XML 39 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Investment in Unconsolidated Joint Ventures | 9 Months Ended
--- | ---
Sep. 30, 2013
Investment in Unconsolidated Joint Ventures |
Investment in Unconsolidated Joint Ventures | Note 5 - Investment in Unconsolidated Joint Ventures At September 30, 2013 and December 31, 2012, the Company had investments in five and seven unconsolidated joint ventures, respectively, each of which owned and operated one property. The Company’s equity investment in such unconsolidated joint ventures totaled $4,984,000 and $19,485,000, respectively. In addition to the $4,705,000 gain on sale of the two properties in 2013 described below, the Company recorded equity in earnings of $513,000 and $1,015,000 for the nine months ended September 30, 2013 and 2012, respectively, and $122,000 and $268,000 for the three months ended September 30, 2013 and 2012, respectively. In February 2012, the Company entered into a joint venture with an affiliate of Trammell Crow Company pursuant to which the Company contributed a property located in Plano, Texas to the joint venture in exchange for a 90% equity interest therein, and Trammell Crow contributed $1,500,000 in exchange for a 10% equity interest therein which resulted in a $319,000 gain to the Company. In February 2013, Trammell Crow exercised its right to purchase the Company’s 90% equity interest in the unconsolidated joint venture for $13,500,000. The sale was completed on April 16, 2013 and the Company recorded a gain of $1,898,000. In May 2013, a property located in Los Angeles, California and owned by the Company and another entity as tenants-in-common, accounted for as an unconsolidated joint venture, was sold for $25,000,000, of which our share was $12,500,000. The Company recorded a $2,807,000 gain on this sale in the nine months ended September 30, 2013 and incurred its $148,000 share of the related mortgage prepayment penalty. The Company received net proceeds of $4,630,000 from the sale transaction.

X
- Details
Name: | olp_InvestmentsInUnconsolidatedJointVenturesAbstract
Namespace Prefix: | olp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition This item represents disclosure of information related to investments in unconsolidated joint ventures. + References No definition available. + Details
Name: | olp_InvestmentsInUnconsolidatedJointVentureTextBlock
Namespace Prefix: | olp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration