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 3,610 30,500 SH   SOLE   30,500 0 0
ABBVIE INC COM 00287Y109 9,774 60,294 SH   SOLE   60,294 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101 1,367 3,000 SH   SOLE   3,000 0 0
ALBERTSONS COS INC COMMON STOCK 013091103 3,325 100,000 SH   SOLE   100,000 0 0
ALCON AG ORD SHS H01301128 1,485 18,722 SH   SOLE   18,722 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 452 2,245 SH   SOLE   2,245 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 2,176 20,000 SH   SOLE   20,000 0 0
ALLSTATE CORP COM 020002101 5,125 37,000 SH   SOLE   37,000 0 0
ALLY FINL INC COM 02005N100 4,783 110,000 SH   SOLE   110,000 0 0
ALPHABET INC CAP STK CL A 02079K305 5,563 2,000 SH   SOLE   2,000 0 0
AMERICAN ASSETS TR INC COM 024013104 55,900 1,475,336 SH   SOLE   1,475,336 0 0
AMERICAN ELEC PWR CO INC COM 025537101 5,986 60,000 SH   SOLE   60,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 389 9,713 SH   SOLE   9,713 0 0
AMERICAN TOWER CORP NEW COM 03027X100 797 3,171 SH   SOLE   3,171 0 0
AMERIPRISE FINL INC COM 03076c106 3,379 11,250 SH   SOLE   11,250 0 0
AMGEN INC COM 031162100 8,510 35,190 SH   SOLE   35,190 0 0
APPLE INC COM 037833100 36,668 210,000 SH   SOLE   210,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,783 30,830 SH   SOLE   30,830 0 0
AVALONBAY CMNTYS INC COM 053484101 308 1,239 SH   SOLE   1,239 0 0
BAIDU INC SPON ADR REP A 056752108 1,985 15,000 SH   SOLE   15,000 0 0
BANK MONTREAL QUE COM 063671101 11,325 96,000 SH   SOLE   96,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 5,707 115,000 SH   SOLE   115,000 0 0
BANK NOVA SCOTIA B C COM 064149107 6,813 95,000 SH   SOLE   95,000 0 0
BAXTER INTL INC COM 071813109 4,484 57,829 SH   SOLE   57,829 0 0
BECTON DICKINSON & CO COM 075887109 1,463 5,500 SH   SOLE   5,500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 794 2,250 SH   SOLE   2,250 0 0
BK OF AMERICA CORP COM 060505104 30,379 737,000 SH   SOLE   737,000 0 0
BLOCK INC CL A 852234103 678 5,000 SH   SOLE   5,000 0 0
BOSTON PROPERTIES INC COM 101121101 4,250 33,000 SH   SOLE   33,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103 1,033 20,000 SH   SOLE   20,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 9,275 127,000 SH   SOLE   127,000 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 3,843 49,675 SH   SOLE   49,675 0 0
CAMDEN PPTY TR SH BEN INT 133131102 312 1,876 SH   SOLE   1,876 0 0
CAPITAL ONE FINL CORP COM 14040H105 12,538 95,500 SH   SOLE   95,500 0 0
CARDINAL HEALTH INC COM 14149Y108 1,320 23,277 SH   SOLE   23,277 0 0
CATERPILLAR INC COM 149123101 10,027 45,000 SH   SOLE   45,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735 2,175 25,000 SH   SOLE   25,000 0 0
CHEVRON CORP NEW COM 166764100 29,309 180,000 SH   SOLE   180,000 0 0
CHICAGO RIVET & MACH CO COM 168088102 255 9,746 SH   SOLE   9,746 0 0
CHINDATA GROUP HLDGS LTD ADS 16955F107 393 62,123 SH   SOLE   62,123 0 0
CHUBB LIMITED COM h1467j104 5,348 25,000 SH   SOLE   25,000 0 0
CIGNA CORP NEW COM 125523100 2,406 10,040 SH   SOLE   10,040 0 0
CITIGROUP INC COM NEW 172967424 5,148 96,400 SH   SOLE   96,400 0 0
COCA COLA CO COM 191216100 9,304 150,060 SH   SOLE   150,060 0 0
COMCAST CORP NEW CL A 20030N101 1,873 40,000 SH   SOLE   40,000 0 0
CONOCOPHILLIPS COM 20825C104 7,000 70,000 SH   SOLE   70,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109 1,875 33,333 SH   SOLE   33,333 0 0
CORTEVA INC COM 22052l104 784 13,646 SH   SOLE   13,646 0 0
COTERRA ENERGY INC COM 127097103 2,373 88,000 SH   SOLE   88,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 830 4,494 SH   SOLE   4,494 0 0
CVS HEALTH CORP COM 126650100 8,097 80,000 SH   SOLE   80,000 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 1,265 100,000 SH   SOLE   100,000 0 0
DIGITALBRIDGE GROUP INC CL A COM 25401T108 1,381 191,804 SH   SOLE   191,804 0 0
DISCOVERY INC COM SER A 25470F104 5,233 210,000 SH   SOLE   210,000 0 0
DOCUSIGN INC COM 256163106 1,607 15,000 SH   SOLE   15,000 0 0
DOUGLAS EMMETT INC COM 25960P109 668 20,000 SH   SOLE   20,000 0 0
DOW INC COM 260557103 3,444 54,044 SH   SOLE   54,044 0 0
DRIVE SHACK INC COM 262077100 306 198,406 SH   SOLE   198,406 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 3,647 32,666 SH   SOLE   32,666 0 0
DUPONT DE NEMOURS INC COM 26614N102 3,233 43,943 SH   SOLE   43,943 0 0
EDISON INTL COM 281020107 7,010 100,000 SH   SOLE   100,000 0 0
EQUINIX INC COM 29444U700 475 641 SH   SOLE   641 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 215 2,806 SH   SOLE   2,806 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,384 71,000 SH   SOLE   71,000 0 0
ESSEX PPTY TR INC COM 297178105 13,646 39,500 SH   SOLE   39,500 0 0
EXELON CORP COM 30161N101 4,763 100,000 SH   SOLE   100,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 536 2,609 SH   SOLE   2,609 0 0
EXXON MOBIL CORP COM 30231G102 33,862 410,000 SH   SOLE   410,000 0 0
FEDEX CORP COM 31428X106 6,942 30,000 SH   SOLE   30,000 0 0
FIRSTENERGY CORP COM 337932107 3,210 70,000 SH   SOLE   70,000 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 1,139 44,246 SH   SOLE   44,246 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 263 6,713 SH   SOLE   6,713 0 0
GENERAL ELECTRIC CO COM NEW 369604301 4,346 47,500 SH   SOLE   47,500 0 0
GENERAL MLS INC COM 370334104 677 10,000 SH   SOLE   10,000 0 0
GILEAD SCIENCES INC COM 375558103 1,367 23,000 SH   SOLE   23,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 2,178 50,000 SH   SOLE   50,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 17,825 54,000 SH   SOLE   54,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 1,429 100,000 SH   SOLE   100,000 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100 2,962 70,000 SH   SOLE   70,000 0 0
HCA HEALTHCARE INC COM 40412C101 2,256 9,000 SH   SOLE   9,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 2,080 40,000 SH   SOLE   40,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 3,540 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 874 45,000 SH   SOLE   45,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 5,712 166,918 SH   SOLE   166,918 0 0
HUDSON PAC PPTYS INC COM 444097109 1,388 50,000 SH   SOLE   50,000 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 254 1,236 SH   SOLE   1,236 0 0
INTEL CORP COM 458140100 10,408 210,000 SH   SOLE   210,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 7,151 55,000 SH   SOLE   55,000 0 0
INVITATION HOMES INC COM 46187W107 578 14,379 SH   SOLE   14,379 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,745 8,500 SH   SOLE   8,500 0 0
ISHARES TR 20 YR TR BD ETF 464287432 2,245 17,000 SH   SOLE   17,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 1,090 7,000 SH   SOLE   7,000 0 0
JEFFERIES FINL GROUP INC COM 47233W109 3,285 100,000 SH   SOLE   100,000 0 0
JOHNSON & JOHNSON COM 478160104 8,862 50,000 SH   SOLE   50,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,718 26,200 SH   SOLE   26,200 0 0
JPMORGAN CHASE & CO COM 46625H100 24,210 177,600 SH   SOLE   177,600 0 0
KINDER MORGAN INC DEL COM 49456B101 1,891 100,000 SH   SOLE   100,000 0 0
KRAFT HEINZ CO COM 500754106 1,970 50,000 SH   SOLE   50,000 0 0
KROGER CO COM 501044101 11,827 206,150 SH   SOLE   206,150 0 0
KYNDRYL HLDGS INC COMMON STOCK 50155Q100 144 11,000 SH   SOLE   11,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 2,109 8,000 SH   SOLE   8,000 0 0
LENNAR CORP CL A 526057104 7,011 86,370 SH   SOLE   86,370 0 0
LIFE STORAGE INC COM 53223X107 460 3,275 SH   SOLE   3,275 0 0
LILLY ELI & CO COM 532457108 3,436 12,000 SH   SOLE   12,000 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 1,794 10,000 SH   SOLE   10,000 0 0
MATTERPORT INC COM CL A 577096100 162 20,000 SH   SOLE   20,000 0 0
MEDTRONIC PLC SHS G5960L103 7,948 71,632 SH   SOLE   71,632 0 0
MERCK & CO INC COM 58933Y105 10,256 125,000 SH   SOLE   125,000 0 0
META PLATFORMS INC CL A 30303M102 1,779 8,000 SH   SOLE   8,000 0 0
METLIFE INC COM 59156R108 7,260 103,304 SH   SOLE   103,304 0 0
MGM RESORTS INTERNATIONAL COM 552953101 584 13,925 SH   SOLE   13,925 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104 2,329 31,000 SH   SOLE   31,000 0 0
MICROSOFT CORP COM 594918104 27,640 89,650 SH   SOLE   89,650 0 0
MONDELEZ INTL INC CL A 609207105 3,830 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 8,041 92,000 SH   SOLE   92,000 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 467 7,448 SH   SOLE   7,448 0 0
NEXTERA ENERGY INC COM 65339F101 4,236 50,000 SH   SOLE   50,000 0 0
NIKE INC CL B 654106103 3,364 25,000 SH   SOLE   25,000 0 0
NORTHROP GRUMMAN CORP COM 666807102 6,708 15,000 SH   SOLE   15,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109 8,214 93,610 SH   SOLE   93,610 0 0
NRG ENERGY INC COM NEW 629377508 2,039 53,146 SH   SOLE   53,146 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206 5,399 142,800 SH   SOLE   142,800 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 857 35,000 SH   SOLE   35,000 0 0
PEPSICO INC COM 713448108 6,662 39,800 SH   SOLE   39,800 0 0
PERRIGO CO PLC SHS G97822103 3,459 90,000 SH   SOLE   90,000 0 0
PFIZER INC COM 717081103 7,766 150,000 SH   SOLE   150,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,879 20,000 SH   SOLE   20,000 0 0
PHILLIPS 66 COM 718546104 11,041 127,800 SH   SOLE   127,800 0 0
PHYSICIANS RLTY TR COM 71943U104 877 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 6,482 83,000 SH   SOLE   83,000 0 0
PPG INDS INC COM 693506107 5,931 45,250 SH   SOLE   45,250 0 0
PPL CORP COM 69351T106 1,999 70,000 SH   SOLE   70,000 0 0
PROCTER AND GAMBLE CO COM 742718109 2,598 17,000 SH   SOLE   17,000 0 0
PROLOGIS INC. COM 74340W103 373 2,308 SH   SOLE   2,308 0 0
PRUDENTIAL FINL INC COM 744320102 9,508 80,459 SH   SOLE   80,459 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,642 12,000 SH   SOLE   12,000 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,972 30,000 SH   SOLE   30,000 0 0
REXFORD INDL RLTY INC COM 76169C100 293 3,931 SH   SOLE   3,931 0 0
ROYAL BK CDA COM 780087102 11,413 103,500 SH   SOLE   103,500 0 0
SANOFI SPONSORED ADR 80105N105 2,054 40,000 SH   SOLE   40,000 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 338 983 SH   SOLE   983 0 0
SCHWAB CHARLES CORP COM 808513105 6,886 81,674 SH   SOLE   81,674 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886 2,532 34,000 SH   SOLE   34,000 0 0
SEMPRA COM 816851109 7,734 46,000 SH   SOLE   46,000 0 0
SHELL PLC SPON ADS 780259305 21,203 386,000 SH   SOLE   386,000 0 0
SMARTRENT INC COM CL A 83193G107 88 17,474 SH   SOLE   17,474 0 0
SNOWFLAKE INC CL A 833445109 3,666 16,000 SH   SOLE   16,000 0 0
SOUTHERN CO COM 842587107 1,813 25,000 SH   SOLE   25,000 0 0
STATE STR CORP COM 857477103 7,405 85,000 SH   SOLE   85,000 0 0
STRYKER CORPORATION COM 863667101 2,406 9,000 SH   SOLE   9,000 0 0
SUN CMNTYS INC COM 866674104 211 1,204 SH   SOLE   1,204 0 0
SWITCH INC CL A 87105L104 965 31,318 SH   SOLE   31,318 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 816 57,000 SH   SOLE   57,000 0 0
TERRENO RLTY CORP COM 88146M101 280 3,779 SH   SOLE   3,779 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 11,913 150,000 SH   SOLE   150,000 0 0
TOYOTA MOTOR CORP ADS 892331307 5,408 30,000 SH   SOLE   30,000 0 0
TRUIST FINL CORP COM 89832Q109 20,072 354,000 SH   SOLE   354,000 0 0
TWITTER INC COM 90184l102 1,741 45,000 SH   SOLE   45,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 7,747 170,000 SH   SOLE   170,000 0 0
UNION PAC CORP COM 907818108 4,098 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 2,145 10,000 SH   SOLE   10,000 0 0
UNITED RENTALS INC COM 911363109 2,486 7,000 SH   SOLE   7,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 1,794 10,000 SH   SOLE   10,000 0 0
US BANCORP DEL COM NEW 902973304 11,162 210,000 SH   SOLE   210,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,132 140,000 SH   SOLE   140,000 0 0
VIATRIS INC COM 92556V106 1,632 150,000 SH   SOLE   150,000 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 539 92,381 SH   SOLE   92,381 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 4,906 109,580 SH   SOLE   109,580 0 0
WALMART INC COM 931142103 8,042 54,000 SH   SOLE   54,000 0 0
WEC ENERGY GROUP INC COM 92939U106 4,991 50,000 SH   SOLE   50,000 0 0
WELLS FARGO CO NEW COM 949746101 26,895 555,000 SH   SOLE   555,000 0 0
WELLTOWER INC COM 95040Q104 961 10,000 SH   SOLE   10,000 0 0
WESTERN DIGITAL CORP. COM 958102105 2,979 60,000 SH   SOLE   60,000 0 0
WEWORK INC CL A 96209A104 731 107,173 SH   SOLE   107,173 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 2,653 70,000 SH   SOLE   70,000 0 0
WYNN RESORTS LTD COM 983134107 1,747 21,903 SH   SOLE   21,903 0 0
XCEL ENERGY INC COM 98389B100 5,052 70,000 SH   SOLE   70,000 0 0