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
Expires: July 31, 2015
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
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