OHA trustees approve broad real estate strategy, defer decision on Hakuone and use of LLCs

The Office of Hawaiian Affairs Board of Trustees on Oct. 31, 2024 approved a proposed real estate strategy addressing how OHA will acquire and manage investment and non‑investment properties, but the board deferred a final decision on the future of Hakuone and the use of LLCs to hold individual assets.

Consultant presentations and written materials before the board described the strategy as a comprehensive framework that includes best practices, asset allocation, prudent investment standards, land management, and efforts to balance economic and cultural values. Paul (presenter) told trustees the action item also responds to findings in the March 2023 state performance audit that said OHA lacked a coherent real estate strategy. "What is presented today is board approvals of a comprehensive real estate strategy that will include, among other elements, sections dealing with best practices, asset allocation, prudent investment standards, land management, balancing economic and…