7 Property operating expenses

Property operating expenses are made up as follows:

 

2017

2016

Property (and related) taxes

10

10

Landlord levy

4

4

Property management costs

7

7

Maintenance costs

25

23

Fitting out costs

2

2

Letting and marketing fees

3

3

Miscellaneous operational costs

6

6

Total

57

55

Operating expenses including non-recoverable service charges, amounted to 25.7% of gross rental income in 2017 (2016: 24.9%).

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