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 00206R102 2,423 83,138 SH   SOLE   0 0 83,138
ABBVIE INC. COM 00287y109 2,910 38,200 SH   SOLE   0 0 38,200
ABBOTT LABORATORIES COM 002824100 687 8,700 SH   SOLE   0 0 8,700
AEGON NV - NY REG SHRS COM 007924103 90 36,000 SH   SOLE   0 0 36,000
ALLEGHANY CORP COM 017175100 880 1,594 SH   SOLE   0 0 1,594
ALPHABET INC. CL C COM 02079K107 3,361 2,890 SH   SOLE   0 0 2,890
ALTRIA GROUP INC. COM 02209S103 3,938 101,826 SH   SOLE   0 0 101,826
AMAZON.COM, INC. COM 023135106 749 384 SH   SOLE   0 0 384
AMERICAN ELECTRIC POWER COM 025537101 800 10,000 SH   SOLE   0 0 10,000
ANHEUSER-BUSCH INBEV SA/NV - S COM 03524A108 238 5,400 SH   SOLE   0 0 5,400
AON PLC COM 037389103 1,917 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100 19,770 77,745 SH   SOLE   0 0 77,745
ARCHER-DANIELS-MIDLAND CORP COM 039483102 358 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 357 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101 736 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 308 12,642 SH   SOLE   0 0 12,642
BANK OF AMERICA (NEW) COM 060505104 1,202 56,633 SH   SOLE   0 0 56,633
BANK OF HAWAII CORPORATION COM 062540109 829 15,000 SH   SOLE   0 0 15,000
BAXTER INT'L INC. COM 071813109 415 5,106 SH   SOLE   0 0 5,106
BERKSHIRE HATHAWAY INC. CL A COM 084670108 4,896 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702 3,751 20,518 SH   SOLE   0 0 20,518
BLACKSTONE GROUP INC. (THE) COM 09260d107 501 11,000 SH   SOLE   0 0 11,000
BOEING COMPANY COM 097023105 3,218 21,575 SH   SOLE   0 0 21,575
BOSTON PROPERTIES INC. REIT COM 101121101 553 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 3,786 67,924 SH   SOLE   0 0 67,924
BRITISH AMERICAN TOBACCO PLC - COM 110448107 464 13,563 SH   SOLE   0 0 13,563
BROOKFIELD PPTY PTNRS LP(ACQUI COM G16249107 687 85,207 SH   SOLE   0 0 85,207
CATERPILLAR INC. COM 149123101 801 6,905 SH   SOLE   0 0 6,905
CHEVRON CORP COM 166764100 8,764 120,944 SH   SOLE   0 0 120,944
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 1,687 15,106 SH   SOLE   0 0 15,106
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100 1,052 5,936 SH   SOLE   0 0 5,936
COCA-COLA CO COM 191216100 7,984 180,430 SH   SOLE   0 0 180,430
COCA-COLA EUROPEAN PARTNERS PL COM g25839104 488 13,000 SH   SOLE   0 0 13,000
CONOCOPHILLIPS COM 20825c104 591 19,200 SH   SOLE   0 0 19,200
CONSTELLATION BRANDS, INC. COM 21036P108 1,606 11,200 SH   SOLE   0 0 11,200
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 201 9,100 SH   SOLE   0 0 9,100
CREDIT SUISSE GROUP AG - SPON COM 225401108 81 10,000 SH   SOLE   0 0 10,000
DELTA AIR LINES INC. COM 247361702 1,247 43,700 SH   SOLE   0 0 43,700
DIAGEO PLC ADR COM 25243Q205 5,764 45,340 SH   SOLE   0 0 45,340
DISNEY WALT CO COM 254687106 4,708 48,733 SH   SOLE   0 0 48,733
EDWARDS LIFESCIENCES CORP. COM 28176E108 253 1,340 SH   SOLE   0 0 1,340
EMERSON ELECTRIC CO COM 291011104 340 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 856 59,840 SH   SOLE   0 0 59,840
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303 279 4,950 SH   SOLE   0 0 4,950
EXXON MOBIL CORPORATION COM 30231G102 6,187 162,946 SH   SOLE   0 0 162,946
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 260 10,458 SH   SOLE   0 0 10,458
FACEBOOK INC. COM 30303M102 2,273 13,630 SH   SOLE   0 0 13,630
FIDELITY NATIONAL INFORMATION COM 31620m106 652 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 118 24,390 SH   SOLE   0 0 24,390
GENERAL MILLS, INC. COM 370334104 2,876 54,500 SH   SOLE   0 0 54,500
GENERAL MOTORS COMPANY COM 37045v100 2,402 115,610 SH   SOLE   0 0 115,610
HOME DEPOT COM 437076102 3,650 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 207 4,100 SH   SOLE   0 0 4,100
IAC/INTERACTIVECORP COM 44919p508 883 4,925 SH   SOLE   0 0 4,925
INTEL CORP COM 458140100 2,950 54,500 SH   SOLE   0 0 54,500
INTERNATIONAL BUSINESS MACHINE COM 459200101 2,817 25,396 SH   SOLE   0 0 25,396
IRON MOUNTAIN INC. REIT COM 46284v101 881 37,000 SH   SOLE   0 0 37,000
JPMORGAN CHASE & CO. COM 46625H100 7,115 79,034 SH   SOLE   0 0 79,034
JOHNSON & JOHNSON COM 478160104 4,866 37,110 SH   SOLE   0 0 37,110
KKR & CO. INC. COM 48251w104 422 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103 1,892 14,800 SH   SOLE   0 0 14,800
KINDER MORGAN, INC. COM 49456B101 1,029 73,950 SH   SOLE   0 0 73,950
LOEWS CORP COM 540424108 2,714 77,917 SH   SOLE   0 0 77,917
MCDONALD'S CORP COM 580135101 1,157 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105 10,362 134,670 SH   SOLE   0 0 134,670
MICROSOFT CORPORATION COM 594918104 2,523 16,000 SH   SOLE   0 0 16,000
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105 2,286 45,638 SH   SOLE   0 0 45,638
MORGAN STANLEY COM 617446448 388 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103 6,400 77,350 SH   SOLE   0 0 77,350
NESTLE SA - SPON ADR COM 641069406 1,380 13,400 SH   SOLE   0 0 13,400
NOVARTIS AG - ADR COM 66987v109 672 8,150 SH   SOLE   0 0 8,150
OCCIDENTAL PETROLEUM CORP COM 674599105 976 84,300 SH   SOLE   0 0 84,300
PEPSICO COM 713448108 5,093 42,409 SH   SOLE   0 0 42,409
PFIZER, INC. COM 717081103 4,666 142,955 SH   SOLE   0 0 142,955
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 8,303 113,806 SH   SOLE   0 0 113,806
PHILLIPS 66 COM 718546104 783 14,600 SH   SOLE   0 0 14,600
PROCTER & GAMBLE CO COM 742718109 8,078 73,434 SH   SOLE   0 0 73,434
PUBLIC STORAGE - REIT COM 74460D109 474 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 751212101 200 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 861 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100 456 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDINGS LTD ADR COM 771195104 3,459 85,250 SH   SOLE   0 0 85,250
ROYAL DUTCH SHELL PLC - ADR A COM 780259206 4,743 135,930 SH   SOLE   0 0 135,930
SEMPRA ENERGY COM 816851109 1,130 10,000 SH   SOLE   0 0 10,000
SIMON PROPERTY GROUP, INC. REI COM 828806109 978 17,830 SH   SOLE   0 0 17,830
SINGAPORE AIRLINES COM 870794302 341 83,431 SH   SOLE   0 0 83,431
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 254 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 456 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100 239 5,006 SH   SOLE   0 0 5,006
TANGER FACTORY OUTLET REIT COM 875465106 1,061 212,200 SH   SOLE   0 0 212,200
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 4,887 52,570 SH   SOLE   0 0 52,570
TEXAS INSTRUMENTS INC. COM 882508104 999 10,000 SH   SOLE   0 0 10,000
TIFFANY & CO COM 886547108 1,036 8,000 SH   SOLE   0 0 8,000
TOTAL SA SPON ADR COM 89151E109 1,292 34,695 SH   SOLE   0 0 34,695
TRAVELERS COMPANIES, INC. COM 89417e109 329 3,311 SH   SOLE   0 0 3,311
U.S. BANCORP (FORMERLY FIRST B COM 902973106 503 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108 1,086 7,700 SH   SOLE   0 0 7,700
UNITED PARCEL SERVICE, INC. CL COM 911312106 476 5,100 SH   SOLE   0 0 5,100
UNITED TECHNOLOGIES CORP COM 913017109 1,358 14,400 SH   SOLE   0 0 14,400
VERIZON COMMUNICATIONS INC. COM 92343V104 1,697 31,592 SH   SOLE   0 0 31,592
WALMART INC. COM 931142103 3,045 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC. (FORMERLY TRIC COM 895953107 441 6,440 SH   SOLE   0 0 6,440
YUM CHINA HOLDINGS, INC. COM 98850p109 265 6,213 SH   SOLE   0 0 6,213
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 680 6,728 SH   SOLE   0 0 6,728
ZOETIS INC. COM 98978v103 4,010 34,076 SH   SOLE   0 0 34,076
BANK OF AMERICA 5 PERP CALL 9 PREFERRED 06055h202 3,393 144,515 SH   SOLE   0 0 144,515
BANK OF AMERICA 6.2 PERP CAL PREFERRED 060505286 503 20,000 SH   SOLE   0 0 20,000
BANK OF AMERICA CORP 6 CA PREFERRED 060505260 1,252 50,000 SH   SOLE   0 0 50,000
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149 1,816 106,000 SH   SOLE   0 0 106,000
ENERGY TRANSFER OPER LP 7.375 PREFERRED 29278n301 504 40,000 SH   SOLE   0 0 40,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648 784 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805 2,010 80,000 SH   SOLE   0 0 80,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685 1,021 42,000 SH   SOLE   0 0 42,000
PUBLIC STORAGE SER W 5.2 CALL PREFERRED 74460w875 902 38,000 SH   SOLE   0 0 38,000