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Annual Report 2022
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7. Property operating expenses

Property operating expenses can be specified as follows:

 

2022

2021

Property (and related) taxes

14

13

Landlord levy

2

2

Property management costs

9

9

Maintenance costs

45

39

Fitting out costs

6

5

Letting and marketing fees

4

6

Miscellaneous operational costs

9

10

Total

89

84

Operating expenses, including non-recoverable service charges, amounted to 26.1% of gross rental income in 2022 (2021: 25.4%).

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