LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2017

Operating Leases

During the year ended December 31, 2017, the Company executed an amendment to extend its office lease term for a period of five years ending on September 30, 2022. The lease commits the Company to rents totaling $1.5 million over the five year term, net of certain concessions granted. Additionally, we are obligated under various operating leases for certain office and other equipment, storage, parking, and other leased space (some of which relate to MacArthur Place operations) for periods ranging from month-to-month to five years, with renewal options available for certain leases at our option. As of December 31, 2017, future minimum lease payments required under these various lease agreements are as follows (in thousands):



Years ending	Amount
2018	$	300
2019	305
2020	307
2021	308
2022	233
Total	$	1,453

Rent expense was $0.2 million for each of the years ended December 31, 2017 and 2016, and is included in general and administrative expenses in the accompanying consolidated statement of operations.