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
ASML HOLDING ADR COM 086233517 4,056 2,039 SH SOLE 1,300 0 739
ABBVIE INC. COM 00287y109 11,381 45,226 SH SOLE 11,000 0 34,226
ABBOTT LABORATORIES COM 002824100 995 10,966 SH SOLE 0 0 10,966
AEGON LTD - NY REG SHRS COM 0076ca104 310 36,691 SH SOLE 0 0 36,691
AIR PRODUCTS & CHEMICALS, INC. COM 009158106 576 1,964 SH SOLE 0 0 1,964
ALLSTATE CORP COM 020002101 476 2,000 SH SOLE 0 0 2,000
ALPHABET INC. CL C COM 02079K107 22,931 64,900 SH SOLE 19,000 0 45,900
ALTRIA GROUP INC. COM 02209S103 7,512 104,401 SH SOLE 27,000 0 77,401
AMAZON.COM, INC. COM 023135106 8,975 37,655 SH SOLE 12,000 0 25,655
AMERICAN ELECTRIC POWER COM 025537101 1,368 10,000 SH SOLE 10,000 0 0
AMERICAN TOWER CORP-CL A REIT COM 029912201 981 6,000 SH SOLE 6,000 0 0
AON PLC COM 037389103 3,854 11,618 SH SOLE 0 0 11,618
APPLE INC. COM 037833100 73,345 253,472 SH SOLE 74,200 0 179,272
APPLIED MATERIALS INC COM 038222105 2,223 3,075 SH SOLE 0 0 3,075
ARCHER-DANIELS-MIDLAND CORP COM 039483102 777 10,172 SH SOLE 0 0 10,172
ARES MANAGEMENT CORP. CL A COM 03990B101 835 7,500 SH SOLE 7,000 0 500
ASTRAZENECA PLC COM G0593M107 758 4,000 SH SOLE 0 0 4,000
ATLASSIAN CORP. CL A COM 049468101 389 5,000 SH SOLE 5,000 0 0
AUTOMATIC DATA PROCESSING, INC COM 053015103 338 1,511 SH SOLE 0 0 1,511
AVALONBAY COMMUNITIES, INC REI COM 053484101 943 5,000 SH SOLE 5,000 0 0
BP PLC SPONS ADR COM 055622104 430 11,642 SH SOLE 0 0 11,642
BXP INC. (FRMLY BOSTON PROPERT COM 101121101 398 6,000 SH SOLE 0 0 6,000
BANK OF HAWAII CORPORATION COM 062540109 5,840 71,660 SH SOLE 12,000 0 59,660
BERKSHIRE HATHAWAY INC. CL A COM 084670108 12,730 17 SH SOLE 9 0 8
BERKSHIRE HATHAWAY INC. CL B COM 084670702 11,370 22,722 SH SOLE 0 0 22,722
BLACKROCK, INC. COM 09247x101 460 478 SH SOLE 0 0 478
BLACKSTONE INC. (THE) COM 09260d107 1,294 11,000 SH SOLE 10,000 0 1,000
BRISTOL-MYERS SQUIBB CO COM 110122108 4,308 74,774 SH SOLE 15,000 0 59,774
BRITISH AMERICAN TOBACCO PLC - COM 110448107 3,796 61,464 SH SOLE 19,000 0 42,464
BROADCOM INC. COM 11135F101 1,247 3,300 SH SOLE 3,000 0 300
COPT DEFENSE PROP REIT(FRM COR COM 22002T108 331 9,100 SH SOLE 9,100 0 0
CARRIER GLOBAL CORP (RTX SPINO COM 14448c104 1,049 14,300 SH SOLE 6,000 0 8,300
CATERPILLAR INC. COM 149123101 6,283 5,900 SH SOLE 4,000 0 1,900
CHEVRON CORP COM 166764100 19,167 115,632 SH SOLE 9,000 0 106,632
CHIME FINANCIAL INC. CL A COM 16935C109 614 30,000 SH SOLE 30,000 0 0
CHUBB LIMITED (FRMLY ACE LIMIT COM H1467J104 5,890 17,285 SH SOLE 5,000 0 12,285
CHURCH & DWIGHT COM 171340102 233 2,400 SH SOLE 0 0 2,400
CIGNA CORP (ACQUIRED EXPRESS S COM 125523100 1,635 5,932 SH SOLE 0 0 5,932
CITIGROUP INC. COM 172967424 361 2,576 SH SOLE 0 0 2,576
COCA-COLA CO COM 191216100 14,246 175,295 SH SOLE 40,000 0 135,295
COLGATE-PALMOLIVE COMPANY COM 194162103 1,100 12,000 SH SOLE 12,000 0 0
CONOCOPHILLIPS COM 20825c104 2,256 21,700 SH SOLE 12,000 0 9,700
CONSTELLATION BRANDS, INC. COM 21036P108 2,100 15,100 SH SOLE 6,500 0 8,600
COSTCO WHOLESALE CORP COM 22160K105 561 600 SH SOLE 600 0 0
DARDEN RESTAURANTS INC. COM 237194105 618 3,000 SH SOLE 0 0 3,000
DIGITAL REALTY TRUST, INC. REI COM 253868103 4,102 22,840 SH SOLE 5,500 0 17,340
EDWARDS LIFESCIENCES CORP. COM 28176E108 1,051 11,620 SH SOLE 0 0 11,620
ELI LILLY & CO. COM 532457108 1,199 1,000 SH SOLE 1,000 0 0
EMERSON ELECTRIC CO COM 291011104 1,021 7,130 SH SOLE 0 0 7,130
ENBRIDGE INC. COM 29250n105 1,084 20,000 SH SOLE 20,000 0 0
ENERGY TRANSFER LP COM 29273v100 6,147 321,520 SH SOLE 150,000 0 171,520
ENTERPRISE PRODUCTS PARTNERS, COM 293792107 6,995 190,278 SH SOLE 37,500 0 152,778
EQUITY RESIDENTIAL REIT COM 29476l107 3,675 54,100 SH SOLE 20,000 0 34,100
EXXONMOBIL HOLDINGS CORP COM 30231G102 2,317 16,945 SH SOLE 6,000 0 10,945
FEDERAL REALTY INVESTMENT TRUS COM 313745101 864 7,000 SH SOLE 7,000 0 0
FIDELITY NATIONAL FINANCIAL, I COM 31620r303 493 10,458 SH SOLE 0 0 10,458
FIDELITY NATIONAL INFORMATION COM 31620m106 209 5,364 SH SOLE 0 0 5,364
FORD MOTOR COMPANY COM 345370860 1,500 107,890 SH SOLE 100,000 0 7,890
GENERAL MILLS, INC. COM 370334104 3,644 104,700 SH SOLE 37,000 0 67,700
GENERAL MOTORS COMPANY COM 37045v100 8,752 113,540 SH SOLE 15,000 0 98,540
HOME DEPOT COM 437076102 6,789 19,250 SH SOLE 10,000 0 9,250
INTERNATIONAL BUSINESS MACHINE COM 459200101 8,845 31,452 SH SOLE 4,000 0 27,452
INTUITIVE SURGICAL, INC. COM 46120e602 895 2,250 SH SOLE 1,200 0 1,050
IRON MOUNTAIN INC. REIT COM 46284v101 16,496 130,600 SH SOLE 27,000 0 103,600
JPMORGAN CHASE & CO. COM 46625H100 19,238 58,772 SH SOLE 12,000 0 46,772
JOHNSON & JOHNSON COM 478160104 8,360 32,917 SH SOLE 8,062 0 24,855
KKR & CO. INC. COM 48251w104 1,652 18,000 SH SOLE 18,000 0 0
KIMBERLY-CLARK COM 494368103 1,484 13,520 SH SOLE 0 0 13,520
KINDER MORGAN, INC. COM 49456B101 7,851 245,570 SH SOLE 57,500 0 188,070
LVMH MOET HENNESSY LOUIS VUITT COM 502441306 940 8,500 SH SOLE 8,500 0 0
LINDE PLC (ACQUIRED PRAXAIR) COM G5494J103 529 1,020 SH SOLE 0 0 1,020
LOEWS CORP COM 540424108 8,585 75,835 SH SOLE 0 0 75,835
MCDONALD'S CORP COM 580135101 2,658 9,832 SH SOLE 7,000 0 2,832
MEDTRONIC PLC COM G5960L103 1,095 14,000 SH SOLE 14,000 0 0
MERCK & CO., INC. COM 58933Y105 19,805 154,124 SH SOLE 29,000 0 125,124
METLIFE INC. COM 59156r108 338 4,000 SH SOLE 0 0 4,000
MICRON TECHNOLOGY INC. COM 595112103 583 505 SH SOLE 0 0 505
MICROSOFT CORPORATION COM 594918104 12,346 33,098 SH SOLE 5,000 0 28,098
MONDELEZ INTL INC.(FMRLY KRAFT COM 609207105 2,632 45,500 SH SOLE 17,612 0 27,888
MORGAN STANLEY COM 617446448 2,383 11,400 SH SOLE 10,000 0 1,400
NESTLE SA - SPON ADR COM 641069406 1,746 17,000 SH SOLE 7,000 0 10,000
NETFLIX INC. COM 64110l106 928 13,000 SH SOLE 13,000 0 0
NOVARTIS AG - ADR COM 66987v109 1,685 10,750 SH SOLE 0 0 10,750
NVIDIA CORPORATION COM 67066G104 16,576 82,845 SH SOLE 34,000 0 48,845
ON HOLDING AG COM h5919c104 1,240 35,000 SH SOLE 0 0 35,000
ORACLE CORP COM 68389X105 440 3,000 SH SOLE 0 0 3,000
OTIS WORLDWIDE CORP (RTX SPINO COM 68902v107 512 7,150 SH SOLE 3,000 0 4,150
PEPSICO COM 713448108 5,715 42,209 SH SOLE 15,000 0 27,209
PFIZER, INC. COM 717081103 3,821 158,661 SH SOLE 57,754 0 100,907
PHILIP MORRIS INTERNATIONAL-AL COM 718172109 21,483 118,751 SH SOLE 29,500 0 89,251
PHILLIPS 66 COM 718546104 2,130 12,600 SH SOLE 6,000 0 6,600
PROCTER & GAMBLE CO COM 742718109 11,771 80,269 SH SOLE 11,000 0 69,269
PUBLIC STORAGE - REIT COM 74460D109 760 2,388 SH SOLE 0 0 2,388
RTX CORP (FRMLY RAYTHEON TECH COM 75513e101 3,301 17,400 SH SOLE 6,000 0 11,400
RALPH LAUREN CORP (FMLY POLO R COM 751212101 1,204 3,000 SH SOLE 3,000 0 0
REXFORD INDUSTRIAL REALTY, INC COM 76169c100 2,581 77,050 SH SOLE 50,000 0 27,050
RIO TINTO PLC SPONSORED ADR COM 767204100 949 10,000 SH SOLE 0 0 10,000
ROCHE HOLDING LTD ADR COM 771195104 5,510 107,300 SH SOLE 21,000 0 86,300
S&P GLOBAL INC.(FRMRLY MCGRAW COM 78409v104 461 1,133 SH SOLE 0 0 1,133
SEMPRA ENERGY COM 816851109 2,689 29,000 SH SOLE 15,000 0 14,000
SWIRE PACIFIC LTD SPONS ADR RP COM 870794302 419 40,000 SH SOLE 0 0 40,000
SYSCO CORP COM 871829107 836 10,000 SH SOLE 0 0 10,000
TAIWAN SEMICONDUCTOR MFG CO LT COM 874039100 6,930 14,511 SH SOLE 6,000 0 8,511
TANGER INC. REIT COM 875465106 9,356 237,050 SH SOLE 25,200 0 211,850
TEXAS INSTRUMENTS INC. COM 882508104 4,163 13,965 SH SOLE 0 0 13,965
TOAST, INC. COM 888787108 328 11,800 SH SOLE 0 0 11,800
TRAVELERS COMPANIES, INC. COM 89417e109 1,078 3,264 SH SOLE 0 0 3,264
U.S. BANCORP (FORMERLY FIRST B COM 902973106 882 14,610 SH SOLE 0 0 14,610
UNITED PARCEL SERVICE, INC. CL COM 911312106 1,258 11,700 SH SOLE 10,000 0 1,700
VICI PROPERTIES INC. (REIT) COM 925652109 2,532 95,350 SH SOLE 38,000 0 57,350
VERIZON COMMUNICATIONS INC. COM 92343V104 4,245 100,259 SH SOLE 21,000 0 79,259
VISA INC. COM 92826c839 1,436 4,185 SH SOLE 3,000 0 1,185
VODAFONE GROUP PLC SPONS ADR COM 92857w308 431 32,564 SH SOLE 27,000 0 5,564
WALMART INC. COM 931142103 9,317 82,265 SH SOLE 0 0 82,265
YUM BRANDS INC. (FORMERLY TRIC COM 895953107 953 5,960 SH SOLE 0 0 5,960
YUM CHINA HOLDINGS, INC. COM 98850p109 229 5,600 SH SOLE 0 0 5,600
ZIMMER BIOMET HOLDINGS(FRMLY Z COM 98956P102 577 6,700 SH SOLE 0 0 6,700
ZOETIS INC. COM 98978v103 2,721 37,864 SH SOLE 11,172 0 26,692
BROOKFIELD PRPTY PTNRS LP 6.5 PREFERRED G16249149 1,486 98,000 SH SOLE 20,000 0 78,000
JPMORGAN CHASE 6.00 CALLABLE PREFERRED 48128b648 1,087 43,000 SH SOLE 30,000 0 13,000
PRUDENTIAL FINANCIAL INC 5.625 PREFERRED 744320805 1,605 73,000 SH SOLE 20,000 0 53,000
PUBLIC STORAGE 5.15 SER F CAL PREFERRED 74460W685 795 40,000 SH SOLE 30,000 0 10,000