XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures | 6 Months Ended
--- | ---
Jun. 30, 2020
Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures |
Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures | Note 6 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures Variable Interest Entity – Ground Lease The Company determined it has a variable interest through its ground lease at its Beachwood, Ohio property (the Vue Apartments), and the owner/operator is a VIE because its equity investment at risk is insufficient to finance its activities without additional subordinated financial support. The Company further determined that it is not the primary beneficiary of this VIE because the Company has shared power over the activities that most significantly impact the owner/operator’s economic performance (i.e., shared rights on the sale of the property) and therefore, does not consolidate this VIE for financial statement purposes. Accordingly, the Company accounts for this investment as land and the revenues from the ground lease as Rental income, net. Ground lease rental income amounted to $243,000 and $486,000 for the three and six months ended June 30, 2020, respectively and $486,000 and $971,000 for the three and six months ended June 30, 2019, respectively. Included in the rental income for the three and six months ended June 30, 2019 is $306,000 and $611,000, respectively, from a previously held VIE property in Wheaton, Illinois, which the Company sold in August 2019. As of June 30, 2020, the VIE’s maximum exposure to loss was $13,901,000 which represented the carrying amount of the land. Simultaneously with the closing of the acquisition, the owner/operator obtained a mortgage for $67,444,000 from a third party which, together with the Company’s purchase of the land, provided substantially all of the funds to acquire the complex. The Company provided its land as collateral for the owner/operator’s mortgage loan; accordingly, the land position is subordinated to the mortgage. No other financial support has been provided by the Company to the owner/operator. Variable Interest Entities – Consolidated Joint Ventures The Company has determined that the four consolidated joint ventures in which it holds between a 90% to 95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by these joint ventures. The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2020 |  | 2019 | ​
Land | ​ | $ | 12,158 | ​ | $ | 12,158 | ​
Buildings and improvements, net of accumulated depreciation of $4,784 and $4,334, respectively | ​ | ​ | 23,794 | ​ | ​ | 24,223 | ​
Cash | ​ | ​ | 871 | ​ | ​ | 888 | ​
Unbilled rent receivable | ​ | ​ | 858 | ​ | ​ | 859 | ​
Unamortized intangible lease assets, net | ​ | ​ | 686 | ​ | ​ | 745 | ​
Escrow, deposits and other assets and receivables | ​ | ​ | 1,060 | ​ | ​ | 1,204 | ​
Mortgages payable, net of unamortized deferred financing costs of $283 and $313, respectively | ​ | ​ | 23,812 | ​ | ​ | 24,199 | ​
Accrued expenses and other liabilities | ​ | ​ | 527 | ​ | ​ | 562 | ​
Unamortized intangible lease liabilities, net | ​ | ​ | 558 | ​ | ​ | 591 | ​
Accumulated other comprehensive loss | ​ | ​ | 175 | ​ | ​ | (65) | ​
Non-controlling interests in consolidated joint ventures | ​ | ​ | 1,206 | ​ | ​ | 1,221 | ​
​ Note 6 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Continued) As of June 30, 2020 and December 31, 2019, MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in three consolidated joint ventures in which the Company has aggregate equity investments of approximately $7,679,000 and $7,941,000, respectively. Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata to the equity interest each partner has in the applicable venture.

X
- Definition Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Disclosure + References No definition available. + Details
Name: | olp_VariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturesDisclosureAbstract
Namespace Prefix: | olp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Total disclosure of Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures. + References No definition available. + Details
Name: | olp_VariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturesDisclosureTextBlock
Namespace Prefix: | olp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration