XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Real Estate Acquisitions | 9 Months Ended
--- | ---
Sep. 30, 2017
Real Estate Acquisitions |
Real Estate Acquisitions | Note 4 — Real Estate Acquisitions In January 2017, the Company adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which requires an entity to evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is not a business. The Company analyzed the real estate acquisitions made during the nine months ended September 30, 2017 and determined the gross assets acquired are concentrated in a single identifiable asset. Therefore, the transactions do not meet the definition of a business and are accounted for as asset acquisitions. In accordance with this guidance, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over the respective useful lives. The following chart details the Company’s acquisitions of real estate during the nine months ended September 30, 2017 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment |  | Third Party Real Estate Acquisition Costs (a) |
Forbo industrial facility, |  |  |  |  |  | Cash and $5,190 |  |  |
Huntersville, North Carolina |  | May 25, 2017 |  | $ | 8,700 |  | mortgage (b) |  | $ | 65 |
Saddle Creek Logistics industrial facility, Pittston, Pennsylvania |  | June 9, 2017 |  | 11,750 |  | All cash (c) |  | 199 |
Corporate Woods industrial facility, Ankeny, Iowa |  | June 20, 2017 |  | 14,700 |  | All cash (d) |  | 29 |
Totals |  |  |  | $ | 35,150 |  |  |  | $ | 293 |
| (a) |  | Transaction costs incurred with these asset acquisitions were capitalized.
| (b) |  | The new mortgage debt was obtained simultaneously with the acquisition of the property.
| (c) |  | In August 2017, the Company obtained new mortgage debt of $7,200.
| (d) |  | In July 2017, the Company obtained new mortgage debt of $8,820.
The following chart details the allocation of the purchase price for the Company’s acquisitions of real estate during the nine months ended September 30, 2017 (amounts in thousands):
|  |  |  |  |  | Building |  | Intangible Lease |  |  |
Description of Property |  | Land |  | Building |  | Improvements |  | Asset |  | Liability |  | Total |
Forbo industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |
Huntersville, North Carolina |  | $ | 1,045 |  | $ | 6,446 |  | $ | 222 |  | $ | 1,052 |  | $ | — |  | $ | 8,765 |
Saddle Creek Logistics industrial facility, Pittston, Pennsylvania |  | 999 |  | 9,675 |  | 247 |  | 1,028 |  | — |  | 11,949 |
Corporate Woods industrial facility, Ankeny, Iowa |  | 1,351 |  | 11,420 |  | 187 |  | 1,929 |  | (158 | ) | 14,729 |
Totals |  | $ | 3,395 |  | $ | 27,541 |  | $ | 656 |  | $ | 4,009 |  | $ | (158 | ) | $ | 35,443 |
As of September 30, 2017, the weighted average amortization for the 2017 acquisitions is 7.0 years and 12.4 years for the intangible lease assets and intangible lease liabilities, respectively. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 14) in the fair value hierarchy. Property Acquisition Subsequent to September 30, 2017 On October 10, 2017, the Company acquired, in a sale-leaseback transaction, a distribution facility/corporate headquarters, located in Memphis, Tennessee for $8 million. The initial term of the lease is ten years.

X
- Definition Real Estate Acquisitions and Contingent Liability + References No definition available. + Details
Name: | olp_RealEstateAcquisitionsAndContingentLiabilityDisclosureAbstract
Namespace Prefix: | olp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure pertaining to real estate acquisitions. + References No definition available. + Details
Name: | olp_RealEstateAcquisitionsAndContingentLiabilityDisclosureTextBlock
Namespace Prefix: | olp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration