# EDGAR Filing Document

**Accession Number:** 0001389256
**File Stem:** 0001389256-23-000002
**Filing Date:** 2023-2
**Character Count:** 20647
**Document Hash:** 625de561767bb23c25982f75db4747d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001389256-23-000002.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001389256-23-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Assets Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001389256
- **IRS NUMBER:** 810567059
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12131
- **FILM NUMBER:** 23593574

**BUSINESS ADDRESS:**
- **STREET 1:** 3430 CARMEL MOUNTAIN ROAD
- **STREET 2:** SUITE 150
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-345-1463

**MAIL ADDRESS:**
- **STREET 1:** 3430 CARMEL MOUNTAIN ROAD
- **STREET 2:** SUITE 150
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** American Assets Investment Management LLC<br>**Address:** 3430 CARMEL MOUNTAIN ROAD<br>SUITE 150<br>SAN DIEGO, CA 92121

**Form 13F File Number:** 028-12131

**CRD Number (if applicable):** 000131660

**SEC File Number (if applicable):** 801-65209

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ernest S. Rady<br>**Title:** Chief Executive Officer<br>**Phone:** 858-350-2600

**Signature, Place, and Date of Signing:**

Ernest S. Rady  San Diego, CA  02-07-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 173

**Form 13F Information Table Value Total:** $862364233

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| EXXON MOBIL CORP | COM | 30231G102 |  | 45223000 | 410000 | SH |  | SOLE |  | 410000 | 0 | 0 |
| AMERICAN ASSETS TR INC | COM | 024013104 |  | 39096404 | 1475336 | SH |  | SOLE |  | 1475336 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 32308200 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 27285300 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 25403040 | 767000 | SH |  | SOLE |  | 767000 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 23816160 | 177600 | SH |  | SOLE |  | 177600 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 22915950 | 555000 | SH |  | SOLE |  | 555000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 21499863 | 89650 | SH |  | SOLE |  | 89650 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 18542520 | 54000 | SH |  | SOLE |  | 54000 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 15232620 | 354000 | SH |  | SOLE |  | 354000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 13868750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 13301424 | 127800 | SH |  | SOLE |  | 127800 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 12609240 | 59500 | SH |  | SOLE |  | 59500 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 12585950 | 221000 | SH |  | SOLE |  | 221000 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 10780200 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 10037800 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 9744113 | 60294 | SH |  | SOLE |  | 60294 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 9731070 | 103500 | SH |  | SOLE |  | 103500 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 9545317 | 150060 | SH |  | SOLE |  | 150060 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 9312000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 9249520 | 99500 | SH |  | SOLE |  | 99500 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 9242302 | 35190 | SH |  | SOLE |  | 35190 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 9190167 | 206150 | SH |  | SOLE |  | 206150 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 9158100 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 9137650 | 127000 | SH |  | SOLE |  | 127000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 8832500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 8710800 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 8697600 | 96000 | SH |  | SOLE |  | 96000 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 8575200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 8559500 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 8492299 | 93610 | SH |  | SOLE |  | 93610 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 8260000 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 8184150 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 8002452 | 80459 | SH |  | SOLE |  | 80459 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 7821840 | 92000 | SH |  | SOLE |  | 92000 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 7816485 | 86370 | SH |  | SOLE |  | 86370 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 7748950 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 7656660 | 54000 | SH |  | SOLE |  | 54000 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 7476110 | 103304 | SH |  | SOLE |  | 103304 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 7455200 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 7190268 | 39800 | SH |  | SOLE |  | 39800 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 7108840 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 6800177 | 81674 | SH |  | SOLE |  | 81674 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 6593450 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 6362000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 6311320 | 83000 | SH |  | SOLE |  | 83000 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 6062000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 5900000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 5697000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 5689735 | 45250 | SH |  | SOLE |  | 45250 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 5620000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 5567239 | 71632 | SH |  | SOLE |  | 71632 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 5516000 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| CHUBB LIMITED | COM | h1467j104 |  | 5515000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 5264772 | 116400 | SH |  | SOLE |  | 116400 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 5234800 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 5201165 | 166918 | SH |  | SOLE |  | 166918 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 4907700 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 4898000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 4688000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 4469400 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 4398975 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 4390080 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4323270 | 49000 | SH |  | SOLE |  | 49000 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 4323000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 4180000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PARAMOUNT GLOBAL | CLASS B COM | 92556H206 |  | 4098464 | 242800 | SH |  | SOLE |  | 242800 | 0 | 0 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 4097400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 4093909 | 109580 | SH |  | SOLE |  | 109580 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 4066317 | 61010 | SH |  | SOLE |  | 61010 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 3702108 | 53943 | SH |  | SOLE |  | 53943 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076c106 |  | 3502913 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 3479127 | 69044 | SH |  | SOLE |  | 69044 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 3428000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 3410250 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 3364271 | 32666 | SH |  | SOLE |  | 32666 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 3348595 | 30500 | SH |  | SOLE |  | 30500 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 3326654 | 10040 | SH |  | SOLE |  | 10040 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 3162000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 3106050 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 3027600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 2948232 | 23332 | SH |  | SOLE |  | 23332 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 2947544 | 57829 | SH |  | SOLE |  | 57829 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 2935800 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| HAWAIIAN ELEC INDUSTRIES | COM | 419870100 |  | 2929500 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 2873638 | 33333 | SH |  | SOLE |  | 33333 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 2862566 | 30830 | SH |  | SOLE |  | 30830 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 2811750 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 2780900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2576520 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 2487940 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 2421500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369y886 |  | 2397000 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167735 |  | 2359250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 2200410 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 2170000 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 2162160 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 2159640 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 2114160 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 2074000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PPL CORP | COM | 69351T106 |  | 2045400 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 2035500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2024200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1974550 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1943100 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| WESTERN DIGITAL CORP. | COM | 958102105 |  | 1893000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| LABORATORY CORP AMER HLDGS | COM NEW | 50540R409 |  | 1883840 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1877280 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 1833300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 1808000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 1789303 | 23277 | SH |  | SOLE |  | 23277 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 1785250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 1738400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 1704500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1692520 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 1691106 | 53146 | SH |  | SOLE |  | 53146 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | g51502105 |  | 1676800 | 26200 | SH |  | SOLE |  | 26200 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 1669500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 1649400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1405600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 1398800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 1398650 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 1283393 | 18722 | SH |  | SOLE |  | 18722 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 |  | 1213500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 1187000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 1115170 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 1025400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 1015000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724f101 |  | 1009590 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| TAKEDA PHARMACEUTICAL CO LTD | SPONSORED ADS | 874060205 |  | 889200 | 57000 | SH |  | SOLE |  | 57000 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 838500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 831300 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| CORTEVA INC | COM | 22052l104 |  | 802112 | 13646 | SH |  | SOLE |  | 13646 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 800000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| HILTON GRAND VACATIONS INC | COM | 43283x105 |  | 770800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 754784 | 6696 | SH |  | SOLE |  | 6696 | 0 | 0 |
| PHYSICIANS RLTY TR | COM | 71943U104 |  | 723500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 722250 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 695025 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 655500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| REXFORD INDL RLTY INC | COM | 76169C100 |  | 642512 | 11759 | SH |  | SOLE |  | 11759 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 633082 | 4346 | SH |  | SOLE |  | 4346 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 613165 | 56048 | SH |  | SOLE |  | 56048 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 568800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 546175 | 2578 | SH |  | SOLE |  | 2578 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 536470 | 819 | SH |  | SOLE |  | 819 | 0 | 0 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 524779 | 30653 | SH |  | SOLE |  | 30653 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 481509 | 49487 | SH |  | SOLE |  | 49487 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | COM | 70509V100 |  | 468650 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 465788 | 3434 | SH |  | SOLE |  | 3434 | 0 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 430620 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| INNOVATIVE INDL PPTYS INC | COM | 45781V101 |  | 414826 | 4093 | SH |  | SOLE |  | 4093 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 377562 | 9076 | SH |  | SOLE |  | 9076 | 0 | 0 |
| INVITATION HOMES INC | COM | 46187W107 |  | 375806 | 12679 | SH |  | SOLE |  | 12679 | 0 | 0 |
| LIFE STORAGE INC | COM | 53223X107 |  | 371641 | 3773 | SH |  | SOLE |  | 3773 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 367086 | 10948 | SH |  | SOLE |  | 10948 | 0 | 0 |
| RIGETTI COMPUTING INC | COMMON STOCK | 76655K103 |  | 364600 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 342923 | 9494 | SH |  | SOLE |  | 9494 | 0 | 0 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 326001 | 1163 | SH |  | SOLE |  | 1163 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 314200 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 312026 | 2182 | SH |  | SOLE |  | 2182 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 301046 | 3521 | SH |  | SOLE |  | 3521 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 283500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 270627 | 8979 | SH |  | SOLE |  | 8979 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 268222 | 2675 | SH |  | SOLE |  | 2675 | 0 | 0 |
| CHICAGO RIVET  MACH CO | COM | 168088102 |  | 264570 | 9241 | SH |  | SOLE |  | 9241 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 264300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 245689 | 7583 | SH |  | SOLE |  | 7583 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 236960 | 1610 | SH |  | SOLE |  | 1610 | 0 | 0 |
| WEWORK INC | CL A | 96209A104 |  | 225675 | 157815 | SH |  | SOLE |  | 157815 | 0 | 0 |
| TERRENO RLTY CORP | COM | 88146M101 |  | 224580 | 3949 | SH |  | SOLE |  | 3949 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 200123 | 1239 | SH |  | SOLE |  | 1239 | 0 | 0 |
| FTAI INFRASTRUCTURE INC | COMMON STOCK | 35953C106 |  | 105932 | 35909 | SH |  | SOLE |  | 35909 | 0 | 0 |

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