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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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 1,083,770 10,966 SH SOLE 0 0 10,966
AbbVie Inc. COM 00287y109 11,830,669 45,226 SH SOLE 11,000 0 34,226
Aegon Ltd - NY Reg Shrs COM 0076ca104 316,643 36,691 SH SOLE 0 0 36,691
Air Products & Chemicals, Inc. COM 009158106 546,444 1,964 SH SOLE 0 0 1,964
Allstate Corp COM 020002101 443,720 2,000 SH SOLE 0 0 2,000
Alphabet Inc. Cl C COM 02079K107 22,045,878 64,700 SH SOLE 19,000 0 45,700
Altria Group Inc. COM 02209S103 7,030,363 104,401 SH SOLE 27,000 0 77,401
Amazon.com, Inc. COM 023135106 9,381,743 37,655 SH SOLE 12,000 0 25,655
American Electric Power COM 025537101 1,186,400 10,000 SH SOLE 10,000 0 0
American Tower Corp-CL A REIT COM 03027X100 982,140 6,000 SH SOLE 6,000 0 0
Amgen Inc COM 031162100 252,906 600 SH SOLE 0 0 600
Aon PLC COM 037389103 3,215,514 11,618 SH SOLE 0 0 11,618
Apple Inc. COM 037833100 80,125,278 240,602 SH SOLE 74,200 0 166,402
Applied Materials Inc COM 038222105 1,572,494 3,075 SH SOLE 0 0 3,075
Archer-Daniels-Midland Corp COM 039483102 807,453 10,172 SH SOLE 0 0 10,172
Ares Management Corp. Cl A COM 03990B101 871,275 7,500 SH SOLE 7,000 0 500
ASML Holding ADR COM N07059210 3,693,995 2,039 SH SOLE 1,300 0 739
AstraZeneca PLC COM G0593M107 645,880 4,000 SH SOLE 4,000 0 0
Atlassian Corp. Cl A COM 049468101 717,160 4,000 SH SOLE 4,000 0 0
Automatic Data Processing, Inc COM 053015103 389,929 1,511 SH SOLE 0 0 1,511
Bank of Hawaii Corporation COM 062540109 4,938,807 71,660 SH SOLE 12,000 0 59,660
Berkshire Hathaway Inc. Cl A COM 084670108 12,699,085 17 SH SOLE 9 0 8
Berkshire Hathaway Inc. Cl B COM 084670702 11,314,420 22,722 SH SOLE 0 0 22,722
BlackRock, Inc. COM 09290d101 505,863 478 SH SOLE 0 0 478
Blackstone Inc. (The) COM 09260d107 1,232,990 11,000 SH SOLE 10,000 0 1,000
BP PLC Spons ADR COM 055622104 512,132 11,642 SH SOLE 0 0 11,642
Bristol-Myers Squibb Co COM 110122108 4,665,898 74,774 SH SOLE 15,000 0 59,774
British American Tobacco PLC - COM 110448107 3,343,642 61,464 SH SOLE 19,000 0 42,464
Broadcom Inc. COM 11135F101 1,158,927 3,300 SH SOLE 3,000 0 300
BXP Inc. (frmly Boston Propert COM 101121101 366,660 6,000 SH SOLE 0 0 6,000
Carrier Global Corp (RTX Spino COM 14448c104 784,498 14,300 SH SOLE 6,000 0 8,300
Caterpillar Inc. COM 149123101 4,783,661 5,900 SH SOLE 4,000 0 1,900
Chevron Corp COM 166764100 23,613,211 115,632 SH SOLE 9,000 0 106,632
Chime Financial Inc CL A COM 16935C109 799,200 30,000 SH SOLE 30,000 0 0
Chubb Limited (frmly ACE Limit COM H1467J104 5,621,946 17,285 SH SOLE 5,000 0 12,285
Church & Dwight COM 171340102 226,128 2,400 SH SOLE 0 0 2,400
Cigna Corp (acquired Express S COM 125523100 1,612,496 5,932 SH SOLE 0 0 5,932
Citigroup Inc. COM 172967424 333,540 2,576 SH SOLE 0 0 2,576
Coca-Cola Co COM 191216100 15,089,394 175,295 SH SOLE 40,000 0 135,295
Colgate-Palmolive Company COM 194162103 1,023,840 12,000 SH SOLE 12,000 0 0
ConocoPhillips COM 20825c104 2,715,755 21,700 SH SOLE 12,000 0 9,700
Constellation Brands, Inc. COM 21036P108 1,707,206 15,100 SH SOLE 6,500 0 8,600
COPT Defense Prop REIT(frm Cor COM 22002T108 303,940 9,100 SH SOLE 9,100 0 0
Costco Wholesale Corp COM 22160K105 546,204 600 SH SOLE 600 0 0
Darden Restaurants Inc. COM 237194105 579,750 3,000 SH SOLE 0 0 3,000
Digital Realty Trust, Inc. REI COM 253868103 4,009,105 22,840 SH SOLE 5,500 0 17,340
Eaton Corporation PLC COM G29183103 1,074,275 2,500 SH SOLE 2,500 0 0
Edwards Lifesciences Corp. COM 28176E108 1,003,038 11,620 SH SOLE 0 0 11,620
Eli Lilly & Co. COM 532457108 1,157,080 1,000 SH SOLE 1,000 0 0
Emerson Electric Co COM 291011104 1,105,863 7,130 SH SOLE 0 0 7,130
Enbridge Inc. COM 29250n105 929,800 20,000 SH SOLE 20,000 0 0
Energy Transfer LP COM 29273v100 9,712,408 491,270 SH SOLE 175,000 0 316,270
Enterprise Products Partners, COM 293792107 6,775,800 190,278 SH SOLE 37,500 0 152,778
Exxonmobil Holdings Corp COM 30233q108 2,757,799 16,945 SH SOLE 6,000 0 10,945
Federal Realty Investment Trus COM 313745101 758,030 7,000 SH SOLE 7,000 0 0
Fidelity National Financial, I COM 31620r303 404,202 10,458 SH SOLE 0 0 10,458
Ford Motor Company COM 345370860 1,301,153 107,890 SH SOLE 100,000 0 7,890
Ge Vernova Inc COM 36828a101 1,425,735 1,500 SH SOLE 1,500 0 0
General Mills, Inc. COM 370334104 3,367,152 104,700 SH SOLE 37,000 0 67,700
General Motors Company COM 37045v100 8,742,580 113,540 SH SOLE 15,000 0 98,540
Home Depot COM 437076102 5,476,433 19,250 SH SOLE 10,000 0 9,250
International Business Machine COM 459200101 6,902,283 31,384 SH SOLE 4,000 0 27,384
Intuitive Surgical, Inc. COM 46120e602 914,918 2,250 SH SOLE 1,200 0 1,050
Iron Mountain Inc. REIT COM 46284v101 14,490,070 130,600 SH SOLE 27,000 0 103,600
Johnson & Johnson COM 478160104 8,714,447 32,917 SH SOLE 8,062 0 24,855
JPMorgan Chase & Co. COM 46625H100 19,426,999 58,722 SH SOLE 12,000 0 46,722
Kimberly-Clark COM 494368103 1,317,254 13,520 SH SOLE 0 0 13,520
Kinder Morgan, Inc. COM 49456B101 7,403,936 245,570 SH SOLE 57,500 0 188,070
KKR & Co. Inc. COM 48251w104 1,643,400 18,000 SH SOLE 18,000 0 0
Linde PLC COM G54950103 484,143 1,020 SH SOLE 0 0 1,020
Loews Corp COM 540424108 7,919,449 75,835 SH SOLE 0 0 75,835
LVMH Moet Hennessy Louis Vuitt COM 502441306 748,255 8,500 SH SOLE 8,500 0 0
McDonald's Corp COM 580135101 2,270,602 9,832 SH SOLE 7,000 0 2,832
Medtronic PLC COM G5960L103 1,208,060 14,000 SH SOLE 14,000 0 0
Merck & Co., Inc. COM 58933Y105 22,395,758 154,124 SH SOLE 29,000 0 125,124
MetLife Inc. COM 59156r108 376,640 4,000 SH SOLE 0 0 4,000
Micron Technology Inc. COM 595112103 1,725,478 1,620 SH SOLE 900 0 720
Microsoft Corporation COM 594918104 16,975,964 33,098 SH SOLE 5,000 0 28,098
Mondelez Intl Inc.(fmrly Kraft COM 609207105 2,630,810 45,500 SH SOLE 17,612 0 27,888
Morgan Stanley COM 617446448 2,144,112 11,400 SH SOLE 10,000 0 1,400
Nestle SA - Spon ADR COM 641069406 1,543,260 17,000 SH SOLE 7,000 0 10,000
Netflix Inc. COM 64110l106 904,540 13,000 SH SOLE 13,000 0 0
Novartis AG - ADR COM 66987v109 1,532,628 10,750 SH SOLE 0 0 10,750
Nvidia Corporation COM 67066G104 18,908,722 82,795 SH SOLE 34,000 0 48,795
On Holding AG COM h5919c104 1,036,350 35,000 SH SOLE 35,000 0 0
Oracle Corp COM 68389X105 411,900 3,000 SH SOLE 0 0 3,000
Otis Worldwide Corp (RTX Spino COM 68902v107 459,888 7,150 SH SOLE 3,000 0 4,150
PepsiCo COM 713448108 5,336,052 42,109 SH SOLE 15,000 0 27,109
Pfizer, Inc. COM 717081103 4,525,012 158,661 SH SOLE 57,754 0 100,907
Philip Morris International-Al COM 718172109 22,660,066 118,751 SH SOLE 29,500 0 89,251
Phillips 66 COM 718546104 3,216,906 12,600 SH SOLE 6,000 0 6,600
Procter & Gamble Co COM 742718109 11,646,952 80,169 SH SOLE 11,000 0 69,169
Public Storage - REIT COM 74460D109 675,422 2,388 SH SOLE 0 0 2,388
Ralph Lauren Corp (fmly Polo R COM 751212101 1,065,210 3,000 SH SOLE 3,000 0 0
Realty Income Corp - REIT COM 756109104 2,241,776 41,285 SH SOLE 16,000 0 25,285
Rexford Industrial Realty, Inc COM 76169c100 977,477 26,950 SH SOLE 20,000 0 6,950
Rio Tinto PLC Sponsored ADR COM 767204100 941,700 10,000 SH SOLE 0 0 10,000
Roche Holding Ltd ADR COM 771195104 5,551,160 107,000 SH SOLE 21,000 0 86,000
RTX Corp (frmly Raytheon Tech COM 75513e101 3,230,310 17,400 SH SOLE 6,000 0 11,400
S&P Global Inc.(frmrly McGraw COM 78409v104 446,935 1,133 SH SOLE 0 0 1,133
Sempra Energy COM 816851109 2,260,840 29,000 SH SOLE 15,000 0 14,000
Swire Pacific Ltd Spons ADR Rp COM 870794302 522,400 40,000 SH SOLE 0 0 40,000
Sysco Corp COM 871829107 779,600 10,000 SH SOLE 0 0 10,000
Taiwan Semiconductor Mfg Co Lt COM 874039100 6,638,021 14,551 SH SOLE 6,000 0 8,551
Tanger Inc. REIT COM 875465106 8,130,815 237,050 SH SOLE 25,200 0 211,850
Texas Instruments Inc. COM 882508104 3,911,457 13,965 SH SOLE 0 0 13,965
Toast, Inc. COM 888787108 342,082 11,800 SH SOLE 0 0 11,800
Travelers Companies, Inc. COM 89417e109 1,163,649 3,264 SH SOLE 0 0 3,264
U.S. Bancorp (Formerly First B COM 902973304 832,322 14,410 SH SOLE 0 0 14,410
United Parcel Service, Inc. Cl COM 911312106 1,093,248 11,700 SH SOLE 10,000 0 1,700
Verizon Communications Inc. COM 92343V104 4,598,880 100,259 SH SOLE 27,000 0 73,259
Visa Inc. COM 92826c839 1,503,796 4,185 SH SOLE 3,000 0 1,185
Vivmark Residential REIT (fmrl COM 29476l107 4,135,629 68,065 SH SOLE 33,965 0 34,100
Vodafone Group PLC SPN ADR COM 92857W308 525,909 32,564 SH SOLE 27,000 0 5,564
Walmart Inc. COM 931142103 8,548,979 82,265 SH SOLE 0 0 82,265
Yum Brands Inc. (formerly Tric COM 988498101 812,586 5,960 SH SOLE 0 0 5,960
Yum China Holdings, Inc. COM 98850p109 230,160 5,600 SH SOLE 0 0 5,600
Zimmer Biomet Holdings(frmly Z COM 98956P102 595,161 6,700 SH SOLE 0 0 6,700
Zoetis Inc. COM 98978v103 2,644,043 37,864 SH SOLE 11,172 0 26,692
Brookfield Prpty Ptnrs LP 6.5 PFD G16249149 1,561,140 98,000 SH SOLE 20,000 0 78,000
JPMorgan Chase 6.00 Callable PFD 48128b648 977,390 43,000 SH SOLE 30,000 0 13,000
Prudential Financial Inc 5.625 PFD 744320805 1,449,780 73,000 SH SOLE 20,000 0 53,000
Public Storage 5.15 Ser F Cal PFD 74460W685 710,000 40,000 SH SOLE 30,000 0 10,000