A property manager should include which of the following as operating expenses?

Sidewalk replacement is typically classified as a capital expenditure rather than an operating expense. This is because it involves a significant investment in improving or replacing a physical asset, which provides long-term benefits and is not a recurring cost associated with day-to-day operations.

The installation of a pool also falls under capital expenditures. This is a major enhancement to the property that requires substantial upfront costs and is not part of regular operating expenses. Such improvements are generally considered long-term investments aimed at increasing property value.

While the replacement of a furnace is necessary for maintaining the property and ensuring tenant comfort, it is categorized as a capital expense. Similar to sidewalk replacement and pool installation, this expense is a significant investment meant to enhance the property's longevity and efficiency, rather than a frequent operational cost.