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 4,293 30,500 SH   SOLE   30,500 0 0
ABBVIE INC COM 00287Y109 7,487 55,294 SH   SOLE   55,294 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101 1,701 3,000 SH   SOLE   3,000 0 0
ALBERTSONS COS INC COMMON STOCK 013091103 3,019 100,000 SH   SOLE   100,000 0 0
ALCON AG ORD SHS H01301128 1,631 18,722 SH   SOLE   18,722 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 596 2,675 SH   SOLE   2,675 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,782 15,000 SH   SOLE   15,000 0 0
ALLSTATE CORP COM 020002101 4,353 37,000 SH   SOLE   37,000 0 0
ALLY FINL INC COM 02005N100 4,761 100,000 SH   SOLE   100,000 0 0
ALPHABET INC CAP STK CL A 02079K305 5,794 2,000 SH   SOLE   2,000 0 0
AMERICAN ASSETS TR INC COM 024013104 54,994 1,465,336 SH   SOLE   1,465,336 0 0
AMERICAN ELEC PWR CO INC COM 025537101 5,338 60,000 SH   SOLE   60,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 424 9,713 SH   SOLE   9,713 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,245 4,257 SH   SOLE   4,257 0 0
AMERIPRISE FINL INC COM 03076c106 3,394 11,250 SH   SOLE   11,250 0 0
AMGEN INC COM 031162100 7,917 35,190 SH   SOLE   35,190 0 0
APPLE INC COM 037833100 37,290 210,000 SH   SOLE   210,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,084 30,830 SH   SOLE   30,830 0 0
AVALONBAY CMNTYS INC COM 053484101 313 1,239 SH   SOLE   1,239 0 0
BAIDU INC SPON ADR REP A 056752108 2,232 15,000 SH   SOLE   15,000 0 0
BANK MONTREAL QUE COM 063671101 10,341 96,000 SH   SOLE   96,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 6,679 115,000 SH   SOLE   115,000 0 0
BANK NOVA SCOTIA B C COM 064149107 6,811 95,000 SH   SOLE   95,000 0 0
BAXTER INTL INC COM 071813109 4,964 57,829 SH   SOLE   57,829 0 0
BECTON DICKINSON & CO COM 075887109 1,383 5,500 SH   SOLE   5,500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 673 2,250 SH   SOLE   2,250 0 0
BIOGEN INC COM 09062X103 2,879 12,000 SH   SOLE   12,000 0 0
BK OF AMERICA CORP COM 060505104 32,789 737,000 SH   SOLE   737,000 0 0
BLOCK INC CL A 852234103 808 5,000 SH   SOLE   5,000 0 0
BOSTON PROPERTIES INC COM 101121101 3,801 33,000 SH   SOLE   33,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103 1,036 20,000 SH   SOLE   20,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 7,918 127,000 SH   SOLE   127,000 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 4,646 49,675 SH   SOLE   49,675 0 0
CAMDEN PPTY TR SH BEN INT 133131102 335 1,876 SH   SOLE   1,876 0 0
CAPITAL ONE FINL CORP COM 14040H105 12,405 85,500 SH   SOLE   85,500 0 0
CARDINAL HEALTH INC COM 14149Y108 1,199 23,277 SH   SOLE   23,277 0 0
CATERPILLAR INC COM 149123101 9,303 45,000 SH   SOLE   45,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735 1,613 25,000 SH   SOLE   25,000 0 0
CHEVRON CORP NEW COM 166764100 21,123 180,000 SH   SOLE   180,000 0 0
CHICAGO RIVET & MACH CO COM 168088102 256 9,746 SH   SOLE   9,746 0 0
CHINDATA GROUP HLDGS LTD ADS 16955F107 653 99,152 SH   SOLE   99,152 0 0
CHUBB LIMITED COM h1467j104 4,833 25,000 SH   SOLE   25,000 0 0
CIGNA CORP NEW COM 125523100 1,118 4,868 SH   SOLE   4,868 0 0
CITIGROUP INC COM NEW 172967424 5,822 96,400 SH   SOLE   96,400 0 0
COCA COLA CO COM 191216100 8,885 150,060 SH   SOLE   150,060 0 0
COMCAST CORP NEW CL A 20030N101 2,013 40,000 SH   SOLE   40,000 0 0
CONOCOPHILLIPS COM 20825C104 5,053 70,000 SH   SOLE   70,000 0 0
CORTEVA INC COM 22052l104 645 13,646 SH   SOLE   13,646 0 0
COSTAR GROUP INC COM 22160N109 361 4,563 SH   SOLE   4,563 0 0
COTERRA ENERGY INC COM 127097103 1,672 88,000 SH   SOLE   88,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 589 2,823 SH   SOLE   2,823 0 0
CVS HEALTH CORP COM 126650100 8,253 80,000 SH   SOLE   80,000 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 1,250 100,000 SH   SOLE   100,000 0 0
DIGITALBRIDGE GROUP INC CL A COM 25401T108 1,444 173,312 SH   SOLE   173,312 0 0
DISCOVERY INC COM SER A 25470F104 4,943 210,000 SH   SOLE   210,000 0 0
DOUGLAS EMMETT INC COM 25960P109 670 20,000 SH   SOLE   20,000 0 0
DOW INC COM 260557103 3,065 54,044 SH   SOLE   54,044 0 0
DRIVE SHACK INC COM 262077100 167 116,942 SH   SOLE   116,942 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 3,427 32,666 SH   SOLE   32,666 0 0
DUPONT DE NEMOURS INC COM 26614N102 3,550 43,943 SH   SOLE   43,943 0 0
EDISON INTL COM 281020107 6,825 100,000 SH   SOLE   100,000 0 0
EQUINIX INC COM 29444U700 542 641 SH   SOLE   641 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 246 2,806 SH   SOLE   2,806 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,426 71,000 SH   SOLE   71,000 0 0
ESSEX PPTY TR INC COM 297178105 13,913 39,500 SH   SOLE   39,500 0 0
EXELON CORP COM 30161N101 5,776 100,000 SH   SOLE   100,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 592 2,609 SH   SOLE   2,609 0 0
EXXON MOBIL CORP COM 30231G102 25,088 410,000 SH   SOLE   410,000 0 0
FEDEX CORP COM 31428X106 6,983 27,000 SH   SOLE   27,000 0 0
FIRSTENERGY CORP COM 337932107 2,911 70,000 SH   SOLE   70,000 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 1,604 55,464 SH   SOLE   55,464 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 574 12,170 SH   SOLE   12,170 0 0
GENERAL ELECTRIC CO COM NEW 369604301 3,543 37,500 SH   SOLE   37,500 0 0
GENERAL MLS INC COM 370334104 674 10,000 SH   SOLE   10,000 0 0
GILEAD SCIENCES INC COM 375558103 1,670 23,000 SH   SOLE   23,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 2,205 50,000 SH   SOLE   50,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 20,658 54,000 SH   SOLE   54,000 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100 2,905 70,000 SH   SOLE   70,000 0 0
HCA HEALTHCARE INC COM 40412C101 2,312 9,000 SH   SOLE   9,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 2,084 40,000 SH   SOLE   40,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 3,640 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 783 45,000 SH   SOLE   45,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 5,033 166,918 SH   SOLE   166,918 0 0
HUDSON PAC PPTYS INC COM 444097109 1,236 50,000 SH   SOLE   50,000 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 325 1,236 SH   SOLE   1,236 0 0
INTEL CORP COM 458140100 10,815 210,000 SH   SOLE   210,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 7,351 55,000 SH   SOLE   55,000 0 0
INVITATION HOMES INC COM 46187W107 652 14,379 SH   SOLE   14,379 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,891 8,500 SH   SOLE   8,500 0 0
ISHARES TR 20 YR TR BD ETF 464287432 2,519 17,000 SH   SOLE   17,000 0 0
JOHNSON & JOHNSON COM 478160104 8,554 50,000 SH   SOLE   50,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 2,130 26,200 SH   SOLE   26,200 0 0
JPMORGAN CHASE & CO COM 46625H100 28,123 177,600 SH   SOLE   177,600 0 0
KINDER MORGAN INC DEL COM 49456B101 1,586 100,000 SH   SOLE   100,000 0 0
KRAFT HEINZ CO COM 500754106 1,795 50,000 SH   SOLE   50,000 0 0
KROGER CO COM 501044101 9,330 206,150 SH   SOLE   206,150 0 0
KYNDRYL HLDGS INC COMMON STOCK 50155Q100 199 11,000 SH   SOLE   11,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 2,514 8,000 SH   SOLE   8,000 0 0
LENNAR CORP CL A 526057104 10,033 86,370 SH   SOLE   86,370 0 0
LIFE STORAGE INC COM 53223X107 502 3,275 SH   SOLE   3,275 0 0
LILLY ELI & CO COM 532457108 3,315 12,000 SH   SOLE   12,000 0 0
MACQUARIE INFRASTR HOLD LLC COMMON UNITS 55608B105 146 40,000 SH   SOLE   40,000 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 1,737 10,000 SH   SOLE   10,000 0 0
MATTERPORT INC COM CL A 577096100 413 20,000 SH   SOLE   20,000 0 0
MEDTRONIC PLC SHS G5960L103 6,893 66,632 SH   SOLE   66,632 0 0
MERCK & CO INC COM 58933Y105 9,427 123,000 SH   SOLE   123,000 0 0
META PLATFORMS INC CL A 30303M102 2,691 8,000 SH   SOLE   8,000 0 0
METLIFE INC COM 59156R108 6,455 103,304 SH   SOLE   103,304 0 0
MGM RESORTS INTERNATIONAL COM 552953101 807 17,990 SH   SOLE   17,990 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104 2,699 31,000 SH   SOLE   31,000 0 0
MICROSOFT CORP COM 594918104 30,151 89,650 SH   SOLE   89,650 0 0
MONDELEZ INTL INC CL A 609207105 4,046 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 9,031 92,000 SH   SOLE   92,000 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 515 7,448 SH   SOLE   7,448 0 0
NEXTERA ENERGY INC COM 65339F101 4,668 50,000 SH   SOLE   50,000 0 0
NIKE INC CL B 654106103 4,167 25,000 SH   SOLE   25,000 0 0
NORTHROP GRUMMAN CORP COM 666807102 5,806 15,000 SH   SOLE   15,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 8,188 93,610 SH   SOLE   93,610 0 0
NRG ENERGY INC COM NEW 629377508 2,290 53,146 SH   SOLE   53,146 0 0
ORGANON & CO COMMON STOCK 68622V106 344 11,300 SH   SOLE   11,300 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,342 60,000 SH   SOLE   60,000 0 0
PEPSICO INC COM 713448108 6,914 39,800 SH   SOLE   39,800 0 0
PERRIGO CO PLC SHS G97822103 3,266 83,965 SH   SOLE   83,965 0 0
PFIZER INC COM 717081103 7,677 130,000 SH   SOLE   130,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,900 20,000 SH   SOLE   20,000 0 0
PHILLIPS 66 COM 718546104 9,260 127,800 SH   SOLE   127,800 0 0
PHYSICIANS RLTY TR COM 71943U104 942 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 5,859 83,000 SH   SOLE   83,000 0 0
PPG INDS INC COM 693506107 7,803 45,250 SH   SOLE   45,250 0 0
PPL CORP COM 69351T106 2,104 70,000 SH   SOLE   70,000 0 0
PROCTER AND GAMBLE CO COM 742718109 2,781 17,000 SH   SOLE   17,000 0 0
PROLOGIS INC. COM 74340W103 389 2,308 SH   SOLE   2,308 0 0
PRUDENTIAL FINL INC COM 744320102 8,709 80,459 SH   SOLE   80,459 0 0
QUEST DIAGNOSTICS INC COM 74834L100 2,076 12,000 SH   SOLE   12,000 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,582 30,000 SH   SOLE   30,000 0 0
REXFORD INDL RLTY INC COM 76169C100 319 3,931 SH   SOLE   3,931 0 0
ROYAL BK CDA COM 780087102 10,985 103,500 SH   SOLE   103,500 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 23,262 536,000 SH   SOLE   536,000 0 0
SANOFI SPONSORED ADR 80105N105 2,004 40,000 SH   SOLE   40,000 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 382 983 SH   SOLE   983 0 0
SCHWAB CHARLES CORP COM 808513105 6,869 81,674 SH   SOLE   81,674 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886 2,434 34,000 SH   SOLE   34,000 0 0
SEMPRA COM 816851109 6,085 46,000 SH   SOLE   46,000 0 0
SNOWFLAKE INC CL A 833445109 5,420 16,000 SH   SOLE   16,000 0 0
SOUTHERN CO COM 842587107 1,715 25,000 SH   SOLE   25,000 0 0
STATE STR CORP COM 857477103 7,905 85,000 SH   SOLE   85,000 0 0
STRYKER CORPORATION COM 863667101 2,407 9,000 SH   SOLE   9,000 0 0
SUN CMNTYS INC COM 866674104 253 1,204 SH   SOLE   1,204 0 0
SWITCH INC CL A 87105L104 948 33,093 SH   SOLE   33,093 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 777 57,000 SH   SOLE   57,000 0 0
TERRENO RLTY CORP COM 88146M101 322 3,779 SH   SOLE   3,779 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 11,502 150,000 SH   SOLE   150,000 0 0
TOYOTA MOTOR CORP ADS 892331307 5,559 30,000 SH   SOLE   30,000 0 0
TRUIST FINL CORP COM 89832Q109 20,727 354,000 SH   SOLE   354,000 0 0
TWITTER INC COM 90184l102 1,945 45,000 SH   SOLE   45,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 9,144 170,000 SH   SOLE   170,000 0 0
UNION PAC CORP COM 907818108 3,779 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 2,143 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS INC COM 911363109 2,326 7,000 SH   SOLE   7,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 2,161 10,000 SH   SOLE   10,000 0 0
US BANCORP DEL COM NEW 902973304 11,796 210,000 SH   SOLE   210,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,274 140,000 SH   SOLE   140,000 0 0
VIACOMCBS INC CL B 92556H206 2,801 92,800 SH   SOLE   92,800 0 0
VIATRIS INC COM 92556V106 677 50,000 SH   SOLE   50,000 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 961 106,468 SH   SOLE   106,468 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,716 109,580 SH   SOLE   109,580 0 0
WALMART INC COM 931142103 7,813 54,000 SH   SOLE   54,000 0 0
WEC ENERGY GROUP INC COM 92939U106 4,854 50,000 SH   SOLE   50,000 0 0
WELLS FARGO CO NEW COM 949746101 26,629 555,000 SH   SOLE   555,000 0 0
WELLTOWER INC COM 95040Q104 858 10,000 SH   SOLE   10,000 0 0
WESTERN DIGITAL CORP. COM 958102105 3,913 60,000 SH   SOLE   60,000 0 0
WEWORK INC CL A 96209A104 316 36,718 SH   SOLE   36,718 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 2,883 70,000 SH   SOLE   70,000 0 0
WYNN RESORTS LTD COM 983134107 1,863 21,903 SH   SOLE   21,903 0 0
XCEL ENERGY INC COM 98389B100 4,739 70,000 SH   SOLE   70,000 0 0