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   7,410 43,200 SH   SOLE   0 0 43,200
ABBOTT LABORATORIES COM 002824100   904 8,700 SH   SOLE   0 0 8,700
AEGON LTD - NY REG SHRS COM 0076ca104   225 36,691 SH   SOLE   0 0 36,691
AGILENT TECHNOLOGIES, INC.(SPU COM 00846U101   207 1,593 SH   SOLE   0 0 1,593
ALLSTATE CORP COM 020002101   319 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107   11,911 64,940 SH   SOLE   0 0 64,940
ALTRIA GROUP INC. COM 02209S103   4,695 103,076 SH   SOLE   0 0 103,076
AMAZON.COM, INC. COM 023135106   4,629 23,955 SH   SOLE   0 0 23,955
AMERICAN ELECTRIC POWER COM 025537101   877 10,000 SH   SOLE   0 0 10,000
AON PLC COM 037389103   3,411 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100   54,763 260,008 SH   SOLE   0 0 260,008
APPLIED MATERIALS INC COM 038222105   726 3,075 SH   SOLE   0 0 3,075
ARCHER-DANIELS-MIDLAND CORP COM 039483102   615 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108   624 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101   1,034 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104   420 11,642 SH   SOLE   0 0 11,642
BANK OF HAWAII CORPORATION COM 062540109   4,163 72,760 SH   SOLE   0 0 72,760
BERKSHIRE HATHAWAY INC. CL A COM 084670108   11,020 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702   8,347 20,518 SH   SOLE   0 0 20,518
BLACKSTONE INC. (THE) COM 09260d107   1,362 11,000 SH   SOLE   0 0 11,000
BOSTON PROPERTIES INC. REIT COM 101121101   369 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108   2,482 59,774 SH   SOLE   0 0 59,774
BRITISH AMERICAN TOBACCO PLC - COM 110448107   1,852 59,864 SH   SOLE   0 0 59,864
COPT DEFENSE PROP REIT(FRM COR COM 22002T108   228 9,100 SH   SOLE   0 0 9,100
CARRIER GLOBAL CORP (UNITED TE COM 14448c104   908 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101   2,232 6,700 SH   SOLE   0 0 6,700
CHEVRON CORP COM 166764100   17,723 113,304 SH   SOLE   0 0 113,304
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104   3,802 14,906 SH   SOLE   0 0 14,906
CHURCH & DWIGHT COM 171340102   249 2,400 SH   SOLE   0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100   1,961 5,932 SH   SOLE   0 0 5,932
COCA-COLA CO COM 191216100   10,994 172,731 SH   SOLE   0 0 172,731
CONOCOPHILLIPS COM 20825c104   2,482 21,700 SH   SOLE   0 0 21,700
CONSTELLATION BRANDS, INC. COM 21036P108   2,714 10,550 SH   SOLE   0 0 10,550
CROWN CASTLE INTERNATIONAL COR COM 22822v101   420 4,300 SH   SOLE   0 0 4,300
DARDEN RESTAURANTS INC. COM 237194105   454 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205   5,672 44,990 SH   SOLE   0 0 44,990
DIGITAL REALTY TRUST, INC. REI COM 253868103   3,473 22,840 SH   SOLE   0 0 22,840
DISNEY WALT CO COM 254687106   5,548 55,875 SH   SOLE   0 0 55,875
EDWARDS LIFESCIENCES CORP. COM 28176E108   1,143 12,370 SH   SOLE   0 0 12,370
EMERSON ELECTRIC CO COM 291011104   785 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107   4,515 155,810 SH   SOLE   0 0 155,810
EQUITY RESIDENTIAL REIT COM 29476l107   3,779 54,500 SH   SOLE   0 0 54,500
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303   617 4,900 SH   SOLE   0 0 4,900
EXXON MOBIL CORPORATION COM 30231G102   1,347 11,700 SH   SOLE   0 0 11,700
FIDELITY NATIONAL FINANCIAL, I COM 31620r303   517 10,458 SH   SOLE   0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106   404 5,364 SH   SOLE   0 0 5,364
GENERAL MILLS, INC. COM 370334104   3,543 56,000 SH   SOLE   0 0 56,000
GENERAL MOTORS COMPANY COM 37045v100   5,275 113,540 SH   SOLE   0 0 113,540
HOME DEPOT COM 437076102   6,730 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES HOLDINGS INC. COM 44267T102   266 4,100 SH   SOLE   0 0 4,100
IAC INC. COM 44891n208   231 4,925 SH   SOLE   0 0 4,925
INTERNATIONAL BUSINESS MACHINE COM 459200101   5,440 31,452 SH   SOLE   0 0 31,452
IRON MOUNTAIN INC. REIT COM 46284v101   11,704 130,600 SH   SOLE   0 0 130,600
JPMORGAN CHASE & CO. COM 46625H100   12,931 63,931 SH   SOLE   0 0 63,931
JOHNSON & JOHNSON COM 478160104   4,557 31,180 SH   SOLE   0 0 31,180
KKR & CO. INC. COM 48251w104   1,894 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103   1,962 14,200 SH   SOLE   0 0 14,200
KINDER MORGAN, INC. COM 49456B101   4,833 243,220 SH   SOLE   0 0 243,220
LOEWS CORP COM 540424108   5,824 77,917 SH   SOLE   0 0 77,917
MARKER THERAPEUTICS, INC. COM 57055L107   384 70,700 SH   SOLE   0 0 70,700
MCDONALD'S CORP COM 580135101   1,784 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105   16,629 134,320 SH   SOLE   0 0 134,320
METLIFE INC. COM 59156r108   281 4,000 SH   SOLE   0 0 4,000
MICROSOFT CORPORATION COM 594918104   10,851 24,279 SH   SOLE   0 0 24,279
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105   2,978 45,500 SH   SOLE   0 0 45,500
MORGAN STANLEY COM 617446448   1,108 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103   5,937 78,770 SH   SOLE   0 0 78,770
NESTLE SA - SPON ADR COM 641069406   1,742 17,000 SH   SOLE   0 0 17,000
NOVARTIS AG - ADR COM 66987v109   1,144 10,750 SH   SOLE   0 0 10,750
NVIDIA CORPORATION COM 67066G104   10,062 81,450 SH   SOLE   0 0 81,450
ON HOLDING AG COM h5919c104   388 10,000 SH   SOLE   0 0 10,000
ORACLE CORP COM 68389X105   424 3,000 SH   SOLE   0 0 3,000
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107   693 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108   6,962 42,209 SH   SOLE   0 0 42,209
PFIZER, INC. COM 717081103   4,336 154,965 SH   SOLE   0 0 154,965
PHILIP MORRIS INTERNATIONAL-AL COM 718172109   11,360 112,106 SH   SOLE   0 0 112,106
PHILLIPS 66 COM 718546104   1,779 12,600 SH   SOLE   0 0 12,600
PROCTER & GAMBLE CO COM 742718109   12,338 74,809 SH   SOLE   0 0 74,809
PUBLIC STORAGE - REIT COM 74460D109   687 2,388 SH   SOLE   0 0 2,388
RTX CORP (FRMLY RAYTHEON TECH COM 75513e101   1,747 17,400 SH   SOLE   0 0 17,400
RALPH LAUREN CORP (FMLY POLO R COM 751212101   525 3,000 SH   SOLE   0 0 3,000
REXFORD INDUSTRIAL REALTY, INC COM 76169c100   2,167 48,600 SH   SOLE   0 0 48,600
RIO TINTO PLC SPONSORED ADR COM 767204100   659 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104   3,744 108,000 SH   SOLE   0 0 108,000
SEMPRA ENERGY COM 816851109   2,206 29,000 SH   SOLE   0 0 29,000
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302   356 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107   714 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100   870 5,006 SH   SOLE   0 0 5,006
TANGER INC. REIT COM 875465106   6,426 237,050 SH   SOLE   0 0 237,050
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106   8,671 58,570 SH   SOLE   0 0 58,570
TEXAS INSTRUMENTS INC. COM 882508104   1,945 10,000 SH   SOLE   0 0 10,000
TOAST, INC. COM 888787108   304 11,800 SH   SOLE   0 0 11,800
TOTALENERGIES SE ADR (FRMRLY T COM 89151E109   2,612 39,175 SH   SOLE   0 0 39,175
TRAVELERS COMPANIES, INC. COM 89417e109   664 3,264 SH   SOLE   0 0 3,264
U.S. BANCORP (FORMERLY FIRST B COM 902973106   580 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108   1,697 7,500 SH   SOLE   0 0 7,500
UNITED PARCEL SERVICE, INC. CL COM 911312106   698 5,100 SH   SOLE   0 0 5,100
UNITEDHEALTH GROUP INC COM 91324P102   1,574 3,090 SH   SOLE   0 0 3,090
VICI PROPERTIES INC. (REIT) COM 925652109   2,974 103,850 SH   SOLE   0 0 103,850
VERIZON COMMUNICATIONS INC. COM 92343V104   4,147 100,559 SH   SOLE   0 0 100,559
VISA INC. COM 92826c839   210 800 SH   SOLE   0 0 800
VODAFONE GROUP PLC SPONS ADR COM 92857w308   289 32,564 SH   SOLE   0 0 32,564
WALMART INC. COM 931142103   5,485 81,000 SH   SOLE   0 0 81,000
YUM BRANDS INC. (FORMERLY TRIC COM 895953107   805 6,080 SH   SOLE   0 0 6,080
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102   727 6,700 SH   SOLE   0 0 6,700
ZOETIS INC. COM 98978v103   5,871 33,864 SH   SOLE   0 0 33,864
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149   1,420 100,000 SH   SOLE   0 0 100,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648   753 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805   1,789 73,000 SH   SOLE   0 0 73,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685   925 40,000 SH   SOLE   0 0 40,000