4. Commitments and Contingencies Our Partnership and the operating partnership are involved in other legal and/or administrative proceedings arising in the ordinary course of their businesses, none of which have predictable outcomes and none of which are believed to have any significant effect on consolidated financial position, cash flows, or operating results. Operating Leases We have entered into a non-cancelable operating lease agreement in the ordinary course of our business activities. This lease was originally extended on January 28, 2015, for a term of 25 months beginning on May 1, 2015, with an extension option of one (1) year, which was subsequently signed on February 17, 2016. The lease is for our office space at 3838 Oak Lawn Avenue, Suite 300, Dallas, Texas, and now expires in 2018. Under the January 28, 2015 lease and February 17, 2016 extension, monthly rental payments range from $26,000-$27,000 and the Partnership received a tenant improvement allowance of $113,000. The Partnership recognizes a deferred rent liability for the rent escalations when the amount of straight-line rent exceeds the lease payments, and reduces the deferred rent liability when the lease payments exceed the straight-line rent expense. For the tenant improvement allowance, the Partnership recorded a deferred rent liability and we amortize the deferred rent over the lease term as a reduction to rent expense. Rental expense related to the lease, including operating expenses and consumption of electricity, was $231,000, $268,000, and $223,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Minimum rental commitments under the terms of our operating lease are as follows: Years Ended December 31, Minimum Payments 2016 $ 318,000 2017 $ 323,000 2018 $ 136,000 Total $ 777,000