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 2,355 82,608 SH   SOLE   0 0 82,608
ABBVIE INC. COM 00287y109 3,346 38,200 SH   SOLE   0 0 38,200
ABBOTT LABORATORIES COM 002824100 947 8,700 SH   SOLE   0 0 8,700
AEGON NV - NY REG SHRS COM 007924103 92 36,000 SH   SOLE   0 0 36,000
ALLEGHANY CORP COM 017175100 830 1,594 SH   SOLE   0 0 1,594
ALPHABET INC. CL C COM 02079K107 4,188 2,850 SH   SOLE   0 0 2,850
ALTRIA GROUP INC. COM 02209S103 3,929 101,676 SH   SOLE   0 0 101,676
AMAZON.COM, INC. COM 023135106 1,168 371 SH   SOLE   0 0 371
AMERICAN ELECTRIC POWER COM 025537101 817 10,000 SH   SOLE   0 0 10,000
ANHEUSER-BUSCH INBEV SA/NV - S COM 03524A108 291 5,400 SH   SOLE   0 0 5,400
AON PLC COM 037389103 2,397 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100 35,088 302,980 SH   SOLE   0 0 302,980
ARCHER-DANIELS-MIDLAND CORP COM 039483102 473 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108 438 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101 747 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104 221 12,642 SH   SOLE   0 0 12,642
BANK OF AMERICA (NEW) COM 060505104 1,364 56,633 SH   SOLE   0 0 56,633
BANK OF HAWAII CORPORATION COM 062540109 1,111 22,000 SH   SOLE   0 0 22,000
BAXTER INT'L INC. COM 071813109 411 5,106 SH   SOLE   0 0 5,106
BERKSHIRE HATHAWAY INC. CL A COM 084670108 5,760 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702 4,369 20,518 SH   SOLE   0 0 20,518
BLACK KNIGHT INC. (FNF GROUP S COM 09215C105 279 3,206 SH   SOLE   0 0 3,206
BLACKSTONE GROUP INC. (THE) COM 09260d107 574 11,000 SH   SOLE   0 0 11,000
BOEING COMPANY COM 097023105 3,512 21,250 SH   SOLE   0 0 21,250
BOSTON PROPERTIES INC. REIT COM 101121101 482 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108 4,095 67,924 SH   SOLE   0 0 67,924
BRITISH AMERICAN TOBACCO PLC - COM 110448107 830 22,963 SH   SOLE   0 0 22,963
BROOKFIELD PPTY PTNRS LP(ACQUI COM G16249107 1,018 84,643 SH   SOLE   0 0 84,643
CARRIER GLOBAL CORP (UNITED TE COM 14448c104 440 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101 1,030 6,905 SH   SOLE   0 0 6,905
CHEVRON CORP COM 166764100 8,679 120,536 SH   SOLE   0 0 120,536
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 1,754 15,106 SH   SOLE   0 0 15,106
CHURCH & DWIGHT COM 171340102 225 2,400 SH   SOLE   0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100 1,005 5,932 SH   SOLE   0 0 5,932
COCA-COLA CO COM 191216100 8,804 178,330 SH   SOLE   0 0 178,330
COCA-COLA EUROPEAN PARTNERS PL COM g25839104 505 13,000 SH   SOLE   0 0 13,000
CONOCOPHILLIPS COM 20825c104 631 19,200 SH   SOLE   0 0 19,200
CONSTELLATION BRANDS, INC. COM 21036P108 2,104 11,100 SH   SOLE   0 0 11,100
CORPORATE OFFICE PROPERTY TRUS COM 22002T108 216 9,100 SH   SOLE   0 0 9,100
CREDIT SUISSE GROUP AG - SPON COM 225401108 100 10,000 SH   SOLE   0 0 10,000
DARDEN RESTAURANTS INC. COM 237194105 302 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205 6,228 45,240 SH   SOLE   0 0 45,240
DISNEY WALT CO COM 254687106 6,047 48,733 SH   SOLE   0 0 48,733
EDWARDS LIFESCIENCES CORP. COM 28176E108 321 4,020 SH   SOLE   0 0 4,020
EMERSON ELECTRIC CO COM 291011104 468 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107 2,813 178,160 SH   SOLE   0 0 178,160
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303 449 4,900 SH   SOLE   0 0 4,900
FNF GROUP (FIDELITY NATL FINCL COM 31620r303 327 10,458 SH   SOLE   0 0 10,458
FACEBOOK, INC. COM 30303M102 3,570 13,630 SH   SOLE   0 0 13,630
FIDELITY NATIONAL INFORMATION COM 31620m106 790 5,364 SH   SOLE   0 0 5,364
FORD MOTOR COMPANY COM 345370860 162 24,390 SH   SOLE   0 0 24,390
GENERAL MILLS, INC. COM 370334104 3,362 54,500 SH   SOLE   0 0 54,500
GENERAL MOTORS COMPANY COM 37045v100 3,403 115,010 SH   SOLE   0 0 115,010
HOME DEPOT COM 437076102 5,429 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107 236 4,100 SH   SOLE   0 0 4,100
IAC/INTERACTIVECORP COM 44891n109 590 4,925 SH   SOLE   0 0 4,925
INTEL CORP COM 458140100 2,822 54,500 SH   SOLE   0 0 54,500
INTERNATIONAL BUSINESS MACHINE COM 459200101 3,099 25,467 SH   SOLE   0 0 25,467
IRON MOUNTAIN INC. REIT COM 46284v101 2,518 94,000 SH   SOLE   0 0 94,000
JPMORGAN CHASE & CO. COM 46625H100 7,291 75,731 SH   SOLE   0 0 75,731
JOHNSON & JOHNSON COM 478160104 5,525 37,110 SH   SOLE   0 0 37,110
KKR & CO. INC. COM 48251w104 618 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103 2,185 14,800 SH   SOLE   0 0 14,800
KINDER MORGAN, INC. COM 49456B101 3,287 266,570 SH   SOLE   0 0 266,570
LOEWS CORP COM 540424108 2,708 77,917 SH   SOLE   0 0 77,917
MATCH GROUP, INC. COM 57667l107 1,175 10,623 SH   SOLE   0 0 10,623
MCDONALD'S CORP COM 580135101 1,536 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105 11,171 134,670 SH   SOLE   0 0 134,670
MICROSOFT CORPORATION COM 594918104 3,323 15,800 SH   SOLE   0 0 15,800
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105 2,622 45,638 SH   SOLE   0 0 45,638
MORGAN STANLEY COM 617446448 551 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103 9,648 76,850 SH   SOLE   0 0 76,850
NESTLE SA - SPON ADR COM 641069406 1,598 13,400 SH   SOLE   0 0 13,400
NOVARTIS AG - ADR COM 66987v109 700 8,050 SH   SOLE   0 0 8,050
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107 449 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108 5,822 42,009 SH   SOLE   0 0 42,009
PFIZER, INC. COM 717081103 5,196 141,575 SH   SOLE   0 0 141,575
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 8,519 113,606 SH   SOLE   0 0 113,606
PHILLIPS 66 COM 718546104 757 14,600 SH   SOLE   0 0 14,600
PROCTER & GAMBLE CO COM 742718109 10,165 73,134 SH   SOLE   0 0 73,134
PUBLIC STORAGE - REIT COM 74460D109 532 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 751212101 204 3,000 SH   SOLE   0 0 3,000
RAYTHEON TECHNOLGIES CORP - NC COM 75513e101 829 14,400 SH   SOLE   0 0 14,400
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 961 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100 604 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104 3,607 84,250 SH   SOLE   0 0 84,250
SEMPRA ENERGY COM 816851109 1,184 10,000 SH   SOLE   0 0 10,000
SINGAPORE AIRLINES COM 870794302 211 83,431 SH   SOLE   0 0 83,431
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 194 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107 622 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100 406 5,006 SH   SOLE   0 0 5,006
TANGER FACTORY OUTLET REIT COM 875465106 1,322 219,200 SH   SOLE   0 0 219,200
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106 8,213 52,170 SH   SOLE   0 0 52,170
TEXAS INSTRUMENTS INC. COM 882508104 1,428 10,000 SH   SOLE   0 0 10,000
TOTAL SA SPON ADR COM 89151E109 1,190 34,695 SH   SOLE   0 0 34,695
TRAVELERS COMPANIES, INC. COM 89417e109 358 3,311 SH   SOLE   0 0 3,311
U.S. BANCORP (FORMERLY FIRST B COM 902973106 524 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108 1,516 7,700 SH   SOLE   0 0 7,700
UNITED PARCEL SERVICE, INC. CL COM 911312106 850 5,100 SH   SOLE   0 0 5,100
VERIZON COMMUNICATIONS INC. COM 92343V104 1,879 31,592 SH   SOLE   0 0 31,592
WALMART INC. COM 931142103 3,750 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC. (FORMERLY TRIC COM 895953107 555 6,080 SH   SOLE   0 0 6,080
YUM CHINA HOLDINGS, INC. COM 98850p109 310 5,853 SH   SOLE   0 0 5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 916 6,728 SH   SOLE   0 0 6,728
ZOETIS INC. COM 98978v103 5,623 34,005 SH   SOLE   0 0 34,005
BANK OF AMERICA 5 PERP CALL 9 PREFERRED 06055h202 3,740 142,515 SH   SOLE   0 0 142,515
BANK OF AMERICA 6.20 PERP CAL PREFERRED 060505286 506 20,000 SH   SOLE   0 0 20,000
BANK OF AMERICA CORP 6.000 CA PREFERRED 060505260 1,294 50,000 SH   SOLE   0 0 50,000
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149 2,138 106,000 SH   SOLE   0 0 106,000
ENERGY TRANSFER OPER LP 7.375 PREFERRED 29278n301 676 40,000 SH   SOLE   0 0 40,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648 823 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805 2,136 78,000 SH   SOLE   0 0 78,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685 1,118 42,000 SH   SOLE   0 0 42,000