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   7,867 43,200 SH   SOLE   0 0 43,200
ABBOTT LABORATORIES COM 002824100   989 8,700 SH   SOLE   0 0 8,700
AEGON LTD - NY REG SHRS COM 0076ca104   222 36,691 SH   SOLE   0 0 36,691
AGILENT TECHNOLOGIES, INC. COM 00846U101   232 1,593 SH   SOLE   0 0 1,593
ALLSTATE CORP COM 020002101   346 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107   9,888 64,940 SH   SOLE   0 0 64,940
ALTRIA GROUP INC. COM 02209S103   4,496 103,076 SH   SOLE   0 0 103,076
AMAZON.COM, INC. COM 023135106   4,321 23,955 SH   SOLE   0 0 23,955
AMERICAN ELECTRIC POWER COM 025537101   861 10,000 SH   SOLE   0 0 10,000
AON PLC COM 037389103   3,877 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100   45,822 267,213 SH   SOLE   0 0 267,213
APPLIED MATERIALS INC COM 038222105   634 3,075 SH   SOLE   0 0 3,075
ARCHER-DANIELS-MIDLAND CORP COM 039483102   639 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108   542 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101   928 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104   439 11,642 SH   SOLE   0 0 11,642
BANK OF HAWAII CORPORATION COM 062540109   4,539 72,760 SH   SOLE   0 0 72,760
BERKSHIRE HATHAWAY INC. CL A COM 084670108   11,420 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702   8,628 20,518 SH   SOLE   0 0 20,518
BLACKSTONE INC. (THE) COM 09260d107   1,445 11,000 SH   SOLE   0 0 11,000
BOSTON PROPERTIES INC. REIT COM 101121101   392 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108   3,242 59,774 SH   SOLE   0 0 59,774
BRITISH AMERICAN TOBACCO PLC - COM 110448107   1,826 59,864 SH   SOLE   0 0 59,864
COPT DEFENSE PROP REIT(FRM COR COM 22002T108   220 9,100 SH   SOLE   0 0 9,100
CARRIER GLOBAL CORP (UNITED TE COM 14448c104   837 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101   2,455 6,700 SH   SOLE   0 0 6,700
CHEVRON CORP COM 166764100   17,873 113,304 SH   SOLE   0 0 113,304
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104   3,863 14,906 SH   SOLE   0 0 14,906
CHURCH & DWIGHT COM 171340102   250 2,400 SH   SOLE   0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100   2,154 5,932 SH   SOLE   0 0 5,932
COCA-COLA CO COM 191216100   10,568 172,731 SH   SOLE   0 0 172,731
COCA-COLA EUROPACIFIC PARTNERS COM g25839104   420 6,000 SH   SOLE   0 0 6,000
CONOCOPHILLIPS COM 20825c104   2,762 21,700 SH   SOLE   0 0 21,700
CONSTELLATION BRANDS, INC. COM 21036P108   2,989 11,000 SH   SOLE   0 0 11,000
CROWN CASTLE INTERNATIONAL COR COM 22822v101   455 4,300 SH   SOLE   0 0 4,300
DARDEN RESTAURANTS INC. COM 237194105   501 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205   6,692 44,990 SH   SOLE   0 0 44,990
DIGITAL REALTY TRUST, INC. REI COM 253868103   3,290 22,840 SH   SOLE   0 0 22,840
DISNEY WALT CO COM 254687106   6,837 55,875 SH   SOLE   0 0 55,875
EDWARDS LIFESCIENCES CORP. COM 28176E108   1,182 12,370 SH   SOLE   0 0 12,370
EMERSON ELECTRIC CO COM 291011104   809 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107   4,547 155,810 SH   SOLE   0 0 155,810
EQUITY RESIDENTIAL REIT COM 29476l107   3,061 48,500 SH   SOLE   0 0 48,500
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303   675 4,900 SH   SOLE   0 0 4,900
EXXON MOBIL CORPORATION COM 30231G102   1,360 11,700 SH   SOLE   0 0 11,700
FIDELITY NATIONAL FINANCIAL, I COM 31620r303   555 10,458 SH   SOLE   0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106   398 5,364 SH   SOLE   0 0 5,364
GENERAL MILLS, INC. COM 370334104   3,918 56,000 SH   SOLE   0 0 56,000
GENERAL MOTORS COMPANY COM 37045v100   5,149 113,540 SH   SOLE   0 0 113,540
HOME DEPOT COM 437076102   7,499 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES HOLDINGS INC. COM 44267T102   298 4,100 SH   SOLE   0 0 4,100
IAC INC. COM 44891n208   263 4,925 SH   SOLE   0 0 4,925
INTERNATIONAL BUSINESS MACHINE COM 459200101   6,006 31,452 SH   SOLE   0 0 31,452
IRON MOUNTAIN INC. REIT COM 46284v101   10,475 130,600 SH   SOLE   0 0 130,600
JPMORGAN CHASE & CO. COM 46625H100   12,865 64,231 SH   SOLE   0 0 64,231
JOHNSON & JOHNSON COM 478160104   4,932 31,180 SH   SOLE   0 0 31,180
KKR & CO. INC. COM 48251w104   1,810 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103   1,837 14,200 SH   SOLE   0 0 14,200
KINDER MORGAN, INC. COM 49456B101   4,461 243,220 SH   SOLE   0 0 243,220
LOEWS CORP COM 540424108   6,100 77,917 SH   SOLE   0 0 77,917
MARKER THERAPEUTICS, INC. COM 57055L107   304 70,700 SH   SOLE   0 0 70,700
MCDONALD'S CORP COM 580135101   1,974 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105   17,724 134,320 SH   SOLE   0 0 134,320
METLIFE INC. COM 59156r108   296 4,000 SH   SOLE   0 0 4,000
MICROSOFT CORPORATION COM 594918104   10,215 24,279 SH   SOLE   0 0 24,279
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105   3,185 45,500 SH   SOLE   0 0 45,500
MORGAN STANLEY COM 617446448   1,073 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103   7,365 78,370 SH   SOLE   0 0 78,370
NESTLE SA - SPON ADR COM 641069406   1,805 17,000 SH   SOLE   0 0 17,000
NOVARTIS AG - ADR COM 66987v109   1,040 10,750 SH   SOLE   0 0 10,750
NVIDIA CORPORATION COM 67066G104   7,278 8,055 SH   SOLE   0 0 8,055
ON HOLDING AG COM h5919c104   354 10,000 SH   SOLE   0 0 10,000
ORACLE CORP COM 68389X105   377 3,000 SH   SOLE   0 0 3,000
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107   715 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108   7,387 42,209 SH   SOLE   0 0 42,209
PFIZER, INC. COM 717081103   4,300 154,965 SH   SOLE   0 0 154,965
PHILIP MORRIS INTERNATIONAL-AL COM 718172109   10,271 112,106 SH   SOLE   0 0 112,106
PHILLIPS 66 COM 718546104   2,058 12,600 SH   SOLE   0 0 12,600
PROCTER & GAMBLE CO COM 742718109   12,138 74,809 SH   SOLE   0 0 74,809
PUBLIC STORAGE - REIT COM 74460D109   693 2,388 SH   SOLE   0 0 2,388
RTX CORP (FRMLY RAYTHEON TECH COM 75513e101   1,697 17,400 SH   SOLE   0 0 17,400
RALPH LAUREN CORP (FMLY POLO R COM 751212101   563 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100   2,445 48,600 SH   SOLE   0 0 48,600
RIO TINTO PLC SPONSORED ADR COM 767204100   637 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104   3,447 108,000 SH   SOLE   0 0 108,000
SEMPRA ENERGY COM 816851109   2,083 29,000 SH   SOLE   0 0 29,000
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302   329 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107   812 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100   681 5,006 SH   SOLE   0 0 5,006
TANGER INC. REIT COM 875465106   7,000 237,050 SH   SOLE   0 0 237,050
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106   10,357 58,445 SH   SOLE   0 0 58,445
TEXAS INSTRUMENTS INC. COM 882508104   1,742 10,000 SH   SOLE   0 0 10,000
TOAST, INC. COM 888787108   294 11,800 SH   SOLE   0 0 11,800
TOTALENERGIES SE ADR (FRMRLY T COM 89151E109   2,696 39,175 SH   SOLE   0 0 39,175
TRAVELERS COMPANIES, INC. COM 89417e109   751 3,264 SH   SOLE   0 0 3,264
U.S. BANCORP (FORMERLY FIRST B COM 902973106   653 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108   1,844 7,500 SH   SOLE   0 0 7,500
UNITED PARCEL SERVICE, INC. CL COM 911312106   758 5,100 SH   SOLE   0 0 5,100
UNITEDHEALTH GROUP INC COM 91324P102   1,529 3,090 SH   SOLE   0 0 3,090
VICI PROPERTIES INC. (REIT) COM 925652109   3,094 103,850 SH   SOLE   0 0 103,850
VERIZON COMMUNICATIONS INC. COM 92343V104   4,219 100,559 SH   SOLE   0 0 100,559
VODAFONE GROUP PLC SPONS ADR COM 92857w308   290 32,564 SH   SOLE   0 0 32,564
WALMART INC. COM 931142103   4,874 81,000 SH   SOLE   0 0 81,000
YUM BRANDS INC. (FORMERLY TRIC COM 895953107   843 6,080 SH   SOLE   0 0 6,080
YUM CHINA HOLDINGS, INC. COM 98850p109   228 5,720 SH   SOLE   0 0 5,720
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102   884 6,700 SH   SOLE   0 0 6,700
ZOETIS INC. COM 98978v103   5,730 33,864 SH   SOLE   0 0 33,864
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149   1,575 100,000 SH   SOLE   0 0 100,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648   755 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805   1,828 73,000 SH   SOLE   0 0 73,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685   962 40,000 SH   SOLE   0 0 40,000