Which of the following does NOT fall under operating expenses?

Operating expenses are ongoing costs associated with the daily functioning of a property. They include expenditures necessary to maintain and operate the property but do not encompass financing costs associated with property ownership. In this context, mortgage payments are categorized as financing costs rather than operational expenses.

Management fees are considered operating expenses because they relate to the services required to manage the property effectively. Similarly, maintenance costs and utility bills are also operational as they pertain to the upkeep and functionality of the property itself. Mortgage payments, on the other hand, are not classified as operating expenses because they represent the cost of financing the property rather than the cost of its operation. This distinction is crucial for property owners and investors when analyzing cash flow and budgeting for expenses.