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
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 3,157 229,734 SH   SOLE 0 0 0 229,734
EXXON MOBIL CORP COM 30231G102 1,245 17,564 SH   SOLE 0 0 0 17,564
UNION PACIFIC CORP COM 907818108 1,239 6,904 SH   SOLE 0 0 0 6,904
FORTIS INC COM 349553107 416 10,000 SH   SOLE 0 0 0 10,000
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,676 11,790 SH   SOLE 0 0 0 11,790
BP PLC SPONSORED ADR 055622104 210 5,258 SH   SOLE 0 0 0 5,258
TRINITY PL HLDGS INC COM 89656D101 1,209 391,250 SH   SOLE 0 0 0 391,250
DISNEY WALT CO COM DISNEY 254687106 342 2,350 SH   SOLE 0 0 0 2,350
PATTERSON COMPANIES INC COM 703395103 653 31,487 SH   SOLE 0 0 0 31,487
QUEST DIAGNOSTICS INC COM 74834L100 264 2,500 SH   SOLE 0 0 0 2,500
M & T BK CORP COM 55261F104 414 2,468 SH   SOLE 0 0 0 2,468
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 2,749 179,658 SH   SOLE 0 0 0 179,658
MERCK & CO INC COM 58933Y105 346 3,776 SH   SOLE 0 0 0 3,776
TANGER FACTORY OUTLET CTRS I COM 875465106 3,582 245,645 SH   SOLE 0 0 0 245,645
AMGEN INC COM 031162100 11,160 46,441 SH   SOLE 0 0 0 46,441
JPMORGAN CHASE & CO COM 46625H100 414 2,995 SH   SOLE 0 0 0 2,995
DEVON ENERGY CORP NEW COM 25179M103 1,226 46,419 SH   SOLE 0 0 0 46,419
STEPAN CO COM 858586100 4,714 45,980 SH   SOLE 0 0 0 45,980
KIMCO RLTY CORP COM 49446R109 6,800 338,832 SH   SOLE 0 0 0 338,832
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 4,754 698,160 SH   SOLE 0 0 0 698,160
PAYCHEX INC COM 704326107 646 7,617 SH   SOLE 0 0 0 7,617
PFIZER INC COM 717081103 240 6,175 SH   SOLE 0 0 0 6,175
APACHE CORP COM 037411105 1,049 40,918 SH   SOLE 0 0 0 40,918
DISCOVERY INC COM SER C 25470F302 6,899 230,280 SH   SOLE 0 0 0 230,280
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 3,850 472,353 SH   SOLE 0 0 0 472,353
PROCTER & GAMBLE CO COM 742718109 209 1,700 SH   SOLE 0 0 0 1,700
CORNING INC COM 219350105 7,865 264,997 SH   SOLE 0 0 0 264,997
PHILLIPS 66 COM 718546104 2,787 25,848 SH   SOLE 0 0 0 25,848
TIDEWATER INC NEW COM 88642R109 4,181 206,780 SH   SOLE 0 0 0 206,780
ALASKA AIR GROUP INC COM 011659109 5,046 75,766 SH   SOLE 0 0 0 75,766
FRANKLIN RES INC COM 354613101 4,426 175,000 SH   SOLE 0 0 0 175,000
WARRIOR MET COAL INC COM 93627C101 2,346 108,965 SH   SOLE 0 0 0 108,965
JOHNSON & JOHNSON COM 478160104 642 4,455 SH   SOLE 0 0 0 4,455
NVIDIA CORP COM 67066G104 16,277 68,662 SH   SOLE 0 0 0 68,662
WEYERHAEUSER CO COM 962166104 6,557 223,186 SH   SOLE 0 0 0 223,186
QUALCOMM INC COM 747525103 7,974 92,173 SH   SOLE 0 0 0 92,173
LOEWS CORP COM 540424108 8,144 156,381 SH   SOLE 0 0 0 156,381
SERITAGE GROWTH PPTYS CL A 81752R100 5,176 130,771 SH   SOLE 0 0 0 130,771
AT&T INC COM 00206R102 268 6,865 SH   SOLE 0 0 0 6,865