XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.21.2

REAL ESTATE ACQUISITION | 6 Months Ended
--- | ---
Jun. 30, 2021
REAL ESTATE ACQUISITION |
REAL ESTATE ACQUISITION | NOTE 4 – REAL ESTATE ACQUISITION On May 27, 2021, the Company acquired an industrial property located in Monroe, North Carolina for $7,000,000. The Company obtained new mortgage debt of $4,500,000 simultaneously with the acquisition of the property which bears interest at a rate of 3.25% and matures in 2027. The Company determined that with respect to this acquisition, the gross assets acquired are concentrated in a single identifiable asset. Therefore, the transaction does not meet the definition of a business and is accounted for as an asset acquisition. As such, direct transaction costs associated with this asset acquisition of $61,000 have been capitalized to the real estate assets acquired and will be depreciated over the respective useful lives. The Company assessed the fair value of the tangible assets of the property as of the acquisition date using an income approach utilizing a market capitalization rate of 7.0% which is a Level 3 unobservable input in the fair value hierarchy. The following table details the allocation of the purchase price for the Company’s acquisition of real estate during the three and six months ended June 30, 2021 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | ​ | ​
Description of Property |  | Land |  | Improvements |  | Asset |  | Liability |  | Total
Pureon, Inc. industrial facility, | ​ |  |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |
Monroe, North Carolina | ​ | $ | 898 | ​ | $ | 5,106 | ​ | $ | 1,057 | ​ | $ | — | ​ | $ | 7,061
​

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

X
- Definition Disclosure of information about asset acquisition. + References No definition available. + Details
Name: | olp_AssetAcquisitionTextBlock
Namespace Prefix: | olp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration