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
AMERICAN ASSETS TR INC COM 024013104 47,211 1,455,336 SH   SOLE   1,455,336 0 0
BK OF AMERICA CORP COM 060505104 32,465 839,100 SH   SOLE   839,100 0 0
JPMORGAN CHASE & CO COM 46625H100 27,036 177,600 SH   SOLE   177,600 0 0
APPLE INC COM 037833100 25,652 210,000 SH   SOLE   210,000 0 0
WELLS FARGO CO NEW COM 949746101 21,684 555,000 SH   SOLE   555,000 0 0
MICROSOFT CORP COM 594918104 21,137 89,650 SH   SOLE   89,650 0 0
TRUIST FINL CORP COM 89832Q109 20,062 344,000 SH   SOLE   344,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 17,658 54,000 SH   SOLE   54,000 0 0
EXXON MOBIL CORP COM 30231G102 15,912 285,000 SH   SOLE   285,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 13,741 108,000 SH   SOLE   108,000 0 0
CHEVRON CORP NEW COM 166764100 13,099 125,000 SH   SOLE   125,000 0 0
US BANCORP DEL COM NEW 902973304 11,615 210,000 SH   SOLE   210,000 0 0
ESSEX PPTY TR INC COM 297178105 10,899 40,092 SH   SOLE   40,092 0 0
CATERPILLAR INC COM 149123101 10,434 45,000 SH   SOLE   45,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 9,782 150,000 SH   SOLE   150,000 0 0
ROYAL BK CDA COM 780087102 9,544 103,500 SH   SOLE   103,500 0 0
UNILEVER PLC SPON ADR NEW 904767704 9,491 170,000 SH   SOLE   170,000 0 0
PHILLIPS 66 COM 718546104 9,402 115,300 SH   SOLE   115,300 0 0
MERCK & CO. INC COM 58933Y105 8,711 113,000 SH   SOLE   113,000 0 0
BANK MONTREAL QUE COM 063671101 8,556 96,000 SH   SOLE   96,000 0 0
PPG INDS INC COM 693506107 8,324 55,400 SH   SOLE   55,400 0 0
JOHNSON & JOHNSON COM 478160104 8,218 50,000 SH   SOLE   50,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 8,141 140,000 SH   SOLE   140,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 8,018 127,000 SH   SOLE   127,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 8,002 93,610 SH   SOLE   93,610 0 0
MEDTRONIC PLC SHS G5960L103 7,871 66,632 SH   SOLE   66,632 0 0
COCA COLA CO COM 191216100 7,646 145,060 SH   SOLE   145,060 0 0
KROGER CO COM 501044101 7,419 206,150 SH   SOLE   206,150 0 0
PRUDENTIAL FINL INC COM 744320102 7,330 80,459 SH   SOLE   80,459 0 0
MORGAN STANLEY COM NEW 617446448 7,145 92,000 SH   SOLE   92,000 0 0
STATE STR CORP COM 857477103 7,141 85,000 SH   SOLE   85,000 0 0
CITIGROUP INC COM NEW 172967424 6,286 86,400 SH   SOLE   86,400 0 0
METLIFE INC COM 59156R108 6,280 103,304 SH   SOLE   103,304 0 0
ABBVIE INC COM 00287Y109 5,984 55,294 SH   SOLE   55,294 0 0
BANK NOVA SCOTIA B C COM 064149107 5,942 95,000 SH   SOLE   95,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 5,863 44,000 SH   SOLE   44,000 0 0
FEDEX CORP COM 31428X106 5,681 20,000 SH   SOLE   20,000 0 0
PEPSICO INC COM 713448108 5,630 39,800 SH   SOLE   39,800 0 0
PINNACLE WEST CAP CORP COM 723484101 5,532 68,000 SH   SOLE   68,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,439 99,080 SH   SOLE   99,080 0 0
BANK NEW YORK MELLON CORP COM 064058100 5,438 115,000 SH   SOLE   115,000 0 0
SCHWAB CHARLES CORP COM 808513105 5,324 81,674 SH   SOLE   81,674 0 0
EDISON INTL COM 281020107 5,274 90,000 SH   SOLE   90,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,086 71,000 SH   SOLE   71,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101 5,082 60,000 SH   SOLE   60,000 0 0
SEMPRA ENERGY COM 816851109 5,038 38,000 SH   SOLE   38,000 0 0
AMGEN INC COM 031162100 5,023 20,190 SH   SOLE   20,190 0 0
BAXTER INTL INC COM 071813109 4,877 57,829 SH   SOLE   57,829 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 4,864 166,918 SH   SOLE   166,918 0 0
NORTHROP GRUMMAN CORP COM 666807102 4,855 15,000 SH   SOLE   15,000 0 0
AMERIPRISE FINL INC COM 03076c106 4,754 20,450 SH   SOLE   20,450 0 0
LENNAR CORP CL A 526057104 4,694 46,370 SH   SOLE   46,370 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 4,682 30,000 SH   SOLE   30,000 0 0
ALLY FINL INC COM 02005N100 4,521 100,000 SH   SOLE   100,000 0 0
CVS HEALTH CORP COM 126650100 4,514 60,000 SH   SOLE   60,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 4,298 20,000 SH   SOLE   20,000 0 0
ALLSTATE CORP COM 020002101 4,251 37,000 SH   SOLE   37,000 0 0
ALPHABET INC CAP STK CL A 02079K305 4,125 2,000 SH   SOLE   2,000 0 0
WESTERN DIGITAL CORP. COM 958102105 4,005 60,000 SH   SOLE   60,000 0 0
CHUBB LIMITED COM h1467j104 3,949 25,000 SH   SOLE   25,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 3,921 100,000 SH   SOLE   100,000 0 0
VIATRIS INC COM 92556V106 3,834 274,411 SH   SOLE   274,411 0 0
ABBOTT LABS COM 002824100 3,655 30,500 SH   SOLE   30,500 0 0
MONDELEZ INTL INC CL A 609207105 3,571 61,010 SH   SOLE   61,010 0 0
PFIZER INC COM 717081103 3,478 96,000 SH   SOLE   96,000 0 0
DOW INC COM 260557103 3,469 54,247 SH   SOLE   54,247 0 0
VIACOMCBS INC CL B 92556H206 3,428 76,000 SH   SOLE   76,000 0 0
DUPONT DE NEMOURS INC COM 26614N102 3,412 44,146 SH   SOLE   44,146 0 0
PERRIGO CO PLC SHS G97822103 3,398 83,965 SH   SOLE   83,965 0 0
BIOGEN INC COM 09062X103 3,357 12,000 SH   SOLE   12,000 0 0
BOSTON PROPERTIES INC COM 101121101 3,342 33,000 SH   SOLE   33,000 0 0
UNION PAC CORP COM 907818108 3,306 15,000 SH   SOLE   15,000 0 0
LAS VEGAS SANDS CORP COM 517834107 3,279 53,970 SH   SOLE   53,970 0 0
INTEL CORP COM 458140100 3,200 50,000 SH   SOLE   50,000 0 0
TWITTER INC COM 90184l102 2,863 45,000 SH   SOLE   45,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 2,821 23,332 SH   SOLE   23,332 0 0
GENERAL ELECTRIC CO COM 369604103 2,626 200,000 SH   SOLE   200,000 0 0
AT&T INC COM 00206R102 2,617 86,466 SH   SOLE   86,466 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 2,514 40,000 SH   SOLE   40,000 0 0
WYNN RESORTS LTD COM 983134107 2,507 20,000 SH   SOLE   20,000 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 2,492 70,000 SH   SOLE   70,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 2,458 41,200 SH   SOLE   41,200 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104 2,406 15,500 SH   SOLE   15,500 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,318 30,000 SH   SOLE   30,000 0 0
UNITED RENTALS INC COM 911363109 2,305 7,000 SH   SOLE   7,000 0 0
PROCTER AND GAMBLE CO COM 742718109 2,302 17,000 SH   SOLE   17,000 0 0
LILLY ELI & CO COM 532457108 2,242 12,000 SH   SOLE   12,000 0 0
STRYKER CORPORATION COM 863667101 2,192 9,000 SH   SOLE   9,000 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 2,188 22,666 SH   SOLE   22,666 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 2,040 8,000 SH   SOLE   8,000 0 0
PPL CORP COM 69351T106 2,019 70,000 SH   SOLE   70,000 0 0
KRAFT HEINZ CO COM 500754106 2,000 50,000 SH   SOLE   50,000 0 0
SANOFI SPONSORED ADR 80105N105 1,978 40,000 SH   SOLE   40,000 0 0
ALBERTSONS COS INC COMMON STOCK 013091103 1,907 100,000 SH   SOLE   100,000 0 0
COMCAST CORP NEW CL A 20030N101 1,786 33,000 SH   SOLE   33,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,785 50,000 SH   SOLE   50,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,775 20,000 SH   SOLE   20,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,757 30,830 SH   SOLE   30,830 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,700 10,000 SH   SOLE   10,000 0 0
HCA HEALTHCARE INC COM 40412C101 1,695 9,000 SH   SOLE   9,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 1,673 10,000 SH   SOLE   10,000 0 0
KINDER MORGAN INC DEL COM 49456B101 1,665 100,000 SH   SOLE   100,000 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 1,568 55,636 SH   SOLE   55,636 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,540 12,000 SH   SOLE   12,000 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 1,530 17,500 SH   SOLE   17,500 0 0
GILEAD SCIENCES INC COM 375558103 1,486 23,000 SH   SOLE   23,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,457 60,000 SH   SOLE   60,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,445 12,700 SH   SOLE   12,700 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101 1,426 3,000 SH   SOLE   3,000 0 0
CARDINAL HEALTH INC COM 14149Y108 1,414 23,277 SH   SOLE   23,277 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,342 5,612 SH   SOLE   5,612 0 0
BECTON DICKINSON & CO COM 075887109 1,337 5,500 SH   SOLE   5,500 0 0
ALCON AG ORD SHS H01301128 1,314 18,722 SH   SOLE   18,722 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,272 40,000 SH   SOLE   40,000 0 0
CIGNA CORP NEW COM 125523100 1,177 4,868 SH   SOLE   4,868 0 0
PG&E CORP COM 69331C108 1,171 100,000 SH   SOLE   100,000 0 0
SQUARE INC CL A 852234103 1,135 5,000 SH   SOLE   5,000 0 0
21VIANET GROUP INC SPONSORED ADS A 90138A103 1,113 34,462 SH   SOLE   34,462 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 1,062 40,000 SH   SOLE   40,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 1,041 57,000 SH   SOLE   57,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103 885 20,000 SH   SOLE   20,000 0 0
PHYSICIANS RLTY TR COM 71943U104 884 50,000 SH   SOLE   50,000 0 0
SWITCH INC CL A 87105L104 863 53,062 SH   SOLE   53,062 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 770 9,499 SH   SOLE   9,499 0 0
HOST HOTELS & RESORTS INC COM 44107P104 758 45,000 SH   SOLE   45,000 0 0
WELLTOWER INC COM 95040Q104 716 10,000 SH   SOLE   10,000 0 0
CHINDATA GROUP HLDGS LTD ADS 16955F107 715 43,220 SH   SOLE   43,220 0 0
COLONY CAP INC NEW CL A COM 19626G108 649 100,193 SH   SOLE   100,193 0 0
CORTEVA INC COM 22052l104 636 13,646 SH   SOLE   13,646 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 629 3,829 SH   SOLE   3,829 0 0
DOUGLAS EMMETT INC COM 25960P109 628 20,000 SH   SOLE   20,000 0 0
COSTAR GROUP INC COM 22160N109 616 750 SH   SOLE   750 0 0
GENERAL MLS INC COM 370334104 613 10,000 SH   SOLE   10,000 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 582 3,230 SH   SOLE   3,230 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 575 2,250 SH   SOLE   2,250 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 551 3,201 SH   SOLE   3,201 0 0
EQUINIX INC COM 29444U700 480 706 SH   SOLE   706 0 0
INVITATION HOMES INC COM 46187W107 475 14,859 SH   SOLE   14,859 0 0
MGM RESORTS INTERNATIONAL COM 552953101 442 11,627 SH   SOLE   11,627 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 427 1,537 SH   SOLE   1,537 0 0
HILTON GRAND VACATIONS INC COM 43283X105 385 10,268 SH   SOLE   10,268 0 0
DRIVE SHACK INC COM 262077100 367 114,469 SH   SOLE   114,469 0 0
ISHARES TR 20 YR TR BD ETF 464287432 271 2,000 SH   SOLE   2,000 0 0
PROLOGIS INC. COM 74340W103 251 2,370 SH   SOLE   2,370 0 0
REXFORD INDL RLTY INC COM 76169C100 242 4,800 SH   SOLE   4,800 0 0
TERRENO RLTY CORP COM 88146M101 241 4,179 SH   SOLE   4,179 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 229 1,500 SH   SOLE   1,500 0 0