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7. Property operating expenses

Property operating expenses can be specified as follows:

 

2020

2019

Property (and related) taxes

13

12

Landlord levy

3

3

Property management costs

9

9

Maintenance costs

38

33

Fitting out costs

3

3

Letting and marketing fees

4

4

Miscellaneous operational costs

9

8

Total

79

72

Operating expenses, including non-recoverable service charges, amounted to 25.0% of gross rental income in 2020 (2019: 23.3%).

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

Direct operating expenses arising from investment property that did not generate rental income during the period amounts €0.5 million in 2020.