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Annual Report 2021
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7. Property operating expenses

Property operating expenses can be specified as follows:

 

2021

2020

Property (and related) taxes

13

13

Landlord levy

2

3

Property management costs

9

9

Maintenance costs

39

38

Fitting out costs

5

3

Letting and marketing fees

6

4

Miscellaneous operational costs

10

9

Total

84

79

Operating expenses, including non-recoverable service charges, amounted to 25.4% of gross rental income in 2021 (2020: 25.0%).

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

Operating expenses arising from investment property that did not generate rental income during the period amount €0.6 million in 2021 (2020: €0.5 million).