Which of the following is not considered an operating expense?

The choice identified as the correct answer refers to debt service, which is indeed not categorized as an operating expense. Operating expenses typically include the costs necessary to maintain and manage a property on a day-to-day basis. These typically encompass expenses such as maintenance, repairs, and utilities, which are essential to the ongoing operation of the asset.

Debt service, on the other hand, pertains to the costs related to financing a property, specifically the repayment of principal and interest on loans taken out to purchase or improve that property. While it's a critical expense for property investors and management, it does not fall under the operating expenses that are directly tied to the operational activities of the property itself.

In summary, maintenance, repairs, and utilities are all costs that contribute directly to the property's ongoing operations and are classified as operating expenses, while debt service is related to the financing structure and obligations of the property owner.