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INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012
INCOME TAXES |  |  |  |  |  |  |  |  |  |  |
Period of disqualification of REIT status |  |  |  |  |  |  |  |  | 4 years |  |
Reconciliation between Financial Statement Net Income and Federal Taxable Income: |  |  |  |  |  |  |  |  |  |  |
Net income | $ 11,583 us-gaap_NetIncomeLoss | $ 2,620 us-gaap_NetIncomeLoss | $ 4,640 us-gaap_NetIncomeLoss | $ 3,273 us-gaap_NetIncomeLoss | $ 3,478 us-gaap_NetIncomeLoss | $ 3,211 us-gaap_NetIncomeLoss | $ 7,736 us-gaap_NetIncomeLoss | $ 3,450 us-gaap_NetIncomeLoss | $ 22,116 us-gaap_NetIncomeLoss | $ 17,875 us-gaap_NetIncomeLoss | $ 32,320 us-gaap_NetIncomeLoss
Straight line rent adjustments |  |  |  |  |  |  |  |  |  | (1,025)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentAdjustment | (919)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentAdjustment
Book gain on sale - less than (in excess of) tax gain |  |  |  |  |  |  |  |  |  | 1,391 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisGainOnSalesOfProperties | (445)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisGainOnSalesOfProperties
Rent received in advance, net |  |  |  |  |  |  |  |  |  | 691 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentalIncomeAdvanceNet | 97 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentalIncomeAdvanceNet
Adjustments for above/below market leases |  |  |  |  |  |  |  |  |  | (144)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFinancialStatementAdjustmentForAboveAndBelowMarketLeases | 6 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFinancialStatementAdjustmentForAboveAndBelowMarketLeases
Restricted stock expense-tax (in excess of) book |  |  |  |  |  |  |  |  |  | 357 us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost | 341 us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
Federal excise tax, non-deductible |  |  |  |  |  |  |  |  |  | 45 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFederalExciseTax | 290 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFederalExciseTax
Book depreciation in excess of tax depreciation |  |  |  |  |  |  |  |  |  | 1,686 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisDepreciationAndAmortization | (208)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisDepreciationAndAmortization
Property acquisition costs - capitalized for tax purposes |  |  |  |  |  |  |  |  |  | 850 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisPropertyAcquisitionCostCapitalizedForTaxPurpose | 836 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisPropertyAcquisitionCostCapitalizedForTaxPurpose
Impairment charge |  |  |  |  |  |  |  |  |  | 62 us-gaap_IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses |
Other adjustments |  |  |  |  |  |  |  |  |  | (111)us-gaap_IncomeTaxReconciliationOtherAdjustments | (201)us-gaap_IncomeTaxReconciliationOtherAdjustments
Federal taxable income |  |  |  |  |  |  |  |  |  | 21,677 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisProfitLossTaxBasis | 32,117 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisProfitLossTaxBasis
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction: |  |  |  |  |  |  |  |  |  |  |
Dividends paid |  |  |  |  |  |  |  |  |  | 21,999 olp_CashDividendsPaidReconciliation | 24,252 olp_CashDividendsPaidReconciliation
Dividend reinvestment plan |  |  |  |  |  |  |  |  |  | 230 olp_DividendReinvestmentPlanCommonStockDiscountOnShares | 256 olp_DividendReinvestmentPlanCommonStockDiscountOnShares
Dividends before adjustment for previous and current year |  |  |  |  |  |  |  |  |  | 22,229 olp_DividendsBeforeAdjustmentsForPreviousAndCurrentYear | 24,508 olp_DividendsBeforeAdjustmentsForPreviousAndCurrentYear
Less: Spillover dividends designated to previous year |  |  |  |  |  |  |  |  |  | (7,659)olp_DividendsDesignatedToPreviousYear |
Plus: Dividends designated from following year |  |  |  |  |  |  |  |  |  | 7,107 olp_DividendsDesignatedFromFollowingYear | 7,659 olp_DividendsDesignatedFromFollowingYear
Dividends paid deduction |  |  |  |  |  |  |  |  |  | 21,677 olp_DividendPaidDeductionFromTaxableIncome | 32,167 olp_DividendPaidDeductionFromTaxableIncome
Maximum |  |  |  |  |  |  |  |  |  |  |
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction: |  |  |  |  |  |  |  |  |  |  |
Percentage of discount on common stock purchased through the dividend reinvestment plan |  |  |  |  |  |  |  |  | 5.00%olp_PercentageOfDiscountOnCommonStockPurchasedThroughDividendReinvestmentPlan / us-gaap_RangeAxis = us-gaap_MaximumMember |  |
Forecast |  |  |  |  |  |  |  |  |  |  |
Reconciliation between Financial Statement Net Income and Federal Taxable Income: |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  |  |  |  |  | 22,116 us-gaap_NetIncomeLoss / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Straight line rent adjustments |  |  |  |  |  |  |  |  | (1,473)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentAdjustment / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Book gain on sale - less than (in excess of) tax gain |  |  |  |  |  |  |  |  | 10,504 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisGainOnSalesOfProperties / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Rent received in advance, net |  |  |  |  |  |  |  |  | (172)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentalIncomeAdvanceNet / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Adjustments for above/below market leases |  |  |  |  |  |  |  |  | (217)olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFinancialStatementAdjustmentForAboveAndBelowMarketLeases / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Restricted stock expense-tax (in excess of) book |  |  |  |  |  |  |  |  | (149)us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Federal excise tax, non-deductible |  |  |  |  |  |  |  |  | 302 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFederalExciseTax / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Book depreciation in excess of tax depreciation |  |  |  |  |  |  |  |  | 2,901 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisDepreciationAndAmortization / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Property acquisition costs - capitalized for tax purposes |  |  |  |  |  |  |  |  | 425 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisPropertyAcquisitionCostCapitalizedForTaxPurpose / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Impairment charge |  |  |  |  |  |  |  |  | 1,093 us-gaap_IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Other adjustments |  |  |  |  |  |  |  |  | (19)us-gaap_IncomeTaxReconciliationOtherAdjustments / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Federal taxable income |  |  |  |  |  |  |  |  | 35,311 olp_ReconciliationOfIncomeFromBookBasisToTaxBasisProfitLossTaxBasis / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction: |  |  |  |  |  |  |  |  |  |  |
Dividends paid |  |  |  |  |  |  |  |  | 24,117 olp_CashDividendsPaidReconciliation / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Dividend reinvestment plan |  |  |  |  |  |  |  |  | 197 olp_DividendReinvestmentPlanCommonStockDiscountOnShares / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Dividends before adjustment for previous and current year |  |  |  |  |  |  |  |  | 24,314 olp_DividendsBeforeAdjustmentsForPreviousAndCurrentYear / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Less: Spillover dividends designated to previous year |  |  |  |  |  |  |  |  | (7,107)olp_DividendsDesignatedToPreviousYear / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Plus: Dividends designated from following year |  |  |  |  |  |  |  |  | 18,104 olp_DividendsDesignatedFromFollowingYear / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |
Dividends paid deduction |  |  |  |  |  |  |  |  | $ 35,311 olp_DividendPaidDeductionFromTaxableIncome / us-gaap_StatementScenarioAxis = us-gaap_ScenarioForecastMember |  |

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