7 Property operating expenses

Operating expenses is made up as follows:

 

2016

2015

Property (and related) taxes

10

10

Landlord levy

4

4

Property management costs

7

7

Maintenance costs

23

21

Fitting out costs

2

2

Letting and marketing fees

3

4

Miscellaneous operational costs

6

5

Total

55

53

Operating expenses including non-recoverable service charges, amounted to 24.9% of gross rental income in 2016 (2015: 25.5%).

Taxes consist primarily of property taxes. The property management costs and letting and marketing fees are management expenses allocated to the property operating expenses.