XML 51 R25.htm IDEA: XBRL DOCUMENT
v3.26.1

Real Estate Investments and Related Intangibles (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Real Estate [Abstract] |
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase consideration and capitalized transaction costs to the assets acquired and liabilities assumed based on their relative fair values during the three months ended March 31, 2026 (in thousands):
Real estate investment, at cost: |  |  |  |
Land |  | $ | 2,724 |  |  |
Building, fixtures and improvements |  | 5,041 |  |  |
Total real estate investment, at cost |  | 7,765 |  |  |
Acquired intangible assets: |  |  |  |
Intangible lease asset |  | 6,421 |  |  |
Net assets acquired |  | $ | 14,186 |  |  |
Schedule of Intangible Lease Assets and Liabilities | Intangible lease assets and liabilities consisted of the following as of the dates indicated below (in thousands, except weighted average useful life as of March 31, 2026):
|  | Weighted Average Useful Life (Years) |  | March 31, 2026 |  | December 31, 2025
Intangible lease assets: |  |  |  |  |  |
In-place leases, net of accumulated amortization of $157,459 and $152,989, respectively |  | 11.3 |  | $ | 45,857 |  |  | $ | 43,906 |
Leasing commissions, net of accumulated amortization of $8,300 and $7,522, respectively |  | 12.7 |  | 28,332 |  |  | 25,171 |
Above-market lease assets, net of accumulated amortization of $12,650 and $12,451, respectively |  | 12.4 |  | 995 |  |  | 1,194 |
Deferred lease incentives, net of accumulated amortization of $1,457 and $1,295, respectively |  | 12.7 |  | 6,507 |  |  | 5,676 |
Total intangible lease assets, net |  |  |  | $ | 81,691 |  |  | $ | 75,947 |
Intangible lease liabilities: |  |  |  |  |  |
Below-market leases, net of accumulated amortization of $20,721 and $20,211, respectively |  | 15.3 |  | $ | 17,939 |  |  | $ | 18,449 |
Schedule of Future Amortization Expense of Intangible Lease Assets and Liabilities | The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of March 31, 2026 (in thousands):
|  | Remainder of 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031
In-place leases: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be included in amortization expense |  | $ | 10,900 |  |  | $ | 8,403 |  |  | $ | 6,110 |  |  | $ | 3,390 |  |  | $ | 2,969 |  |  | $ | 2,595 |
Leasing commissions: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be included in amortization expense |  | $ | 2,338 |  |  | $ | 3,025 |  |  | $ | 2,732 |  |  | $ | 2,440 |  |  | $ | 2,415 |  |  | $ | 2,360 |
Above-market lease assets: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be deducted from rental revenue |  | $ | 482 |  |  | $ | 237 |  |  | $ | 115 |  |  | $ | 63 |  |  | $ | 63 |  |  | $ | 34 |
Deferred lease incentives: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be deducted from rental revenue |  | $ | 399 |  |  | $ | 532 |  |  | $ | 518 |  |  | $ | 508 |  |  | $ | 505 |  |  | $ | 503 |
Below-market lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be added to rental revenue |  | $ | 1,418 |  |  | $ | 1,766 |  |  | $ | 1,682 |  |  | $ | 1,500 |  |  | $ | 1,425 |  |  | $ | 1,135 |
Schedule of Company's Investment in Joint Venture | The following is a summary of the Company’s investment in the Unconsolidated Joint Venture, as of the dates and for the periods indicated below (dollars in thousands):
|  | Ownership % (1) |  | Number of Properties |  | Carrying Value of Investment |  | Equity in Loss of Unconsolidated Joint Venture, Net
|  |  |  |  | Three Months Ended
Investment |  | March 31, 2026 |  | March 31, 2026 |  | December 31, 2025 |  | March 31, 2026 |  | March 31, 2025
Unconsolidated Joint Venture |  | 20% |  | 6 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (246) |
____________________________________ (1)The Company’s ownership interest reflects its legal ownership interest. The Company’s legal ownership interest may, at times, not equal the Company’s economic interest because of various provisions in the joint venture agreement regarding capital contributions, distributions of cash flow based on capital account balances and allocations of profits and losses. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interest.

X
- Definition Schedule Of Real Estate Properties Acquired + References No definition available. + Details
Name: | onl_ScheduleOfRealEstatePropertiesAcquiredTableTextBlock
Namespace Prefix: | onl_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments. + References No definition available. + Details
Name: | us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration