Ar Asset Management 13F-HR Quarterly holdings report by institutional manager

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
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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
ABBVIE INC.	COM	00287y109	7,867	43,200	SH		SOLE		0	0	43,200
ABBOTT LABORATORIES	COM	002824100	989	8,700	SH		SOLE		0	0	8,700
AEGON LTD - NY REG SHRS	COM	0076ca104	222	36,691	SH		SOLE		0	0	36,691
AGILENT TECHNOLOGIES, INC.	COM	00846U101	232	1,593	SH		SOLE		0	0	1,593
ALLSTATE CORP	COM	020002101	346	2,000	SH		SOLE		0	0	2,000
ALPHABET INC. CL C	COM	02079K107	9,888	64,940	SH		SOLE		0	0	64,940
ALTRIA GROUP INC.	COM	02209S103	4,496	103,076	SH		SOLE		0	0	103,076
AMAZON.COM, INC.	COM	023135106	4,321	23,955	SH		SOLE		0	0	23,955
AMERICAN ELECTRIC POWER	COM	025537101	861	10,000	SH		SOLE		0	0	10,000
AON PLC	COM	037389103	3,877	11,618	SH		SOLE		0	0	11,618
APPLE INC.	COM	037833100	45,822	267,213	SH		SOLE		0	0	267,213
APPLIED MATERIALS INC	COM	038222105	634	3,075	SH		SOLE		0	0	3,075
ARCHER-DANIELS-MIDLAND CORP	COM	039483102	639	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	928	5,000	SH		SOLE		0	0	5,000
BP PLC SPONS ADR	COM	055622104	439	11,642	SH		SOLE		0	0	11,642
BANK OF HAWAII CORPORATION	COM	062540109	4,539	72,760	SH		SOLE		0	0	72,760
BERKSHIRE HATHAWAY INC. CL A	COM	084670108	11,420	18	SH		SOLE		0	0	18
BERKSHIRE HATHAWAY INC. CL B	COM	084670702	8,628	20,518	SH		SOLE		0	0	20,518
BLACKSTONE INC. (THE)	COM	09260d107	1,445	11,000	SH		SOLE		0	0	11,000
BOSTON PROPERTIES INC. REIT	COM	101121101	392	6,000	SH		SOLE		0	0	6,000
BRISTOL-MYERS SQUIBB CO	COM	110122108	3,242	59,774	SH		SOLE		0	0	59,774
BRITISH AMERICAN TOBACCO PLC -	COM	110448107	1,826	59,864	SH		SOLE		0	0	59,864
COPT DEFENSE PROP REIT(FRM COR	COM	22002T108	220	9,100	SH		SOLE		0	0	9,100
CARRIER GLOBAL CORP (UNITED TE	COM	14448c104	837	14,400	SH		SOLE		0	0	14,400
CATERPILLAR INC.	COM	149123101	2,455	6,700	SH		SOLE		0	0	6,700
CHEVRON CORP	COM	166764100	17,873	113,304	SH		SOLE		0	0	113,304
CHUBB LIMITED (FRMLY ACE LIMIT	COM	H1467J104	3,863	14,906	SH		SOLE		0	0	14,906
CHURCH & DWIGHT	COM	171340102	250	2,400	SH		SOLE		0	0	2,400
CIGNA CORP (ACQUIRED EXPRESS S	COM	125523100	2,154	5,932	SH		SOLE		0	0	5,932
COCA-COLA CO	COM	191216100	10,568	172,731	SH		SOLE		0	0	172,731
COCA-COLA EUROPACIFIC PARTNERS	COM	g25839104	420	6,000	SH		SOLE		0	0	6,000
CONOCOPHILLIPS	COM	20825c104	2,762	21,700	SH		SOLE		0	0	21,700
CONSTELLATION BRANDS, INC.	COM	21036P108	2,989	11,000	SH		SOLE		0	0	11,000
CROWN CASTLE INTERNATIONAL COR	COM	22822v101	455	4,300	SH		SOLE		0	0	4,300
DARDEN RESTAURANTS INC.	COM	237194105	501	3,000	SH		SOLE		0	0	3,000
DIAGEO PLC ADR	COM	25243Q205	6,692	44,990	SH		SOLE		0	0	44,990
DIGITAL REALTY TRUST, INC. REI	COM	253868103	3,290	22,840	SH		SOLE		0	0	22,840
DISNEY WALT CO	COM	254687106	6,837	55,875	SH		SOLE		0	0	55,875
EDWARDS LIFESCIENCES CORP.	COM	28176E108	1,182	12,370	SH		SOLE		0	0	12,370
EMERSON ELECTRIC CO	COM	291011104	809	7,130	SH		SOLE		0	0	7,130
ENTERPRISE PRODUCTS PARTNERS,	COM	293792107	4,547	155,810	SH		SOLE		0	0	155,810
EQUITY RESIDENTIAL REIT	COM	29476l107	3,061	48,500	SH		SOLE		0	0	48,500
EXPEDIA INC.(IAC/INTERACTIVECO	COM	30212p303	675	4,900	SH		SOLE		0	0	4,900
EXXON MOBIL CORPORATION	COM	30231G102	1,360	11,700	SH		SOLE		0	0	11,700
FIDELITY NATIONAL FINANCIAL, I	COM	31620r303	555	10,458	SH		SOLE		0	0	10,458
FIDELITY NATIONAL INFORMATION	COM	31620m106	398	5,364	SH		SOLE		0	0	5,364
GENERAL MILLS, INC.	COM	370334104	3,918	56,000	SH		SOLE		0	0	56,000
GENERAL MOTORS COMPANY	COM	37045v100	5,149	113,540	SH		SOLE		0	0	113,540
HOME DEPOT	COM	437076102	7,499	19,550	SH		SOLE		0	0	19,550
HOWARD HUGHES HOLDINGS INC.	COM	44267T102	298	4,100	SH		SOLE		0	0	4,100
IAC INC.	COM	44891n208	263	4,925	SH		SOLE		0	0	4,925
INTERNATIONAL BUSINESS MACHINE	COM	459200101	6,006	31,452	SH		SOLE		0	0	31,452
IRON MOUNTAIN INC. REIT	COM	46284v101	10,475	130,600	SH		SOLE		0	0	130,600
JPMORGAN CHASE & CO.	COM	46625H100	12,865	64,231	SH		SOLE		0	0	64,231
JOHNSON & JOHNSON	COM	478160104	4,932	31,180	SH		SOLE		0	0	31,180
KKR & CO. INC.	COM	48251w104	1,810	18,000	SH		SOLE		0	0	18,000
KIMBERLY-CLARK	COM	494368103	1,837	14,200	SH		SOLE		0	0	14,200
KINDER MORGAN, INC.	COM	49456B101	4,461	243,220	SH		SOLE		0	0	243,220
LOEWS CORP	COM	540424108	6,100	77,917	SH		SOLE		0	0	77,917
MARKER THERAPEUTICS, INC.	COM	57055L107	304	70,700	SH		SOLE		0	0	70,700
MCDONALD'S CORP	COM	580135101	1,974	7,000	SH		SOLE		0	0	7,000
MERCK & CO., INC.	COM	58933Y105	17,724	134,320	SH		SOLE		0	0	134,320
METLIFE INC.	COM	59156r108	296	4,000	SH		SOLE		0	0	4,000
MICROSOFT CORPORATION	COM	594918104	10,215	24,279	SH		SOLE		0	0	24,279
MONDELEZ INTL INC.(FMRLY KRAFT	COM	609207105	3,185	45,500	SH		SOLE		0	0	45,500
MORGAN STANLEY	COM	617446448	1,073	11,400	SH		SOLE		0	0	11,400
NIKE, INC. CL B	COM	654106103	7,365	78,370	SH		SOLE		0	0	78,370
NESTLE SA - SPON ADR	COM	641069406	1,805	17,000	SH		SOLE		0	0	17,000
NOVARTIS AG - ADR	COM	66987v109	1,040	10,750	SH		SOLE		0	0	10,750
NVIDIA CORPORATION	COM	67066G104	7,278	8,055	SH		SOLE		0	0	8,055
ON HOLDING AG	COM	h5919c104	354	10,000	SH		SOLE		0	0	10,000
ORACLE CORP	COM	68389X105	377	3,000	SH		SOLE		0	0	3,000
OTIS WORLDWIDE CORP (UNITED TE	COM	68902v107	715	7,200	SH		SOLE		0	0	7,200
PEPSICO	COM	713448108	7,387	42,209	SH		SOLE		0	0	42,209
PFIZER, INC.	COM	717081103	4,300	154,965	SH		SOLE		0	0	154,965
PHILIP MORRIS INTERNATIONAL-AL	COM	718172109	10,271	112,106	SH		SOLE		0	0	112,106
PHILLIPS 66	COM	718546104	2,058	12,600	SH		SOLE		0	0	12,600
PROCTER & GAMBLE CO	COM	742718109	12,138	74,809	SH		SOLE		0	0	74,809
PUBLIC STORAGE - REIT	COM	74460D109	693	2,388	SH		SOLE		0	0	2,388
RTX CORP (FRMLY RAYTHEON TECH	COM	75513e101	1,697	17,400	SH		SOLE		0	0	17,400
RALPH LAUREN CORP (FMLY POLO R	COM	751212101	563	3,000	SH		SOLE		0	0	3,000
REXFORD INDUSTRIAL REALTY, INC	COM	76169c100	2,445	48,600	SH		SOLE		0	0	48,600
RIO TINTO PLC SPONSORED ADR	COM	767204100	637	10,000	SH		SOLE		0	0	10,000
ROCHE HOLDING LTD ADR	COM	771195104	3,447	108,000	SH		SOLE		0	0	108,000
SEMPRA ENERGY	COM	816851109	2,083	29,000	SH		SOLE		0	0	29,000
SWIRE PACIFIC LTD SPONS ADR RP	COM	870794302	329	40,000	SH		SOLE		0	0	40,000
SYSCO CORP	COM	871829107	812	10,000	SH		SOLE		0	0	10,000
TAIWAN SEMICONDUCTOR MFG CO LT	COM	874039100	681	5,006	SH		SOLE		0	0	5,006
TANGER INC. REIT	COM	875465106	7,000	237,050	SH		SOLE		0	0	237,050
TARGET CORP-FRMLY DAYTON HUDSO	COM	87612E106	10,357	58,445	SH		SOLE		0	0	58,445
TEXAS INSTRUMENTS INC.	COM	882508104	1,742	10,000	SH		SOLE		0	0	10,000
TOAST, INC.	COM	888787108	294	11,800	SH		SOLE		0	0	11,800
TOTALENERGIES SE ADR (FRMRLY T	COM	89151E109	2,696	39,175	SH		SOLE		0	0	39,175
TRAVELERS COMPANIES, INC.	COM	89417e109	751	3,264	SH		SOLE		0	0	3,264
U.S. BANCORP (FORMERLY FIRST B	COM	902973106	653	14,610	SH		SOLE		0	0	14,610
UNION PACIFIC CORPORATION	COM	907818108	1,844	7,500	SH		SOLE		0	0	7,500
UNITED PARCEL SERVICE, INC. CL	COM	911312106	758	5,100	SH		SOLE		0	0	5,100
UNITEDHEALTH GROUP INC	COM	91324P102	1,529	3,090	SH		SOLE		0	0	3,090
VICI PROPERTIES INC. (REIT)	COM	925652109	3,094	103,850	SH		SOLE		0	0	103,850
VERIZON COMMUNICATIONS INC.	COM	92343V104	4,219	100,559	SH		SOLE		0	0	100,559
VODAFONE GROUP PLC SPONS ADR	COM	92857w308	290	32,564	SH		SOLE		0	0	32,564
WALMART INC.	COM	931142103	4,874	81,000	SH		SOLE		0	0	81,000
YUM BRANDS INC. (FORMERLY TRIC	COM	895953107	843	6,080	SH		SOLE		0	0	6,080
YUM CHINA HOLDINGS, INC.	COM	98850p109	228	5,720	SH		SOLE		0	0	5,720
ZIMMER BIOMET HOLDINGS(FRMLY Z	COM	98956P102	884	6,700	SH		SOLE		0	0	6,700
ZOETIS INC.	COM	98978v103	5,730	33,864	SH		SOLE		0	0	33,864
BROOKFIELD PRPTY PTNRS LP 6.5	PREFERRED	G16249149	1,575	100,000	SH		SOLE		0	0	100,000
JPMORGAN CHASE 6.00 CALLABLE	PREFERRED	48128b648	755	30,000	SH		SOLE		0	0	30,000
PRUDENTIAL FINANCIAL INC 5.625	PREFERRED	744320805	1,828	73,000	SH		SOLE		0	0	73,000
PUBLIC STORAGE 5.15 SER F CAL	PREFERRED	74460W685	962	40,000	SH		SOLE		0	0	40,000