8. Property operating expenses

Property operating expenses can be specified as follows:

 

2019

2018

Property (and related) taxes

12

12

Landlord levy

3

4

Property management costs

9

7

Maintenance costs

33

30

Fitting out costs

3

3

Letting and marketing fees

4

3

Miscellaneous operational costs

8

6

Total

72

65

Operating expenses, including non-recoverable service charges, amounted to 23.3% of gross rental income in 2019 (2018: 25.6%).

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