OLP shifts to industrial with $56.7M acquisition, exits retail; St. Louis Park impaired

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  $3.3M impairment on St. Louis Park retail property now 75% vacant; rental income drops from $917K to $505K, with $400K unreimbursed expenses expected. Management pursuing sale and warns of potential additional impairments.

  MD&A: St. Louis Park impairment verify on EDGAR →
• high

  Acquired ten-property, 637K sq ft industrial portfolio for $56.7M in January 2026, financed with $17M mortgage at 5.53% and $30M credit facility draw. Expected to generate $2.5M rental income through year-end.

  MD&A: January 2026 acquisition verify on EDGAR →
• high

  Base Rent increased 7.5% to $83.2M (forward twelve months), driven by portfolio expansion. Mortgage debt rose 13.6% to $534.7M; weighted average rate climbed from 4.78% to 4.91%.

  MD&A: Base Rent and debt metrics verify on EDGAR →