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
Estimated average burden
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
ALASKA AIR GROUP INC COM 011659109 4,937 77,254 SH   SOLE   0 0 77,254
AMERICAN INTL GROUP INC COM NEW 026874784 1,169 21,940 SH   SOLE   0 0 21,940
AMGEN INC COM 031162100 8,643 46,904 SH   SOLE   0 0 46,904
APACHE CORP COM 037411105 1,549 53,462 SH   SOLE   0 0 53,462
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 3,463 475,734 SH   SOLE   0 0 475,734
AT&T INC COM 00206R102 230 6,865 SH   SOLE   0 0 6,865
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,447 11,477 SH   SOLE   0 0 11,477
BP PLC SPONSORED ADR 055622104 219 5,258 SH   SOLE   0 0 5,258
CORNING INC COM 219350105 8,828 265,664 SH   SOLE   0 0 265,664
DEVON ENERGY CORP NEW COM 25179M103 1,577 55,285 SH   SOLE   0 0 55,285
DISCOVERY INC COM SER C 25470F302 6,533 229,615 SH   SOLE   0 0 229,615
DISNEY WALT CO COM DISNEY 254687106 328 2,350 SH   SOLE   0 0 2,350
EXXON MOBIL CORP COM 30231G102 1,356 17,689 SH   SOLE   0 0 17,689
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 5,352 711,690 SH   SOLE   0 0 711,690
FORTIS INC COM 349553107 525 13,289 SH   SOLE   0 0 13,289
FRANKLIN RES INC COM 354613101 6,236 179,184 SH   SOLE   0 0 179,184
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 3,832 231,695 SH   SOLE   0 0 231,695
JOHNSON & JOHNSON COM 478160104 625 4,487 SH   SOLE   0 0 4,487
JPMORGAN CHASE & CO COM 46625H100 335 2,995 SH   SOLE   0 0 2,995
JUNIPER NETWORKS INC COM 48203R104 5,155 193,593 SH   SOLE   0 0 193,593
KIMCO RLTY CORP COM 49446R109 6,343 343,258 SH   SOLE   0 0 343,258
LOEWS CORP COM 540424108 8,593 157,171 SH   SOLE   0 0 157,171
M & T BK CORP COM 55261F104 420 2,468 SH   SOLE   0 0 2,468
MERCK & CO INC COM 58933Y105 296 3,525 SH   SOLE   0 0 3,525
NVIDIA CORP COM 67066G104 11,389 69,348 SH   SOLE   0 0 69,348
PATTERSON COMPANIES INC COM 703395103 964 42,078 SH   SOLE   0 0 42,078
PAYCHEX INC COM 704326107 628 7,632 SH   SOLE   0 0 7,632
PFIZER INC COM 717081103 268 6,175 SH   SOLE   0 0 6,175
PHILLIPS 66 COM 718546104 2,372 25,361 SH   SOLE   0 0 25,361
PROCTER AND GAMBLE CO COM 742718109 241 2,200 SH   SOLE   0 0 2,200
QUALCOMM INC COM 747525103 7,091 93,223 SH   SOLE   0 0 93,223
QUEST DIAGNOSTICS INC COM 74834L100 255 2,500 SH   SOLE   0 0 2,500
SERITAGE GROWTH PPTYS CL A 81752R100 5,642 131,341 SH   SOLE   0 0 131,341
STEPAN CO COM 858586100 4,301 46,798 SH   SOLE   0 0 46,798
TANGER FACTORY OUTLET CTRS I COM 875465106 3,770 232,561 SH   SOLE   0 0 232,561
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 2,320 164,543 SH   SOLE   0 0 164,543
TIDEWATER INC NEW COM 88642R109 4,896 208,525 SH   SOLE   0 0 208,525
TRINITY PL HLDGS INC COM 89656D101 1,417 358,825 SH   SOLE   0 0 358,825
UNION PACIFIC CORP COM 907818108 1,168 6,904 SH   SOLE   0 0 6,904
WARRIOR MET COAL INC COM 93627C101 2,210 84,607 SH   SOLE   0 0 84,607
WEYERHAEUSER CO COM 962166104 6,015 228,364 SH   SOLE   0 0 228,364