The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 1,165,278 | 8,700 | SH | SOLE | 0 | 0 | 8,700 | ||
| AbbVie Inc. | COM | 00287y109 | 9,946,958 | 42,960 | SH | SOLE | 11,000 | 0 | 31,960 | ||
| Aegon Ltd - NY Reg Shrs | COM | 0076ca104 | 293,161 | 36,691 | SH | SOLE | 0 | 0 | 36,691 | ||
| Allstate Corp | COM | 020002101 | 429,300 | 2,000 | SH | SOLE | 0 | 0 | 2,000 | ||
| Alphabet Inc. Cl C | COM | 02079K107 | 15,925,735 | 65,390 | SH | SOLE | 19,000 | 0 | 46,390 | ||
| Altria Group Inc. | COM | 02209S103 | 6,807,549 | 103,051 | SH | SOLE | 27,000 | 0 | 76,051 | ||
| Amazon.com, Inc. | COM | 023135106 | 7,558,697 | 34,425 | SH | SOLE | 12,000 | 0 | 22,425 | ||
| American Electric Power | COM | 025537101 | 1,125,000 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Aon PLC | COM | 037389103 | 4,142,746 | 11,618 | SH | SOLE | 0 | 0 | 11,618 | ||
| Apple Inc. | COM | 037833100 | 63,607,338 | 249,803 | SH | SOLE | 74,800 | 0 | 175,003 | ||
| Applied Materials Inc | COM | 038222105 | 629,576 | 3,075 | SH | SOLE | 0 | 0 | 3,075 | ||
| Archer-Daniels-Midland Corp | COM | 039483102 | 607,675 | 10,172 | SH | SOLE | 0 | 0 | 10,172 | ||
| ASML Holding ADR | COM | N07059210 | 1,572,178 | 1,624 | SH | SOLE | 1,300 | 0 | 324 | ||
| AstraZeneca PLC-SPONS ADR | COM | 046353108 | 613,760 | 8,000 | SH | SOLE | 8,000 | 0 | 0 | ||
| AvalonBay Communities, Inc REI | COM | 053484101 | 965,850 | 5,000 | SH | SOLE | 5,000 | 0 | 0 | ||
| Bank of Hawaii Corporation | COM | 062540109 | 4,775,966 | 72,760 | SH | SOLE | 12,000 | 0 | 60,760 | ||
| Berkshire Hathaway Inc. Cl A | COM | 084670108 | 13,575,600 | 18 | SH | SOLE | 9 | 0 | 9 | ||
| Berkshire Hathaway Inc. Cl B | COM | 084670702 | 10,315,219 | 20,518 | SH | SOLE | 0 | 0 | 20,518 | ||
| Blackstone Inc. (The) | COM | 09260d107 | 1,879,350 | 11,000 | SH | SOLE | 10,000 | 0 | 1,000 | ||
| BP PLC Spons ADR | COM | 055622104 | 401,183 | 11,642 | SH | SOLE | 0 | 0 | 11,642 | ||
| Bristol-Myers Squibb Co | COM | 110122108 | 3,372,307 | 74,774 | SH | SOLE | 15,000 | 0 | 59,774 | ||
| British American Tobacco PLC - | COM | 110448107 | 3,177,581 | 59,864 | SH | SOLE | 19,000 | 0 | 40,864 | ||
| BXP Inc. (frmly Boston Propert | COM | 101121101 | 446,040 | 6,000 | SH | SOLE | 0 | 0 | 6,000 | ||
| Carrier Global Corp (RTX Spino | COM | 14448c104 | 853,710 | 14,300 | SH | SOLE | 6,000 | 0 | 8,300 | ||
| Caterpillar Inc. | COM | 149123101 | 3,196,905 | 6,700 | SH | SOLE | 4,000 | 0 | 2,700 | ||
| Chevron Corp | COM | 166764100 | 17,604,296 | 113,364 | SH | SOLE | 9,000 | 0 | 104,364 | ||
| Chubb Limited (frmly ACE Limit | COM | H1467J104 | 4,207,219 | 14,906 | SH | SOLE | 5,000 | 0 | 9,906 | ||
| Church & Dwight | COM | 171340102 | 210,312 | 2,400 | SH | SOLE | 0 | 0 | 2,400 | ||
| Cigna Corp (acquired Express S | COM | 125523100 | 1,709,899 | 5,932 | SH | SOLE | 0 | 0 | 5,932 | ||
| Citigroup Inc. | COM | 172967424 | 261,464 | 2,576 | SH | SOLE | 0 | 0 | 2,576 | ||
| Coca-Cola Co | COM | 191216100 | 11,309,616 | 170,531 | SH | SOLE | 40,000 | 0 | 130,531 | ||
| Colgate-Palmolive Company | COM | 194162103 | 1,438,920 | 18,000 | SH | SOLE | 18,000 | 0 | 0 | ||
| ConocoPhillips | COM | 20825c104 | 2,052,603 | 21,700 | SH | SOLE | 12,000 | 0 | 9,700 | ||
| Constellation Brands, Inc. | COM | 21036P108 | 2,046,984 | 15,200 | SH | SOLE | 6,500 | 0 | 8,700 | ||
| COPT Defense Prop REIT(frm Cor | COM | 22002T108 | 264,446 | 9,100 | SH | SOLE | 9,100 | 0 | 0 | ||
| Darden Restaurants Inc. | COM | 237194105 | 571,080 | 3,000 | SH | SOLE | 0 | 0 | 3,000 | ||
| Digital Realty Trust, Inc. REI | COM | 253868103 | 3,948,579 | 22,840 | SH | SOLE | 5,500 | 0 | 17,340 | ||
| Edwards Lifesciences Corp. | COM | 28176E108 | 903,687 | 11,620 | SH | SOLE | 0 | 0 | 11,620 | ||
| Eli Lilly & Co. | COM | 532457108 | 763,000 | 1,000 | SH | SOLE | 1,000 | 0 | 0 | ||
| Emerson Electric Co | COM | 291011104 | 935,313 | 7,130 | SH | SOLE | 0 | 0 | 7,130 | ||
| Energy Transfer LP | COM | 29273v100 | 5,464,087 | 318,420 | SH | SOLE | 150,000 | 0 | 168,420 | ||
| Enterprise Products Partners, | COM | 293792107 | 5,536,666 | 177,060 | SH | SOLE | 37,500 | 0 | 139,560 | ||
| Exxon Mobil Corporation | COM | 30231G102 | 1,319,175 | 11,700 | SH | SOLE | 6,000 | 0 | 5,700 | ||
| Federal Realty Investment Trus | COM | 313745101 | 709,170 | 7,000 | SH | SOLE | 7,000 | 0 | 0 | ||
| Fidelity National Financial, I | COM | 31620r303 | 632,604 | 10,458 | SH | SOLE | 0 | 0 | 10,458 | ||
| Fidelity National Information | COM | 31620m106 | 353,702 | 5,364 | SH | SOLE | 0 | 0 | 5,364 | ||
| Ford Motor Company | COM | 345370860 | 1,290,364 | 107,890 | SH | SOLE | 100,000 | 0 | 7,890 | ||
| General Mills, Inc. | COM | 370334104 | 2,823,520 | 56,000 | SH | SOLE | 20,000 | 0 | 36,000 | ||
| General Motors Company | COM | 37045v100 | 6,922,534 | 113,540 | SH | SOLE | 15,000 | 0 | 98,540 | ||
| Home Depot | COM | 437076102 | 7,799,908 | 19,250 | SH | SOLE | 10,000 | 0 | 9,250 | ||
| International Business Machine | COM | 459200101 | 8,874,496 | 31,452 | SH | SOLE | 4,000 | 0 | 27,452 | ||
| Intuitive Surgical, Inc. | COM | 46120e602 | 1,006,268 | 2,250 | SH | SOLE | 1,200 | 0 | 1,050 | ||
| Iron Mountain Inc. REIT | COM | 46284v101 | 13,313,364 | 130,600 | SH | SOLE | 27,000 | 0 | 103,600 | ||
| Johnson & Johnson | COM | 478160104 | 5,673,296 | 30,597 | SH | SOLE | 8,062 | 0 | 22,535 | ||
| JPMorgan Chase & Co. | COM | 46625H100 | 18,870,600 | 59,825 | SH | SOLE | 12,000 | 0 | 47,825 | ||
| Kimberly-Clark | COM | 494368103 | 1,681,077 | 13,520 | SH | SOLE | 0 | 0 | 13,520 | ||
| Kinder Morgan, Inc. | COM | 49456B101 | 6,952,087 | 245,570 | SH | SOLE | 57,500 | 0 | 188,070 | ||
| KKR & Co. Inc. | COM | 48251w104 | 2,339,100 | 18,000 | SH | SOLE | 18,000 | 0 | 0 | ||
| Loews Corp | COM | 540424108 | 7,822,088 | 77,917 | SH | SOLE | 0 | 0 | 77,917 | ||
| LVMH Moet Hennessy Louis Vuitt | COM | 502441306 | 1,039,635 | 8,500 | SH | SOLE | 8,500 | 0 | 0 | ||
| McDonald's Corp | COM | 580135101 | 2,127,230 | 7,000 | SH | SOLE | 7,000 | 0 | 0 | ||
| Merck & Co., Inc. | COM | 58933Y105 | 13,048,597 | 155,470 | SH | SOLE | 29,000 | 0 | 126,470 | ||
| MetLife Inc. | COM | 59156r108 | 329,480 | 4,000 | SH | SOLE | 0 | 0 | 4,000 | ||
| Microsoft Corporation | COM | 594918104 | 12,637,462 | 24,399 | SH | SOLE | 4,000 | 0 | 20,399 | ||
| Mondelez Intl Inc.(fmrly Kraft | COM | 609207105 | 2,842,385 | 45,500 | SH | SOLE | 17,612 | 0 | 27,888 | ||
| Morgan Stanley | COM | 617446448 | 1,812,144 | 11,400 | SH | SOLE | 10,000 | 0 | 1,400 | ||
| Nestle SA - Spon ADR | COM | 641069406 | 1,560,090 | 17,000 | SH | SOLE | 7,000 | 0 | 10,000 | ||
| NIKE, Inc. Cl B | COM | 654106103 | 6,336,365 | 90,870 | SH | SOLE | 47,500 | 0 | 43,370 | ||
| Novartis AG - ADR | COM | 66987v109 | 1,378,580 | 10,750 | SH | SOLE | 0 | 0 | 10,750 | ||
| Nvidia Corporation | COM | 67066G104 | 14,885,352 | 79,780 | SH | SOLE | 34,000 | 0 | 45,780 | ||
| On Holding AG | COM | h5919c104 | 1,058,750 | 25,000 | SH | SOLE | 25,000 | 0 | 0 | ||
| Oracle Corp | COM | 68389X105 | 843,720 | 3,000 | SH | SOLE | 0 | 0 | 3,000 | ||
| Otis Worldwide Corp (RTX Spino | COM | 68902v107 | 653,725 | 7,150 | SH | SOLE | 3,000 | 0 | 4,150 | ||
| PepsiCo | COM | 713448108 | 5,927,832 | 42,209 | SH | SOLE | 15,000 | 0 | 27,209 | ||
| Pfizer, Inc. | COM | 717081103 | 4,050,428 | 158,965 | SH | SOLE | 57,754 | 0 | 101,211 | ||
| Philip Morris International-Al | COM | 718172109 | 18,089,842 | 111,528 | SH | SOLE | 29,500 | 0 | 82,028 | ||
| Phillips 66 | COM | 718546104 | 1,713,852 | 12,600 | SH | SOLE | 6,000 | 0 | 6,600 | ||
| Procter & Gamble Co | COM | 742718109 | 11,578,910 | 75,359 | SH | SOLE | 11,000 | 0 | 64,359 | ||
| Public Storage - REIT | COM | 74460D109 | 689,774 | 2,388 | SH | SOLE | 0 | 0 | 2,388 | ||
| Ralph Lauren Corp (fmly Polo R | COM | 751212101 | 940,680 | 3,000 | SH | SOLE | 3,000 | 0 | 0 | ||
| Rexford Industrial Realty, Inc | COM | 76169c100 | 3,167,526 | 77,050 | SH | SOLE | 50,000 | 0 | 27,050 | ||
| Rio Tinto PLC Sponsored ADR | COM | 767204100 | 660,100 | 10,000 | SH | SOLE | 0 | 0 | 10,000 | ||
| Roche Holding Ltd ADR | COM | 771195104 | 4,515,480 | 108,000 | SH | SOLE | 21,000 | 0 | 87,000 | ||
| RTX Corp (frmly Raytheon Tech | COM | 75513e101 | 2,911,542 | 17,400 | SH | SOLE | 6,000 | 0 | 11,400 | ||
| Sanofi ADR | COM | 80105n105 | 660,800 | 14,000 | SH | SOLE | 14,000 | 0 | 0 | ||
| Sempra Energy | COM | 816851109 | 2,609,420 | 29,000 | SH | SOLE | 15,000 | 0 | 14,000 | ||
| Swire Pacific Ltd Spons ADR Rp | COM | 870794302 | 337,600 | 40,000 | SH | SOLE | 0 | 0 | 40,000 | ||
| Sysco Corp | COM | 871829107 | 823,400 | 10,000 | SH | SOLE | 0 | 0 | 10,000 | ||
| Taiwan Semiconductor Mfg Co Lt | COM | 874039100 | 2,826,694 | 10,121 | SH | SOLE | 5,000 | 0 | 5,121 | ||
| Tanger Inc. REIT | COM | 875465106 | 8,021,772 | 237,050 | SH | SOLE | 25,200 | 0 | 211,850 | ||
| Texas Instruments Inc. | COM | 882508104 | 1,837,300 | 10,000 | SH | SOLE | 0 | 0 | 10,000 | ||
| Toast, Inc. | COM | 888787108 | 430,818 | 11,800 | SH | SOLE | 0 | 0 | 11,800 | ||
| Travelers Companies, Inc. | COM | 89417e109 | 911,374 | 3,264 | SH | SOLE | 0 | 0 | 3,264 | ||
| U.S. Bancorp (Formerly First B | COM | 902973304 | 706,101 | 14,610 | SH | SOLE | 0 | 0 | 14,610 | ||
| Uber Technologies Inc. | COM | 90353T100 | 1,077,670 | 11,000 | SH | SOLE | 10,000 | 0 | 1,000 | ||
| Union Pacific Corporation | COM | 907818108 | 1,772,775 | 7,500 | SH | SOLE | 0 | 0 | 7,500 | ||
| United Parcel Service, Inc. Cl | COM | 911312106 | 426,003 | 5,100 | SH | SOLE | 5,000 | 0 | 100 | ||
| Verizon Communications Inc. | COM | 92343V104 | 4,406,383 | 100,259 | SH | SOLE | 27,000 | 0 | 73,259 | ||
| VICI Properties Inc. (REIT) | COM | 925652109 | 3,321,329 | 101,850 | SH | SOLE | 38,000 | 0 | 63,850 | ||
| Visa Inc. | COM | 92826c839 | 293,587 | 860 | SH | SOLE | 0 | 0 | 860 | ||
| Vivmark Residential REIT (fmrl | COM | 29476l107 | 3,527,785 | 54,500 | SH | SOLE | 20,000 | 0 | 34,500 | ||
| Vodafone Group PLC SPN ADR | COM | 92857W308 | 377,742 | 32,564 | SH | SOLE | 27,000 | 0 | 5,564 | ||
| Walmart Inc. | COM | 931142103 | 8,275,718 | 80,300 | SH | SOLE | 0 | 0 | 80,300 | ||
| Yum Brands Inc. (formerly Tric | COM | 988498101 | 905,920 | 5,960 | SH | SOLE | 0 | 0 | 5,960 | ||
| Yum China Holdings, Inc. | COM | 98850p109 | 240,352 | 5,600 | SH | SOLE | 0 | 0 | 5,600 | ||
| Zimmer Biomet Holdings(frmly Z | COM | 98956P102 | 659,950 | 6,700 | SH | SOLE | 0 | 0 | 6,700 | ||
| Zoetis Inc. | COM | 98978v103 | 4,954,980 | 33,864 | SH | SOLE | 7,172 | 0 | 26,692 | ||
| Brookfield Prpty Ptnrs LP 6.5 | PFD | G16249149 | 1,460,200 | 98,000 | SH | SOLE | 20,000 | 0 | 78,000 | ||
| JPMorgan Chase 6.00 Callable Q | PFD | 48128b648 | 1,090,480 | 43,000 | SH | SOLE | 30,000 | 0 | 13,000 | ||
| Prudential Financial Inc 5.625 | PFD | 744320805 | 1,815,510 | 73,000 | SH | SOLE | 20,000 | 0 | 53,000 | ||
| Public Storage 5.15 Ser F Call | PFD | 74460W685 | 912,800 | 40,000 | SH | SOLE | 30,000 | 0 | 10,000 | ||