XML 36 R28.htm IDEA: XBRL DOCUMENT
v2.4.0.8

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS |
Schedule of the Company's real estate acquisitions | The following chart details the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment(a) |  | Third Party Real Estate Acquisition Costs(b) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Kmart retail store, Clemmons, North Carolina(c) |  | March 22, 2013 |  | $ | 4,640 |  | All cash |  | $ | 119 |
Shutterfly flex facility, Fort Mill, South Carolina |  | July 1, 2013 |  |  | 15,500 |  | Cash and $9,300 mortgage(d) |  |  | 124 |
Texas Land & Cattle restaurant, Killeen, Texas |  | July 30, 2013 |  |  | 2,020 |  | All cash |  |  | — | (e)
Hooters restaurant, Concord, North Carolina |  | August 1, 2013 |  |  | 2,469 |  | All cash |  |  | 15 |
TRISUN Health Care—assisted living facility, Round Rock, Texas |  | August 6, 2013 |  |  | 22,800 |  | Cash and $15,275 mortgage(f) |  |  | 321 |
Hooters restaurant, Myrtle Beach, South Carolina |  | September 3, 2013 |  |  | 2,635 |  | All cash |  |  | 33 |
Joe's Crab Shack restaurant, Ann Arbor, Michigan |  | September 12, 2013 |  |  | 2,980 |  | All cash |  |  | 31 |
FedEx Express facility, Indianapolis, Indiana |  | September 13, 2013 |  |  | 9,270 |  | All cash |  |  | 39 |
Northern Tool & Equipment distribution facility, Fort Mill, South Carolina |  | September 18, 2013 |  |  | 39,195 |  | Cash and $27,300 mortgage(g) |  |  | 91 |
TGIF restaurant, Greensboro, North Carolina |  | December 3, 2013 |  |  | 3,003 |  | All cash |  |  | — | (e)
TGIF restaurant, Richmond, Virginia |  | December 3, 2013 |  |  | 3,017 |  | All cash |  |  | — | (e)
Other(h) |  |  |  |  | — |  |  |  |  | 148 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals for 2013 |  |  |  | $ | 107,529 |  |  |  | $ | 921 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Urban Outfitters retail store, Lawrence, Kansas |  | February 7, 2012 |  | $ | 1,230 |  | All cash |  | $ | 21 |
Three Applebee's restaurants, Carrollton, Kennesaw and Cartersville, Georgia |  | March 12, 2012 |  |  | 8,568 |  | All cash |  |  | 84 |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey(i) |  | April 24, 2012 |  |  | 2,200 |  | Cash and $2,040 mortgage(j) |  |  | — | (i)
Applebee's restaurant, Lawrenceville, Georgia |  | May 17, 2012 |  |  | 2,340 |  | All cash |  |  | 19 |
FedEx Facility, Pinellas Park, Florida |  | October 11, 2012 |  |  | 2,810 |  | All cash |  |  | 28 | (k)
Walgreens Pharmacy, Cape Girardeau, Missouri(l) |  | October 25, 2012 |  |  | 2,268 |  | All cash |  |  | 92 |
Shopping Center, Houston, Texas(m) |  | November 13, 2012 |  |  | 7,150 |  | Cash and $5,100 mortgage(n) |  |  | 206 |
LA Fitness Health Club, Secaucus, New Jersey |  | December 12, 2012 |  |  | 16,400 |  | Cash and $10,000 mortgage(o) |  |  | 341 |
FedEx Facility, Miamisburg, Ohio |  | December 26, 2012 |  |  | 1,650 |  | All cash |  |  | 6 | (k)
Other(h) |  |  |  |  | — |  |  |  |  | 26 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals for 2012 |  |  |  | $ | 44,616 |  |  |  | $ | 823 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(a) All of the mortgages listed in this column were obtained from institutional lenders simultaneously with the acquisition of the respective properties. (b) Included as an expense in the accompanying consolidated statements of income. (c) Owned by a consolidated joint venture in which the Company has a 90% interest. The non-controlling interest contributed $470 for its 10% interest, which was equal to fair value at the date of purchase. (d) The mortgage bears interest at 4.562% per annum and matures July 2023. (e) Transaction costs of $50 incurred with these asset acquisitions were capitalized. (f) The mortgage bears interest at 5.375% per annum and matures August 2023. (g) The mortgage bears interest at 4.875% per annum and matures April 2029. (h) Costs incurred for potential acquisitions and properties purchased in prior year. (i) Owned by a consolidated joint venture in which the Company has a 95% interest. Transaction costs of $90 incurred with this asset acquisition were capitalized. (j) The mortgage bears interest at 5% per annum through April 2017 and thereafter at a rate of not less than 5% and matures May 2022. (k) Assignment fees of $84 and $125, paid in connection with the purchase of the FedEx properties located in Florida and Ohio, respectively, were capitalized. (l) Owned by a consolidated joint venture in which the Company has a 95% interest. (m) Owned by a consolidated joint venture in which the Company has an 85% interest. (n) The mortgage bears interest at 3.75% per annum and matures December 2017. (o) The mortgage bears interest at 4.9% per annum and matures January 2025.
Schedule of allocation of purchase price for the company's real estate acquisitions | The following chart provides the allocation of the purchase price for the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands):
|  |  |  |  |  |  |  | Intangible Lease |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  |  |  | Building Improvements |  |  |
Description of Property |  | Land |  | Building |  | Asset |  | Liability |  | Total |
Kmart retail store, Clemmons, North Carolina |  | $ | 2,496 |  | $ | 2,553 |  | $ | 653 |  | $ | 425 |  | $ | (1,487 | ) | $ | 4,640 |
Shutterfly flex facility, Fort Mill, South Carolina |  |  | 1,841 |  |  | 12,353 |  |  | 335 |  |  | 1,546 |  |  | (575 | ) |  | 15,500 |
Texas Land & Cattle restaurant, Killeen, Texas |  |  | 1,263 |  |  | 739 |  |  | 64 |  |  | — |  |  | — |  |  | 2,066 | (a)
Hooters restaurant, Concord, North Carolina |  |  | 999 |  |  | 954 |  |  | 122 |  |  | 394 |  |  | — |  |  | 2,469 |
TRISUN Health Care—assisted living facility, Round Rock, Texas |  |  | 1,678 |  |  | 16,577 |  |  | 93 |  |  | 4,452 |  |  | — |  |  | 22,800 |
Hooters restaurant, Myrtle Beach, South Carolina |  |  | 1,102 |  |  | 1,090 |  |  | 71 |  |  | 372 |  |  | — |  |  | 2,635 |
Joe's Crab Shack restaurant, Ann Arbor, Michigan |  |  | 1,098 |  |  | 1,338 |  |  | 122 |  |  | 422 |  |  | — |  |  | 2,980 |
FedEx Express facility, Indianapolis, Indiana |  |  | 1,224 |  |  | 6,438 |  |  | 498 |  |  | 1,222 |  |  | (112 | ) |  | 9,270 |
Northern Tool & Equipment distribution facility, Fort Mill, South Carolina |  |  | 1,804 |  |  | 31,635 |  |  | 2,014 |  |  | 3,742 |  |  | — |  |  | 39,195 |
TGIF restaurant, Greensboro, North Carolina |  |  | 1,768 |  |  | 1,054 |  |  | 183 |  |  | — |  |  | — |  |  | 3,005 | (a)
TGIF restaurant, Richmond, Virginia |  |  | 1,678 |  |  | 1,184 |  |  | 157 |  |  | — |  |  | — |  |  | 3,019 | (a)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotals |  |  | 16,951 |  |  | 75,915 |  |  | 4,312 |  |  | 12,575 |  |  | (2,174 | ) |  | 107,579 |
Other(b) |  |  | — |  |  | — |  |  | — |  |  | (951 | ) |  | (36 | ) |  | (987 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals for 2013 |  | $ | 16,951 |  | $ | 75,915 |  | $ | 4,312 |  | $ | 11,624 |  | $ | (2,210 | ) | $ | 106,592 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(a) Includes capitalized transaction costs of $50 incurred with these asset acquisitions. (b) Adjustments to finalize intangibles relating to properties purchased in 2012.
|  |  |  |  |  |  |  | Intangible Lease |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  |  |  | Building Improvements |  |  |
Description of Property |  | Land |  | Building |  | Asset |  | Liability |  | Total |
Urban Outfitters retail store, Lawrence, Kansas |  | $ | 134 |  | $ | 937 |  | $ | — |  | $ | 169 |  | $ | (10 | ) | $ | 1,230 |
Three Applebee's restaurants, Carrollton, Kennesaw and Cartersville, Georgia |  |  | 2,284 |  |  | 3,439 |  |  | 281 |  |  | 2,564 |  |  | — |  |  | 8,568 |
Applebee's restaurant, Lawrenceville, Georgia |  |  | 804 |  |  | 739 |  |  | 43 |  |  | 754 |  |  | — |  |  | 2,340 |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey |  |  | 556 |  |  | 1,605 |  |  | 129 |  |  |  |  |  | — |  |  | 2,290 | (c)
FedEx Facility, Pinellas Park, Florida |  |  | 1,231 |  |  | 1,607 |  |  | 62 |  |  | 94 |  |  | (100 | ) |  | 2,894 | (d)
Walgreens Pharmacy, Cape Girardeau, Missouri |  |  | 545 |  |  | 1,478 |  |  | 69 |  |  | 379 |  |  | (203 | ) |  | 2,268 |
Shopping Center, Houston, Texas |  |  | 3,122 |  |  | 3,589 |  |  | 180 |  |  | 534 |  |  | (275 | ) |  | 7,150 |
LA Fitness Health Club, Secaucus, New Jersey |  |  | 5,660 |  |  | 8,830 |  |  | 25 |  |  | 1,885 |  |  | — |  |  | 16,400 |
FedEx Facility, Miamisburg, Ohio |  |  | 165 |  |  | 1,248 |  |  | 100 |  |  | 262 |  |  | — |  |  | 1,775 | (d)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals for 2012 |  | $ | 14,501 |  | $ | 23,472 |  | $ | 889 |  | $ | 6,641 |  | $ | (588 | ) | $ | 44,915 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(c) Includes capitalized transaction costs of $90 incurred with this asset acquisition. (d) Includes capitalized assignment fees of $84 and $125 which were paid in connection with the purchase of these FedEx properties located in Florida and Ohio, respectively.
Schedule of amortization of intangible lease assets as a result of acquired above market leases | The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2013 will be deducted from rental income through 2032 as follows (amounts in thousands):
2014 |  | $ | 458 |
2015 |  |  | 453 |
2016 |  |  | 443 |
2017 |  |  | 410 |
2018 |  |  | 370 |
Thereafter |  |  | 2,046 |
​ | ​ | ​ | ​ | ​
Total |  | $ | 4,180 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases | The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2013 will be added to rental income through 2055 as follows (amounts in thousands):
2014 |  | $ | 622 |
2015 |  |  | 601 |
2016 |  |  | 583 |
2017 |  |  | 574 |
2018 |  |  | 492 |
Thereafter |  |  | 4,045 |
​ | ​ | ​ | ​ | ​
Total |  | $ | 6,917 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Schedule of amortization of origination costs associated with in-place leases | The unamortized balance of origination costs associated with in-place leases at December 31, 2013 will be charged to amortization expense through 2055 as follows (amounts in thousands):
2014 |  | $ | 2,167 |
2015 |  |  | 2,133 |
2016 |  |  | 2,013 |
2017 |  |  | 1,927 |
2018 |  |  | 1,808 |
Thereafter |  |  | 11,807 |
​ | ​ | ​ | ​ | ​
Total |  | $ | 21,855 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Schedule of minimum future contractual rents to be received | The minimum future contractual rents (without taking into consideration straight-line rent or amortization of intangibles) to be received over the next five years and thereafter on the operating leases in effect at December 31, 2013 are as follows (amounts in thousands):
2014 |  | $ | 53,056 |
2015 |  |  | 49,432 |
2016 |  |  | 47,505 |
2017 |  |  | 45,316 |
2018 |  |  | 42,900 |
Thereafter |  |  | 233,512 |
​ | ​ | ​ | ​ | ​
Total |  | $ | 471,721 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​

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

X
- Definition Tabular disclosure of the estimated aggregate amortization for deferred origination costs for each succeeding fiscal years. + References No definition available. + Details
Name: | olp_ScheduleOfExpectedAmortizationOfDeferredOriginationCostsTableTextBlock
Namespace Prefix: | olp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of minimum future contractual rentals to be received. + References No definition available. + Details
Name: | olp_ScheduleOfOperatingLeasesFutureMinimumPaymentsReceivableTableTextBlock
Namespace Prefix: | olp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate acquisitions during the period, including date purchased, contract price, terms of payment and third party acquisition costs. + References No definition available. + Details
Name: | olp_ScheduleOfRealEstateAcquisitionsDuringPeriodTableTextBlock
Namespace Prefix: | olp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization income expected to be recorded in succeeding fiscal years for leases acquired as part of a real property acquisition at below market lease rate with a finite life. + References No definition available. + Details
Name: | us-gaap_BelowMarketLeaseFutureAmortizationIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration