ACQUISITIONS AND DEVELOPMENTS IN PROGRESS Acquisitions The Company closed on the following acquisition during the three months ended March 31, 2020: Date Property Name Metropolitan Statistical Area (MSA) Property Type Square Footage Acquisition Price February 6, 2020 Fullerton Metrocenter Los Angeles Fee interest (a) 154,700 $ 55,000 154,700 $ 55,000 (b) (a) The Company acquired the fee interest in an existing multi-tenant retail operating property. In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor. (b) Acquisition price does not include capitalized closing costs and adjustments totaling $240 . The Company closed on the following acquisition during the three months ended March 31, 2019: Date Property Name MSA Property Type Square Footage Acquisition Price March 7, 2019 North Benson Center Seattle Multi-tenant retail 70,500 $ 25,340 70,500 $ 25,340 (a) (a) Acquisition price does not include capitalized closing costs and adjustments totaling $90 . The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Three Months Ended March 31, 2020 2019 Land $ 57,137 $ 13,275 Building and other improvements, net 1,623 10,619 Acquired lease intangible assets (a) 2,014 1,770 Acquired lease intangible liabilities (b) (5,534 ) (234 ) Net assets acquired $ 55,240 $ 25,430 (a) The weighted average amortization period for acquired lease intangible assets is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019 , respectively. These acquisitions were funded using a combination of available cash on hand, proceeds from dispositions and proceeds from the Companys unsecured revolving line of credit. All of the acquisitions completed during 2020 and 2019 were considered asset acquisitions and, as such, transaction costs were capitalized upon closing. In addition, the Company capitalized $626 and $675 of internal salaries and related benefits of personnel directly involved in capital upgrades and tenant improvements during the three months ended March 31, 2020 and 2019 , respectively. The Company also capitalized $60 and $54 of internal leasing incentives, all of which were incremental to signed leases, during the three months ended March 31, 2020 and 2019 , respectively. Developments in Progress The carrying amount of the Companys developments in progress are as follows: Property Name MSA March 31, 2020 December 31, 2019 Expansion and redevelopment projects: Circle East (a) Baltimore $ 34,665 $ 33,628 One Loudoun Downtown Washington, D.C. 36,346 27,868 Carillon Washington, D.C. 29,517 26,407 The Shoppes at Quarterfield Baltimore 524  Pad development projects: Southlake Town Square Dallas 259  101,311 87,903 Land held for future development: One Loudoun Uptown Washington, D.C. 25,450 25,450 Total developments in progress $ 126,761 $ 113,353 (a) During the year ended December 31, 2018, the Company received net proceeds of $11,820 in connection with the sale of air rights to a third party to develop multi-family rental units at Circle East, which is shown net in the Developments in progress balance as of March 31, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets. In response to current macroeconomic conditions related to the COVID-19 pandemic, the Company halted plans for vertical construction at its Carillon redevelopment during the three months ended March 31, 2020 and has materially reduced the planned scope and spend for the project. As of March 31, 2020 , the Company was actively completing site work preparation at the property in anticipation of potential future development at the site. The Company expects to complete the site work preparation during 2020 for an expected additional capital investment of approximately $4,500 . The Company capitalized $1,316 and $574 of indirect project costs related to redevelopment projects during the three months ended March 31, 2020 and 2019 , respectively, including, among other costs, $372 and $365 of internal salaries and related benefits of personnel directly involved in the redevelopment projects and $785 and $144 of interest, respectively. Variable Interest Entities As of January 1, 2020, the Company had joint ventures related to the development, ownership and operation of the (i) multi-family rental portion of the expansion project at One Loudoun Downtown  Pads G &amp; H, of which joint venture the Company owned 90% ; (ii) multi-family rental portion of the redevelopment project at Carillon, of which joint venture the Company owned 95% , and (iii) medical office building portion of the redevelopment project at Carillon, of which joint venture the Company owned 95% . The joint ventures are considered VIEs primarily because the Companys joint venture partners do not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in each joint venture. As such, the Company has consolidated these joint ventures and presented the joint venture partners interests as noncontrolling interests. As a result of halting the planned vertical construction at Carillon, the Company terminated the joint venture related to the multi-family rental portion of the redevelopment during the three months ended March 31, 2020 . In accordance with the terms of the joint venture agreement, costs incurred prior to the termination were funded evenly by the partners and there was no payment between the partners upon termination. Subsequent to the termination, if the Company commences the redevelopment and uses the materials developed, or approvals obtained, by the joint venture, the Company is required to reimburse the partners costs incurred in connection with such materials or approvals. As a result of the termination, the Company reclassified the noncontrolling interest balance of $1,661 related to this multi-family rental joint venture from noncontrolling interests to additional paid-in capital within equity. There was no gain or loss recognized in connection with the termination. Subsequent to March 31, 2020, the Company terminated the joint venture related to the medical office building portion of the redevelopment at Carillon. As of March 31, 2020 and December 31, 2019 , the Company had recorded the following related to the consolidated joint ventures: March 31, 2020 December 31, 2019 One Loudoun Downtown  Pads G &amp; H Carillon  Phase One Multi-family Rental Carillon  Phase One Medical Office Total One Loudoun Downtown  Pads G &amp; H Carillon  Phase One Multi-family Rental Carillon  Phase One Medical Office Total Net investment properties $ 29,715 $  $ 885 $ 30,600 $ 8,830 $ 2,940 $ 675 $ 12,445 Other assets, net $ 344 $  $  $ 344 $ 164 $  $  $ 164 Other liabilities $ 3,066 $  $ 167 $ 3,233 $ 1,546 $ 32 $ 129 $ 1,707 Noncontrolling interests $ 2,699 $  $ 359 $ 3,058 $ 1,869 $ 1,454 $ 273 $ 3,596 Development costs are funded by the partners, including the Company, and/or construction loan financing throughout the construction period. Under terms defined in the joint venture agreements, after construction completion and stabilization of the respective development project, the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partners interest in the respective joint venture at fair value. The Company has not provided financial support to these VIEs in excess of any amounts that it is contractually required to provide. There was no income from the joint venture projects during the three months ended March 31, 2020 and 2019 and, as such, no income was attributed to the noncontrolling interests.