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
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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 Laboratories COM 002824100 948,474 8,700 SH SOLE 0 0 8,700
AbbVie Inc. COM 00287y109 5,860,755 43,500 SH SOLE 0 0 43,500
Aegon Ltd - NY Reg Shrs COM 0076ca104 186,023 36,691 SH SOLE 0 0 36,691
Allstate Corp COM 020002101 218,080 2,000 SH SOLE 0 0 2,000
Alphabet Inc. Cl C COM 02079K107 7,928,374 65,540 SH SOLE 0 0 65,540
Altria Group Inc. COM 02209S103 4,694,258 103,626 SH SOLE 0 0 103,626
Amazon.com, Inc. COM 023135106 3,075,844 23,595 SH SOLE 0 0 23,595
American Electric Power COM 025537101 842,000 10,000 SH SOLE 0 0 10,000
Aon PLC COM 037389103 4,010,534 11,618 SH SOLE 0 0 11,618
Apple Inc. COM 037833100 52,106,743 268,633 SH SOLE 0 0 268,633
Applied Materials Inc COM 038222105 444,461 3,075 SH SOLE 0 0 3,075
Archer-Daniels-Midland Corp COM 039483102 768,596 10,172 SH SOLE 0 0 10,172
AstraZeneca PLC-SPONS ADR COM 046353108 572,560 8,000 SH SOLE 0 0 8,000
AvalonBay Communities, Inc REI COM 053484101 946,350 5,000 SH SOLE 0 0 5,000
Bank of Hawaii Corporation COM 062540109 3,069,986 74,460 SH SOLE 0 0 74,460
Baxter Int'l Inc. COM 071813109 209,849 4,606 SH SOLE 0 0 4,606
Berkshire Hathaway Inc. Cl A COM 084670108 9,320,580 18 SH SOLE 0 0 18
Berkshire Hathaway Inc. Cl B COM 084670702 6,996,638 20,518 SH SOLE 0 0 20,518
Blackstone Inc. (The) COM 09260d107 1,022,670 11,000 SH SOLE 0 0 11,000
BP PLC Spons ADR COM 055622104 410,846 11,642 SH SOLE 0 0 11,642
Bristol-Myers Squibb Co COM 110122108 3,822,547 59,774 SH SOLE 0 0 59,774
British American Tobacco PLC - COM 110448107 2,053,885 61,864 SH SOLE 0 0 61,864
BXP Inc. (frmly Boston Propert COM 101121101 345,540 6,000 SH SOLE 0 0 6,000
Carrier Global Corp (RTX Spino COM 14448c104 715,824 14,400 SH SOLE 0 0 14,400
Caterpillar Inc. COM 149123101 1,648,535 6,700 SH SOLE 0 0 6,700
Chevron Corp COM 166764100 17,880,625 113,636 SH SOLE 0 0 113,636
Chubb Limited (frmly ACE Limit COM H1467J104 2,870,299 14,906 SH SOLE 0 0 14,906
Church & Dwight COM 171340102 240,552 2,400 SH SOLE 0 0 2,400
Cigna Corp (acquired Express S COM 125523100 1,664,519 5,932 SH SOLE 0 0 5,932
Coca-Cola Co COM 191216100 10,344,592 171,780 SH SOLE 0 0 171,780
Coca-Cola Europacific Partners COM g25839104 386,580 6,000 SH SOLE 0 0 6,000
ConocoPhillips COM 20825c104 2,248,337 21,700 SH SOLE 0 0 21,700
Constellation Brands, Inc. COM 21036P108 2,676,664 10,875 SH SOLE 0 0 10,875
COPT Defense Prop REIT(frm Cor COM 22002T108 216,125 9,100 SH SOLE 0 0 9,100
Crown Castle International Cor COM 22822v101 546,912 4,800 SH SOLE 0 0 4,800
Darden Restaurants Inc. COM 237194105 501,240 3,000 SH SOLE 0 0 3,000
Diageo PLC ADR COM 25243Q205 7,813,539 45,040 SH SOLE 0 0 45,040
Digital Realty Trust, Inc. REI COM 253868103 2,600,791 22,840 SH SOLE 0 0 22,840
Disney Walt Co COM 254687106 4,847,011 54,290 SH SOLE 0 0 54,290
Edwards Lifesciences Corp. COM 28176E108 1,261,192 13,370 SH SOLE 0 0 13,370
Emerson Electric Co COM 291011104 644,481 7,130 SH SOLE 0 0 7,130
Enterprise Products Partners, COM 293792107 4,125,356 156,560 SH SOLE 0 0 156,560
Expedia Inc.(IAC/InterActiveCo COM 30212p303 536,011 4,900 SH SOLE 0 0 4,900
Exxon Mobil Corporation COM 30231G102 1,254,825 11,700 SH SOLE 0 0 11,700
Fidelity National Financial, I COM 31620r303 376,488 10,458 SH SOLE 0 0 10,458
Fidelity National Information COM 31620m106 293,411 5,364 SH SOLE 0 0 5,364
General Mills, Inc. COM 370334104 4,295,200 56,000 SH SOLE 0 0 56,000
General Motors Company COM 37045v100 4,351,110 112,840 SH SOLE 0 0 112,840
Home Depot COM 437076102 6,073,012 19,550 SH SOLE 0 0 19,550
Howard Hughes Corp (The)(spino COM 44267d107 323,572 4,100 SH SOLE 0 0 4,100
IAC Inc. COM 44891n208 309,290 4,925 SH SOLE 0 0 4,925
International Business Machine COM 459200101 4,208,592 31,452 SH SOLE 0 0 31,452
Iron Mountain Inc. REIT COM 46284v101 7,477,512 131,600 SH SOLE 0 0 131,600
Johnson & Johnson COM 478160104 6,755,699 40,815 SH SOLE 0 0 40,815
JPMorgan Chase & Co. COM 46625H100 9,487,197 65,231 SH SOLE 0 0 65,231
Kimberly-Clark COM 494368103 2,001,870 14,500 SH SOLE 0 0 14,500
Kinder Morgan, Inc. COM 49456B101 4,222,688 245,220 SH SOLE 0 0 245,220
KKR & Co. Inc. COM 48251w104 1,008,000 18,000 SH SOLE 0 0 18,000
Loews Corp COM 540424108 4,626,711 77,917 SH SOLE 0 0 77,917
Marker Therapeutics, Inc. COM 57055L107 126,170 40,700 SH SOLE 0 0 40,700
McDonald's Corp COM 580135101 2,088,870 7,000 SH SOLE 0 0 7,000
Merck & Co., Inc. COM 58933Y105 15,528,032 134,570 SH SOLE 0 0 134,570
MetLife Inc. COM 59156r108 226,120 4,000 SH SOLE 0 0 4,000
Microsoft Corporation COM 594918104 8,267,971 24,279 SH SOLE 0 0 24,279
Mondelez Intl Inc.(fmrly Kraft COM 609207105 3,318,770 45,500 SH SOLE 0 0 45,500
Morgan Stanley COM 617446448 973,560 11,400 SH SOLE 0 0 11,400
Nestle SA - Spon ADR COM 641069406 2,045,950 17,000 SH SOLE 0 0 17,000
NIKE, Inc. Cl B COM 654106103 8,671,771 78,570 SH SOLE 0 0 78,570
Novartis AG - ADR COM 66987v109 1,084,783 10,750 SH SOLE 0 0 10,750
Nvidia Corporation COM 67066G104 3,407,426 8,055 SH SOLE 0 0 8,055
Oracle Corp COM 68389X105 357,270 3,000 SH SOLE 0 0 3,000
Otis Worldwide Corp (RTX Spino COM 68902v107 640,872 7,200 SH SOLE 0 0 7,200
PepsiCo COM 713448108 7,780,907 42,009 SH SOLE 0 0 42,009
Pfizer, Inc. COM 717081103 5,192,971 141,575 SH SOLE 0 0 141,575
Philip Morris International-Al COM 718172109 10,982,836 112,506 SH SOLE 0 0 112,506
Phillips 66 COM 718546104 1,201,788 12,600 SH SOLE 0 0 12,600
Procter & Gamble Co COM 742718109 11,397,040 75,109 SH SOLE 0 0 75,109
Public Storage - REIT COM 74460D109 697,009 2,388 SH SOLE 0 0 2,388
Ralph Lauren Corp (fmly Polo R COM 751212101 369,900 3,000 SH SOLE 0 0 3,000
Rexford Industrial Realty, Inc COM 76169c100 1,096,620 21,000 SH SOLE 0 0 21,000
Rio Tinto PLC Sponsored ADR COM 767204100 638,400 10,000 SH SOLE 0 0 10,000
Roche Holding Ltd ADR COM 771195104 4,125,600 108,000 SH SOLE 0 0 108,000
RTX Corp (frmly Raytheon Tech COM 75513e101 1,704,504 17,400 SH SOLE 0 0 17,400
Sempra Energy COM 816851109 2,111,055 14,500 SH SOLE 0 0 14,500
Swire Pacific Ltd Spons ADR Rp COM 870794302 305,200 40,000 SH SOLE 0 0 40,000
Sysco Corp COM 871829107 742,000 10,000 SH SOLE 0 0 10,000
Taiwan Semiconductor Mfg Co Lt COM 874039100 505,206 5,006 SH SOLE 0 0 5,006
Tanger Inc. REIT COM 875465106 5,255,971 238,150 SH SOLE 0 0 238,150
Target Corp-frmly Dayton Hudso COM 87612E106 7,507,089 56,915 SH SOLE 0 0 56,915
Texas Instruments Inc. COM 882508104 1,800,200 10,000 SH SOLE 0 0 10,000
Toast, Inc. COM 888787108 266,326 11,800 SH SOLE 0 0 11,800
TotalEnergies SE ADR (frmrly T COM 89151E109 2,351,424 40,795 SH SOLE 0 0 40,795
Travelers Companies, Inc. COM 89417e109 566,826 3,264 SH SOLE 0 0 3,264
U.S. Bancorp (Formerly First B COM 902973304 482,714 14,610 SH SOLE 0 0 14,610
Union Pacific Corporation COM 907818108 1,534,650 7,500 SH SOLE 0 0 7,500
United Parcel Service, Inc. Cl COM 911312106 914,175 5,100 SH SOLE 0 0 5,100
UnitedHealth Group Inc COM 91324P102 624,832 1,300 SH SOLE 0 0 1,300
Verizon Communications Inc. COM 92343V104 3,665,409 98,559 SH SOLE 0 0 98,559
VICI Properties Inc. (REIT) COM 925652109 3,147,715 100,150 SH SOLE 0 0 100,150
Vodafone Group PLC SPN ADR COM 92857W308 307,730 32,564 SH SOLE 0 0 32,564
Walmart Inc. COM 931142103 4,212,424 26,800 SH SOLE 0 0 26,800
Yum Brands Inc. (formerly Tric COM 988498101 842,384 6,080 SH SOLE 0 0 6,080
Yum China Holdings, Inc. COM 98850p109 330,695 5,853 SH SOLE 0 0 5,853
Zimmer Biomet Holdings(frmly Z COM 98956P102 975,520 6,700 SH SOLE 0 0 6,700
Zoetis Inc. COM 98978v103 5,837,919 33,900 SH SOLE 0 0 33,900
Brookfield Prpty Ptnrs LP 6.5 PFD G16249149 1,490,000 100,000 SH SOLE 0 0 100,000
Energy Transfer LP 9.8604 QTR PFD 29273v407 664,300 26,000 SH SOLE 0 0 26,000
JPMorgan Chase 6.00 Callable Q PFD 48128b648 763,200 30,000 SH SOLE 0 0 30,000
Prudential Financial Inc 5.625 PFD 744320805 1,842,600 74,000 SH SOLE 0 0 74,000
Public Storage 5.15 Ser F Call PFD 74460W685 991,600 40,000 SH SOLE 0 0 40,000