When a user connects to a DHCP server and asks that an IP address be assigned to you, it is leased to you. The server states you how long you can use the leased IP. Without having this assigned IP, your device won’t be able to communicate with the network. The Lease Obtained line above is the date and time of the start of the DHCP lease for my laptop. The Lease Expires line above is the date and time when the lease will no longer be valid for that IP address. The process is done this way in order to provide a dynamic ip that changes instead of a static one that doesn’t change.