XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.25.1

VARIABLE INTEREST ENTITIES, CONSOLIDATED JOINT VENTURES AND CONTINGENT LIABILITY | 3 Months Ended
--- | ---
Mar. 31, 2025
VARIABLE INTEREST ENTITIES, CONSOLIDATED JOINT VENTURES AND CONTINGENT LIABILITY |
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES | NOTE 7 – VARIABLE INTEREST ENTITIES, CONSOLIDATED JOINT VENTURES AND CONTINGENT LIABILITY ​ Variable Interest Entities – Consolidated Joint Ventures ​ The Company has determined the two consolidated joint ventures in which it holds a 90% and 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 the applicable joint venture. ​ 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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 |  | 2024
Land | ​ | $ | 8,828 | ​ | $ | 9,198
Buildings and improvements, net of accumulated depreciation of $6,695 and $6,516, respectively | ​ | ​ | 15,377 | ​ | ​ | 15,599
Cash | ​ | ​ | 1,000 | ​ | ​ | 1,063
Unbilled rent receivable | ​ | ​ | 847 | ​ | ​ | 881
Unamortized intangible lease assets, net | ​ | ​ | 115 | ​ | ​ | 118
Escrow, deposits and other assets and receivables | ​ | ​ | 755 | ​ | ​ | 705
Mortgages payable, net of unamortized deferred financing costs of $108 and $71, respectively | ​ | ​ | 13,146 | ​ | ​ | 13,295
Accrued expenses and other liabilities | ​ | ​ | 773 | ​ | ​ | 751
Unamortized intangible lease liabilities, net | ​ | ​ | 210 | ​ | ​ | 215
Accumulated other comprehensive income | ​ | ​ | — | ​ | ​ | —
Non-controlling interests in consolidated joint ventures | ​ | ​ | 1,101 | ​ | ​ | 1,150
​ Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and, in the event of a sale of, or refinancing of the mortgage encumbering, the property owned by such venture, the distributions to the Company may be less than that implied by the Company’s equity ownership interest in the venture. ​ 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 does not have power over the activities that most significantly impact the owner/operator’s economic performance 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. The ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. No such ground lease rental income has been collected since October 2020 ​ As of March 31, 2025, the VIE’s maximum exposure to loss was $17,386,000 which represented the carrying amount of the land. In purchasing the property in 2016, the owner/operator obtained a $67,444,000 mortgage from a third party which, together with the Company’s purchase of the land, provided substantially all of the funds to acquire the multi-family property. The Company provided its land as collateral for the owner/operator’s mortgage loan; accordingly, the land position is subordinated to the mortgage. The mortgage balance was $61,935,000 as of March 31, 2025. Pursuant to the ground lease, as amended, the Company agreed, in its discretion, to fund 78% of (i) any operating expense shortfalls at the property and (ii) any capital expenditures required at the property. The Company funded $10,000 during the three months ended March 31, 2025 and $100,000 during the year ended December 31, 2024. These amounts are included as part of the carrying amount of the land.

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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration