   0 0 103,966
MACY'S INC. (FORMERLY FEDERATE COM 55616P104 6,164 93,756 SH   SOLE   0 0 93,756
MERCK & CO. COM 58933Y105 7,938 139,770 SH   SOLE   0 0 139,770
METLIFE INC COM 59156r108 216 4,000 SH   SOLE   0 0 4,000
MICROSOFT CORP COM 594918104 641 13,800 SH   SOLE   0 0 13,800
MONDELEZ INTL INC (FMRLY KRAFT COM 609207105 1,673 46,053 SH   SOLE   0 0 46,053
NESTLE ADR COM 641069406 802 11,000 SH   SOLE   0 0 11,000
NEW YORK COMMUNITY BANCORP, IN COM 649445103 1,518 94,850 SH   SOLE   0 0 94,850
NEWS CORPORATION - CLASS A COM 65249B109 341 21,709 SH   SOLE   0 0 21,709
NIKE INC., CL B COM 654106103 1,923 20,000 SH   SOLE   0 0 20,000
NOVARTIS AG - ADR COM 66987v109 473 5,100 SH   SOLE   0 0 5,100
PALL CORP COM 696429307 1,098 10,851 SH   SOLE   0 0 10,851
PEPSICO COM 713448108 4,133 43,709 SH   SOLE   0 0 43,709
PFIZER, INC. COM 717081103 4,005 128,566 SH   SOLE   0 0 128,566
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 9,522 116,906 SH   SOLE   0 0 116,906
PHILLIPS 66 COM 718546104 706 9,850 SH   SOLE   0 0 9,850
PROCTER & GAMBLE CO COM 742718109 6,245 68,559 SH   SOLE   0 0 68,559
PUBLIC STORAGE - REIT COM 74460D109 867 4,688 SH   SOLE   0 0 4,688
QUALCOMM COM 747525103 1,672 22,500 SH   SOLE   0 0 22,500
RALPH LAUREN CORP (FMLY POLO R COM 731572103 555 3,000 SH   SOLE   0 0 3,000
RIO TINTO PLC SPONSORED ADR COM 767204100 484 10,500 SH   SOLE   0 0 10,500
ROCHE HOLDINGS LTD ADR COM 771195104 3,030 89,150 SH   SOLE   0 0 89,150
ROYAL DUTCH SHELL PLC - ADR A COM 780259206 5,856 87,470 SH   SOLE   0 0 87,470
SINGAPORE AIRLINES COM 870794302 759 87,911 SH   SOLE   0 0 87,911
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 519 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 397 10,000 SH   SOLE   0 0 10,000
TANGER FACTORY OUTLET REIT COM 875465106 931 25,200 SH   SOLE   0 0 25,200
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 2,332 30,720 SH   SOLE   0 0 30,720
TEVA PHARMACEUTICALS ADR COM 881624209 575 10,000 SH   SOLE   0 0 10,000
TEXAS INSTRUMENTS INC. COM 882508104 535 10,000 SH   SOLE   0 0 10,000
TIFFANY & CO COM 886547108 887 8,300 SH   SOLE   0 0 8,300
TOTAL SA SPON ADR COM 89151E109 3,599 70,295 SH   SOLE   0 0 70,295
TRAVELERS COMPANIES, INC COM 89417e109 350 3,311 SH   SOLE   0 0 3,311
TRIPADVISOR INC. COM 896945201 377 5,050 SH   SOLE   0 0 5,050
TWENTY-FIRST CENTURY FOX, INC. COM 90130A101 3,278 85,342 SH   SOLE   0 0 85,342
U.S. BANCORP (FORMERLY FIRST B COM 902973106 665 14,789 SH   SOLE   0 0 14,789
UNITED TECHNOLOGIES CORP COM 913017109 1,656 14,400 SH   SOLE   0 0 14,400
VERIZON COM 92343V104 1,484 31,718 SH   SOLE   0 0 31,718
WAL-MART STORES COM 931142103 2,302 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC (FORMERLY TRICO COM 895953107 513 7,040 SH   SOLE   0 0 7,040
ZIMMER HOLDINGS INC COM 98956P102 808 7,122 SH   SOLE   0 0 7,122
ZOETIS INC. COM 98978v103 1,757 40,831 SH   SOLE   0 0 40,831
BROOKFIELD DTLA FD OFFICE TR P PREFERRED 112714209 258 10,000 SH   SOLE   0 0 10,000
CITY NATL CORP SER C 5.5% CL 1 PREFERRED 17800x202 2,679 114,840 SH   SOLE   0 0 114,840
GE CAPITAL CORP 4.875% CALLABL PREFERRED 369622410 893 36,000 SH   SOLE   0 0 36,000
PUBLIC STORAGE SER W 5.2% CALL PREFERRED 74460w875 987 43,000 SH   SOLE   0 0 43,000
REPSOL YPF SA RIGHTS RIGHT e8492d112 6 10,000 SH   SOLE   0 0 10,000