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   7,030 43,500 SH   SOLE   0 0 43,500
ABBOTT LABORATORIES COM 002824100   955 8,700 SH   SOLE   0 0 8,700
AEGON NV - NY REG SHRS COM 007924103   185 36,691 SH   SOLE   0 0 36,691
AGILENT TECHNOLOGIES, INC.(SPU COM 00846U101   238 1,593 SH   SOLE   0 0 1,593
ALLSTATE CORP COM 020002101   271 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107   5,815 65,540 SH   SOLE   0 0 65,540
ALTRIA GROUP INC. COM 02209S103   4,737 103,626 SH   SOLE   0 0 103,626
AMAZON.COM, INC. COM 023135106   563 6,700 SH   SOLE   0 0 6,700
AMERICAN ELECTRIC POWER COM 025537101   950 10,000 SH   SOLE   0 0 10,000
AON PLC COM 037389103   3,487 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100   38,816 298,743 SH   SOLE   0 0 298,743
APPLIED MATERIALS INC COM 038222105   299 3,075 SH   SOLE   0 0 3,075
ARCHER-DANIELS-MIDLAND CORP COM 039483102   944 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   808 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104   407 11,642 SH   SOLE   0 0 11,642
BANK OF HAWAII CORPORATION COM 062540109   4,770 61,500 SH   SOLE   0 0 61,500
BAXTER INT'L INC. COM 071813109   235 4,606 SH   SOLE   0 0 4,606
BERKSHIRE HATHAWAY INC. CL A COM 084670108   8,437 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702   6,338 20,518 SH   SOLE   0 0 20,518
BLACKSTONE INC. (THE) COM 09260d107   816 11,000 SH   SOLE   0 0 11,000
BOSTON PROPERTIES INC. REIT COM 101121101   405 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108   4,333 60,224 SH   SOLE   0 0 60,224
BRITISH AMERICAN TOBACCO PLC - COM 110448107   2,473 61,864 SH   SOLE   0 0 61,864
CARRIER GLOBAL CORP (UNITED TE COM 14448c104   594 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101   1,605 6,700 SH   SOLE   0 0 6,700
CHEVRON CORP COM 166764100   20,666 115,136 SH   SOLE   0 0 115,136
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104   3,288 14,906 SH   SOLE   0 0 14,906
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100   1,966 5,932 SH   SOLE   0 0 5,932
COCA-COLA CO COM 191216100   10,933 171,880 SH   SOLE   0 0 171,880
COCA-COLA EUROPACIFIC PARTNERS COM g25839104   719 13,000 SH   SOLE   0 0 13,000
CONOCOPHILLIPS COM 20825c104   2,561 21,700 SH   SOLE   0 0 21,700
CONSTELLATION BRANDS, INC. COM 21036P108   2,520 10,875 SH   SOLE   0 0 10,875
CORPORATE OFFICE PROPERTY TRUS COM 22002T108   236 9,100 SH   SOLE   0 0 9,100
DARDEN RESTAURANTS INC. COM 237194105   415 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205   8,026 45,040 SH   SOLE   0 0 45,040
DISNEY WALT CO COM 254687106   3,885 44,715 SH   SOLE   0 0 44,715
EDWARDS LIFESCIENCES CORP. COM 28176E108   998 13,370 SH   SOLE   0 0 13,370
EMERSON ELECTRIC CO COM 291011104   685 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107   3,798 157,460 SH   SOLE   0 0 157,460
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303   429 4,900 SH   SOLE   0 0 4,900
EXXON MOBIL CORPORATION COM 30231G102   1,291 11,700 SH   SOLE   0 0 11,700
FIDELITY NATIONAL FINANCIAL, I COM 31620r303   393 10,458 SH   SOLE   0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106   364 5,364 SH   SOLE   0 0 5,364
GENERAL MILLS, INC. COM 370334104   4,696 56,000 SH   SOLE   0 0 56,000
GENERAL MOTORS COMPANY COM 37045v100   2,333 69,340 SH   SOLE   0 0 69,340
HOME DEPOT COM 437076102   6,175 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107   313 4,100 SH   SOLE   0 0 4,100
IAC INC. COM 44891n208   219 4,925 SH   SOLE   0 0 4,925
INTERNATIONAL BUSINESS MACHINE COM 459200101   4,431 31,452 SH   SOLE   0 0 31,452
IRON MOUNTAIN INC. REIT COM 46284v101   6,560 131,600 SH   SOLE   0 0 131,600
JPMORGAN CHASE & CO. COM 46625H100   9,056 67,531 SH   SOLE   0 0 67,531
JOHNSON & JOHNSON COM 478160104   7,210 40,815 SH   SOLE   0 0 40,815
KKR & CO. INC. COM 48251w104   836 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103   1,996 14,700 SH   SOLE   0 0 14,700
KINDER MORGAN, INC. COM 49456B101   4,434 245,220 SH   SOLE   0 0 245,220
LOEWS CORP COM 540424108   4,545 77,917 SH   SOLE   0 0 77,917
MCDONALD'S CORP COM 580135101   1,845 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105   14,931 134,570 SH   SOLE   0 0 134,570
METLIFE INC. COM 59156r108   289 4,000 SH   SOLE   0 0 4,000
META PLATFORMS INC. (FRMLY FAC COM 30303M102   1,365 11,340 SH   SOLE   0 0 11,340
MICROSOFT CORPORATION COM 594918104   4,609 19,219 SH   SOLE   0 0 19,219
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105   3,033 45,500 SH   SOLE   0 0 45,500
MORGAN STANLEY COM 617446448   969 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103   9,193 78,570 SH   SOLE   0 0 78,570
NESTLE SA - SPON ADR COM 641069406   1,961 17,000 SH   SOLE   0 0 17,000
NOVARTIS AG - ADR COM 66987v109   975 10,750 SH   SOLE   0 0 10,750
NVIDIA CORPORATION COM 67066G104   348 2,380 SH   SOLE   0 0 2,380
ORACLE CORP COM 68389X105   245 3,000 SH   SOLE   0 0 3,000
ORGANON & CO. (MERCK SPIN OFF) COM 68622v106   2,052 73,455 SH   SOLE   0 0 73,455
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107   564 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108   7,589 42,009 SH   SOLE   0 0 42,009
PFIZER, INC. COM 717081103   7,254 141,575 SH   SOLE   0 0 141,575
PHILIP MORRIS INTERNATIONAL-AL COM 718172109   11,387 112,506 SH   SOLE   0 0 112,506
PHILLIPS 66 COM 718546104   1,311 12,600 SH   SOLE   0 0 12,600
PROCTER & GAMBLE CO COM 742718109   11,384 75,109 SH   SOLE   0 0 75,109
PROMETHEUS BIOSCIENCES, INC. COM 74349u108   5,590 50,814 SH   SOLE   0 0 50,814
PUBLIC STORAGE - REIT COM 74460D109   669 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 751212101   317 3,000 SH   SOLE   0 0 3,000
RAYTHEON TECHNOLGIES CORP - NC COM 75513e101   1,756 17,400 SH   SOLE   0 0 17,400
REXFORD INDUSTRIAL REALTY, INC COM 76169c100   1,147 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100   712 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104   4,228 108,000 SH   SOLE   0 0 108,000
SEMPRA ENERGY COM 816851109   2,241 14,500 SH   SOLE   0 0 14,500
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302   348 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107   765 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100   373 5,006 SH   SOLE   0 0 5,006
TANGER FACTORY OUTLET REIT COM 875465106   4,272 238,150 SH   SOLE   0 0 238,150
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106   8,310 55,755 SH   SOLE   0 0 55,755
TEXAS INSTRUMENTS INC. COM 882508104   1,652 10,000 SH   SOLE   0 0 10,000
TOTALENERGIES SE ADR (FRMRLY T COM 89151E109   2,533 40,795 SH   SOLE   0 0 40,795
TRAVELERS COMPANIES, INC. COM 89417e109   612 3,264 SH   SOLE   0 0 3,264
U.S. BANCORP (FORMERLY FIRST B COM 902973106   637 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108   1,553 7,500 SH   SOLE   0 0 7,500
UNITED PARCEL SERVICE, INC. CL COM 911312106   887 5,100 SH   SOLE   0 0 5,100
VICI PROPERTIES INC. (REIT) COM 925652109   3,245 100,150 SH   SOLE   0 0 100,150
VERIZON COMMUNICATIONS INC. COM 92343V104   1,027 26,059 SH   SOLE   0 0 26,059
WALMART INC. COM 931142103   3,800 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC. (FORMERLY TRIC COM 895953107   779 6,080 SH   SOLE   0 0 6,080
YUM CHINA HOLDINGS, INC. COM 98850p109   320 5,853 SH   SOLE   0 0 5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102   854 6,700 SH   SOLE   0 0 6,700
ZOETIS INC. COM 98978v103   4,968 33,900 SH   SOLE   0 0 33,900
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149   1,583 100,000 SH   SOLE   0 0 100,000
ENERGY TRANSFER LP 7.375 PFD PREFERRED 29273v407   218 10,000 SH   SOLE   0 0 10,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648   743 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805   1,812 74,000 SH   SOLE   0 0 74,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685   843 40,000 SH   SOLE   0 0 40,000