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   5,861 43,500 SH   SOLE   0 0 43,500
ABBOTT LABORATORIES COM 002824100   948 8,700 SH   SOLE   0 0 8,700
AEGON NV - NY REG SHRS COM 007924103   186 36,691 SH   SOLE   0 0 36,691
ALLSTATE CORP COM 020002101   218 2,000 SH   SOLE   0 0 2,000
ALPHABET INC. CL C COM 02079K107   7,928 65,540 SH   SOLE   0 0 65,540
ALTRIA GROUP INC. COM 02209S103   4,694 103,626 SH   SOLE   0 0 103,626
AMAZON.COM, INC. COM 023135106   3,076 23,595 SH   SOLE   0 0 23,595
AMERICAN ELECTRIC POWER COM 025537101   842 10,000 SH   SOLE   0 0 10,000
AON PLC COM 037389103   4,011 11,618 SH   SOLE   0 0 11,618
APPLE INC. COM 037833100   52,107 268,633 SH   SOLE   0 0 268,633
APPLIED MATERIALS INC COM 038222105   444 3,075 SH   SOLE   0 0 3,075
ARCHER-DANIELS-MIDLAND CORP COM 039483102   769 10,172 SH   SOLE   0 0 10,172
ASTRAZENECA PLC-SPONS ADR COM 046353108   573 8,000 SH   SOLE   0 0 8,000
AVALONBAY COMMUNITIES, INC REI COM 053484101   946 5,000 SH   SOLE   0 0 5,000
BP PLC SPONS ADR COM 055622104   411 11,642 SH   SOLE   0 0 11,642
BANK OF HAWAII CORPORATION COM 062540109   3,070 74,460 SH   SOLE   0 0 74,460
BAXTER INT'L INC. COM 071813109   210 4,606 SH   SOLE   0 0 4,606
BERKSHIRE HATHAWAY INC. CL A COM 084670108   9,321 18 SH   SOLE   0 0 18
BERKSHIRE HATHAWAY INC. CL B COM 084670702   6,997 20,518 SH   SOLE   0 0 20,518
BLACKSTONE INC. (THE) COM 09260d107   1,023 11,000 SH   SOLE   0 0 11,000
BOSTON PROPERTIES INC. REIT COM 101121101   346 6,000 SH   SOLE   0 0 6,000
BRISTOL-MYERS SQUIBB CO COM 110122108   3,823 59,774 SH   SOLE   0 0 59,774
BRITISH AMERICAN TOBACCO PLC - COM 110448107   2,054 61,864 SH   SOLE   0 0 61,864
CARRIER GLOBAL CORP (UNITED TE COM 14448c104   716 14,400 SH   SOLE   0 0 14,400
CATERPILLAR INC. COM 149123101   1,649 6,700 SH   SOLE   0 0 6,700
CHEVRON CORP COM 166764100   17,881 113,636 SH   SOLE   0 0 113,636
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104   2,870 14,906 SH   SOLE   0 0 14,906
CHURCH & DWIGHT COM 171340102   241 2,400 SH   SOLE   0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100   1,665 5,932 SH   SOLE   0 0 5,932
COCA-COLA CO COM 191216100   10,345 171,780 SH   SOLE   0 0 171,780
COCA-COLA EUROPACIFIC PARTNERS COM g25839104   387 6,000 SH   SOLE   0 0 6,000
CONOCOPHILLIPS COM 20825c104   2,248 21,700 SH   SOLE   0 0 21,700
CONSTELLATION BRANDS, INC. COM 21036P108   2,677 10,875 SH   SOLE   0 0 10,875
CORPORATE OFFICE PROPERTY TRUS COM 22002T108   216 9,100 SH   SOLE   0 0 9,100
CROWN CASTLE INTERNATIONAL COR COM 22822v101   547 4,800 SH   SOLE   0 0 4,800
DARDEN RESTAURANTS INC. COM 237194105   501 3,000 SH   SOLE   0 0 3,000
DIAGEO PLC ADR COM 25243Q205   7,814 45,040 SH   SOLE   0 0 45,040
DIGITAL REALTY TRUST, INC. REI COM 253868103   2,601 22,840 SH   SOLE   0 0 22,840
DISNEY WALT CO COM 254687106   4,847 54,290 SH   SOLE   0 0 54,290
EDWARDS LIFESCIENCES CORP. COM 28176E108   1,261 13,370 SH   SOLE   0 0 13,370
EMERSON ELECTRIC CO COM 291011104   644 7,130 SH   SOLE   0 0 7,130
ENTERPRISE PRODUCTS PARTNERS, COM 293792107   4,125 156,560 SH   SOLE   0 0 156,560
EXPEDIA INC.(IAC/INTERACTIVECO COM 30212p303   536 4,900 SH   SOLE   0 0 4,900
EXXON MOBIL CORPORATION COM 30231G102   1,255 11,700 SH   SOLE   0 0 11,700
FIDELITY NATIONAL FINANCIAL, I COM 31620r303   376 10,458 SH   SOLE   0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106   293 5,364 SH   SOLE   0 0 5,364
GENERAL MILLS, INC. COM 370334104   4,295 56,000 SH   SOLE   0 0 56,000
GENERAL MOTORS COMPANY COM 37045v100   4,351 112,840 SH   SOLE   0 0 112,840
HOME DEPOT COM 437076102   6,073 19,550 SH   SOLE   0 0 19,550
HOWARD HUGHES CORP (THE)(SPINO COM 44267d107   324 4,100 SH   SOLE   0 0 4,100
IAC INC. COM 44891n208   309 4,925 SH   SOLE   0 0 4,925
INTERNATIONAL BUSINESS MACHINE COM 459200101   4,209 31,452 SH   SOLE   0 0 31,452
IRON MOUNTAIN INC. REIT COM 46284v101   7,478 131,600 SH   SOLE   0 0 131,600
JPMORGAN CHASE & CO. COM 46625H100   9,487 65,231 SH   SOLE   0 0 65,231
JOHNSON & JOHNSON COM 478160104   6,756 40,815 SH   SOLE   0 0 40,815
KKR & CO. INC. COM 48251w104   1,008 18,000 SH   SOLE   0 0 18,000
KIMBERLY-CLARK COM 494368103   2,002 14,500 SH   SOLE   0 0 14,500
KINDER MORGAN, INC. COM 49456B101   4,223 245,220 SH   SOLE   0 0 245,220
LOEWS CORP COM 540424108   4,627 77,917 SH   SOLE   0 0 77,917
MARKER THERAPEUTICS, INC. COM 57055L107   126 40,700 SH   SOLE   0 0 40,700
MCDONALD'S CORP COM 580135101   2,089 7,000 SH   SOLE   0 0 7,000
MERCK & CO., INC. COM 58933Y105   15,528 134,570 SH   SOLE   0 0 134,570
METLIFE INC. COM 59156r108   226 4,000 SH   SOLE   0 0 4,000
MICROSOFT CORPORATION COM 594918104   8,268 24,279 SH   SOLE   0 0 24,279
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105   3,319 45,500 SH   SOLE   0 0 45,500
MORGAN STANLEY COM 617446448   974 11,400 SH   SOLE   0 0 11,400
NIKE, INC. CL B COM 654106103   8,672 78,570 SH   SOLE   0 0 78,570
NESTLE SA - SPON ADR COM 641069406   2,046 17,000 SH   SOLE   0 0 17,000
NOVARTIS AG - ADR COM 66987v109   1,085 10,750 SH   SOLE   0 0 10,750
NVIDIA CORPORATION COM 67066G104   3,407 8,055 SH   SOLE   0 0 8,055
ORACLE CORP COM 68389X105   357 3,000 SH   SOLE   0 0 3,000
OTIS WORLDWIDE CORP (UNITED TE COM 68902v107   641 7,200 SH   SOLE   0 0 7,200
PEPSICO COM 713448108   7,781 42,009 SH   SOLE   0 0 42,009
PFIZER, INC. COM 717081103   5,193 141,575 SH   SOLE   0 0 141,575
PHILIP MORRIS INTERNATIONAL-AL COM 718172109   10,983 112,506 SH   SOLE   0 0 112,506
PHILLIPS 66 COM 718546104   1,202 12,600 SH   SOLE   0 0 12,600
PROCTER & GAMBLE CO COM 742718109   11,397 75,109 SH   SOLE   0 0 75,109
PUBLIC STORAGE - REIT COM 74460D109   697 2,388 SH   SOLE   0 0 2,388
RALPH LAUREN CORP (FMLY POLO R COM 751212101   370 3,000 SH   SOLE   0 0 3,000
RAYTHEON TECHNOLGIES CORP - NC COM 75513e101   1,705 17,400 SH   SOLE   0 0 17,400
REXFORD INDUSTRIAL REALTY, INC COM 76169c100   1,097 21,000 SH   SOLE   0 0 21,000
RIO TINTO PLC SPONSORED ADR COM 767204100   638 10,000 SH   SOLE   0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104   4,126 108,000 SH   SOLE   0 0 108,000
SEMPRA ENERGY COM 816851109   2,111 14,500 SH   SOLE   0 0 14,500
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302   305 40,000 SH   SOLE   0 0 40,000
SYSCO CORP COM 871829107   742 10,000 SH   SOLE   0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100   505 5,006 SH   SOLE   0 0 5,006
TANGER FACTORY OUTLET REIT COM 875465106   5,256 238,150 SH   SOLE   0 0 238,150
TARGET CORP-FRMLY DAYTON HUDSO COM 87612E106   7,507 56,915 SH   SOLE   0 0 56,915
TEXAS INSTRUMENTS INC. COM 882508104   1,800 10,000 SH   SOLE   0 0 10,000
TOAST, INC. COM 888787108   266 11,800 SH   SOLE   0 0 11,800
TOTALENERGIES SE ADR (FRMRLY T COM 89151E109   2,351 40,795 SH   SOLE   0 0 40,795
TRAVELERS COMPANIES, INC. COM 89417e109   567 3,264 SH   SOLE   0 0 3,264
U.S. BANCORP (FORMERLY FIRST B COM 902973106   483 14,610 SH   SOLE   0 0 14,610
UNION PACIFIC CORPORATION COM 907818108   1,535 7,500 SH   SOLE   0 0 7,500
UNITED PARCEL SERVICE, INC. CL COM 911312106   914 5,100 SH   SOLE   0 0 5,100
UNITEDHEALTH GROUP INC COM 91324P102   625 1,300 SH   SOLE   0 0 1,300
VICI PROPERTIES INC. (REIT) COM 925652109   3,148 100,150 SH   SOLE   0 0 100,150
VERIZON COMMUNICATIONS INC. COM 92343V104   3,665 98,559 SH   SOLE   0 0 98,559
VODAFONE GROUP PLC SPONS ADR COM 92857w308   308 32,564 SH   SOLE   0 0 32,564
WALMART INC. COM 931142103   4,212 26,800 SH   SOLE   0 0 26,800
YUM BRANDS INC. (FORMERLY TRIC COM 895953107   842 6,080 SH   SOLE   0 0 6,080
YUM CHINA HOLDINGS, INC. COM 98850p109   331 5,853 SH   SOLE   0 0 5,853
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102   976 6,700 SH   SOLE   0 0 6,700
ZOETIS INC. COM 98978v103   5,838 33,900 SH   SOLE   0 0 33,900
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149   1,490 100,000 SH   SOLE   0 0 100,000
ENERGY TRANSFER LP 9.8604 QTR PREFERRED 29273v407   664 26,000 SH   SOLE   0 0 26,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648   763 30,000 SH   SOLE   0 0 30,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805   1,843 74,000 SH   SOLE   0 0 74,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685   992 40,000 SH   SOLE   0 0 40,000