XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 6 Months Ended
--- | ---
Jun. 30, 2021
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of June 30, 2021 and December 31, 2020, the Company participated in three unconsolidated joint ventures, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $10,600,000 and $10,702,000, respectively. The Company recorded equity in earnings of $20,000 and equity in loss of $2,000 for the three and six months ended June 30, 2021, respectively, and equity in loss of $10,000 and equity in earnings of $54,000 for the three and six months ended June 30, 2020, respectively. As of June 30, 2021 and December 31, 2020, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,651,000 and $8,761,000, respectively. Sale of Unconsolidated Joint Venture Property Subsequent to June 30, 2021 On July 12, 2021, an unconsolidated joint venture sold a portion of its land, located in Savannah, Georgia for $2,559,000, net of closing costs. The Company anticipates its 50% share of the gain from this sale will be approximately $801,000, which will be recognized in the three and nine months ending September 30, 2021. The unconsolidated joint venture retained approximately 2.2 acres of land at this property.

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

X
- References No definition available. + Details
Name: | olp_InvestmentsInUnconsolidatedJointVenturesAbstract
Namespace Prefix: | olp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration