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
ABBOTT LABS COM 002824100 2,789 30,500 SH   SOLE   30,500 0 0
ABBVIE INC COM 00287Y109 4,251 43,294 SH   SOLE   43,294 0 0
ADOBE INC COM 00724f101 2,686 6,170 SH   SOLE   6,170 0 0
AGNC INVT CORP COM 00123Q104 645 50,000 SH   SOLE   50,000 0 0
ALCON AG ORD SHS H01301128 1,073 18,722 SH   SOLE   18,722 0 0
ALPHABET INC CAP STK CL A 02079K305 2,836 2,000 SH   SOLE   2,000 0 0
AMERICAN ASSETS TR INC COM 024013104 40,517 1,455,336 SH   SOLE   1,455,336 0 0
AMERICAN ELEC PWR CO INC COM 025537101 3,982 50,000 SH   SOLE   50,000 0 0
AMERIPRISE FINL INC COM 03076c106 3,089 20,590 SH   SOLE   20,590 0 0
AMGEN INC COM 031162100 2,403 10,190 SH   SOLE   10,190 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,479 30,000 SH   SOLE   30,000 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 656 100,000 SH   SOLE   100,000 0 0
APPLE INC COM 037833100 19,152 52,500 SH   SOLE   52,500 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,230 30,830 SH   SOLE   30,830 0 0
AT&T INC COM 00206R102 2,614 86,466 SH   SOLE   86,466 0 0
BANK MONTREAL QUE COM 063671101 4,244 80,000 SH   SOLE   80,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 2,899 75,000 SH   SOLE   75,000 0 0
BANK NOVA SCOTIA B C COM 064149107 2,887 70,000 SH   SOLE   70,000 0 0
BAXTER INTL INC COM 071813109 4,979 57,829 SH   SOLE   57,829 0 0
BECTON DICKINSON & CO COM 075887109 1,316 5,500 SH   SOLE   5,500 0 0
BIOGEN INC COM 09062X103 1,605 6,000 SH   SOLE   6,000 0 0
BK OF AMERICA CORP COM 060505104 11,094 467,100 SH   SOLE   467,100 0 0
BOEING CO COM 097023105 1,833 10,000 SH   SOLE   10,000 0 0
BOSTON PPTYS LTD PARTNERSHIP COM 101121101 1,808 20,000 SH   SOLE   20,000 0 0
BP PLC SPONSORED ADR 055622104 8,244 353,529 SH   SOLE   353,529 0 0
BRIGHTHOUSE FINL INC COM 10922N103 556 20,000 SH   SOLE   20,000 0 0
BRISTOL-MYERS SQUIBB CO RIGHT 99/99/9999 110122157 104 29,000 SH   SOLE   29,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 3,469 59,000 SH   SOLE   59,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,924 78,670 SH   SOLE   78,670 0 0
CARDINAL HEALTH INC COM 14149Y108 1,215 23,277 SH   SOLE   23,277 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 657 40,000 SH   SOLE   40,000 0 0
CATERPILLAR INC DEL COM 149123101 5,693 45,000 SH   SOLE   45,000 0 0
CHEVRON CORP NEW COM 166764100 8,477 95,000 SH   SOLE   95,000 0 0
CHUBB LIMITED COM h1467j104 1,899 15,000 SH   SOLE   15,000 0 0
CIGNA CORP NEW COM 125523100 913 4,868 SH   SOLE   4,868 0 0
CITIGROUP INC COM NEW 172967424 3,393 66,400 SH   SOLE   66,400 0 0
COCA COLA CO COM 191216100 6,034 135,060 SH   SOLE   135,060 0 0
COMCAST CORP NEW CL A 20030N101 1,286 33,000 SH   SOLE   33,000 0 0
CORTEVA INC COM 22052l104 366 13,646 SH   SOLE   13,646 0 0
CVS HEALTH CORP COM 126650100 3,898 60,000 SH   SOLE   60,000 0 0
DOW INC COM 260557103 2,187 53,647 SH   SOLE   53,647 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,331 16,666 SH   SOLE   16,666 0 0
DUPONT DE NEMOURS INC COM 26614N102 2,319 43,646 SH   SOLE   43,646 0 0
EDISON INTL COM 281020107 1,629 30,000 SH   SOLE   30,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,471 25,000 SH   SOLE   25,000 0 0
ESSEX PPTY TR INC COM 297178105 2,063 9,000 SH   SOLE   9,000 0 0
EXXON MOBIL CORP COM 30231G102 894 20,000 SH   SOLE   20,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,287 15,100 SH   SOLE   15,100 0 0
FEDEX CORP COM 31428X106 2,804 20,000 SH   SOLE   20,000 0 0
GENERAL MLS INC COM 370334104 617 10,000 SH   SOLE   10,000 0 0
GILEAD SCIENCES INC COM 375558103 2,924 38,000 SH   SOLE   38,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 2,040 50,000 SH   SOLE   50,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 9,980 50,500 SH   SOLE   50,500 0 0
HCA HEALTHCARE INC COM 40412C101 874 9,000 SH   SOLE   9,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,714 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 486 45,000 SH   SOLE   45,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 3,311 141,918 SH   SOLE   141,918 0 0
JOHNSON & JOHNSON COM 478160104 4,922 35,000 SH   SOLE   35,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,407 41,200 SH   SOLE   41,200 0 0
JPMORGAN CHASE & CO COM 46625H100 15,294 162,600 SH   SOLE   162,600 0 0
KRAFT HEINZ CO COM 500754106 1,595 50,000 SH   SOLE   50,000 0 0
KROGER CO COM 501044101 6,978 206,150 SH   SOLE   206,150 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,329 8,000 SH   SOLE   8,000 0 0
LAS VEGAS SANDS CORP COM 517834107 2,277 50,000 SH   SOLE   50,000 0 0
LENNAR CORP CL A 526057104 2,857 46,370 SH   SOLE   46,370 0 0
LILLY ELI & CO COM 532457108 1,149 7,000 SH   SOLE   7,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,228 40,000 SH   SOLE   40,000 0 0
MEDTRONIC PLC SHS G5960L103 6,110 66,632 SH   SOLE   66,632 0 0
MERCK & CO. INC COM 58933Y105 4,098 53,000 SH   SOLE   53,000 0 0
METLIFE INC COM 59156R108 3,225 88,304 SH   SOLE   88,304 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104 1,691 16,060 SH   SOLE   16,060 0 0
MICROSOFT CORP COM 594918104 19,761 97,100 SH   SOLE   97,100 0 0
MONDELEZ INTL INC CL A 609207105 3,119 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 3,864 80,000 SH   SOLE   80,000 0 0
MYLAN NV SHS EURO N59465109 1,809 112,500 SH   SOLE   112,500 0 0
NOVARTIS AG SPONSORED ADR 66987V109 8,176 93,610 SH   SOLE   93,610 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 820 60,000 SH   SOLE   60,000 0 0
PEPSICO INC COM 713448108 5,264 39,800 SH   SOLE   39,800 0 0
PFIZER INC COM 717081103 3,139 96,000 SH   SOLE   96,000 0 0
PG&E CORP COM 69331C108 887 100,000 SH   SOLE   100,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,401 20,000 SH   SOLE   20,000 0 0
PHILLIPS 66 COM 718546104 1,028 14,300 SH   SOLE   14,300 0 0
PHYSICIANS RLTY TR COM 71943U104 876 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 4,031 55,000 SH   SOLE   55,000 0 0
PPG INDS INC COM 693506107 5,896 55,590 SH   SOLE   55,590 0 0
PPL CORP COM 69351T106 1,809 70,000 SH   SOLE   70,000 0 0
PROCTER AND GAMBLE CO COM 742718109 2,033 17,000 SH   SOLE   17,000 0 0
PRUDENTIAL FINL INC COM 744320102 4,595 75,459 SH   SOLE   75,459 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,368 12,000 SH   SOLE   12,000 0 0
ROYAL BK CDA COM 780087102 6,102 90,000 SH   SOLE   90,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 5,394 165,000 SH   SOLE   165,000 0 0
SANOFI SPONSORED ADR 80105N105 1,736 34,000 SH   SOLE   34,000 0 0
SCHLUMBERGER LTD COM 806857108 2,299 125,000 SH   SOLE   125,000 0 0
SCHWAB CHARLES CORP COM 808513105 2,024 60,000 SH   SOLE   60,000 0 0
SEMPRA ENERGY COM 816851109 586 5,000 SH   SOLE   5,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,552 22,700 SH   SOLE   22,700 0 0
SQUARE INC CL A 852234103 3,148 30,000 SH   SOLE   30,000 0 0
STATE STR CORP COM 857477103 3,813 60,000 SH   SOLE   60,000 0 0
STRYKER CORPORATION COM 863667101 1,622 9,000 SH   SOLE   9,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 1,022 57,000 SH   SOLE   57,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 728 20,000 SH   SOLE   20,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 4,907 110,000 SH   SOLE   110,000 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 3,769 30,000 SH   SOLE   30,000 0 0
TRUIST FINL CORP COM 89832Q109 5,069 135,000 SH   SOLE   135,000 0 0
TWITTER INC COM 90184l102 1,341 45,000 SH   SOLE   45,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 9,330 170,000 SH   SOLE   170,000 0 0
UNION PAC CORP COM 907818108 2,536 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,112 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS INC COM 911363109 1,043 7,000 SH   SOLE   7,000 0 0
US BANCORP DEL COM NEW 902973304 5,523 150,000 SH   SOLE   150,000 0 0
VENTAS INC COM 92276F100 732 20,000 SH   SOLE   20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,718 140,000 SH   SOLE   140,000 0 0
VIACOMCBS INC CL B 92556H206 1,772 76,000 SH   SOLE   76,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 3,246 76,580 SH   SOLE   76,580 0 0
WELLS FARGO CO NEW COM 949746101 25,728 1,005,000 SH   SOLE   1,005,000 0 0
WELLTOWER INC COM 95040Q104 518 10,000 SH   SOLE   10,000 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 1,572 70,000 SH   SOLE   70,000 0 0
WYNN RESORTS LTD COM 983134107 1,490 20,000 SH   SOLE   20,000 0 0