7. Property operating expenses

Property operating expenses can be specified as follows:

 

2018

2017

Property (and related) taxes

12

10

Landlord levy

4

4

Property management costs

7

7

Maintenance costs

30

25

Fitting out costs

3

2

Letting and marketing fees

3

3

Miscellaneous operational costs

6

6

Total

65

57

Operating expenses, including non-recoverable service charges, amounted to 25.6% of gross rental income in 2018 (2017: 25.7%).

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