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managementfee. Most larger funds have a fee around 2%, but when you''re this small, you need a little bit extra to keep the lights on. It''s only a little bit of a performance drag, though, because managementfees act like a loan. Legal is lumpy. Here''s how it plays out: I have a 2.5% That''s a big help.
Meade -- General Counsel and Chief Legal Officer Good morning, everyone. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. Christopher J.
We remain excited about our plans for the external funds that we manage as we execute our investment strategies and other strategic initiatives, and we are optimistic about the future performance of the funds and the attractive returns we are providing to the investors of each fund. The economy can also change.
Thus, private capital controls more than 90% of the U.S. commercial real estate market based on research from the National Association of Real Estate Investment Trusts. And thus, our asset management team that has done a superb job on the public side, both here in the U.S. That's benefit number two. That's how this will work.
For example, 2023 saw strong rollouts for adult-use sales in Missouri and Maryland and Ohio legalized adult-use in November. The total amount of capitalinvested and committed across our operating portfolio equates to $275 per square foot, which we believe remains significantly below replacement cost.
Operating expenses increased by $112 million due to an increase in full-time globally positioned talent, continuous improvements to our technology and data infrastructure, and the development of our investment science capabilities. Our operating expense ratio was 28.6 basis points (bps), which is below the five-year average of 29.0
As we noted then, and I think it's worth repeating here, we are, of course, first and foremost focused on maximizing the value of each of our properties and having tenants with strong teams that can manage their businesses successfully through the inevitable ups and downs of this industry.
Looking at state voting results, four states had cannabis legalization matters on their ballots in the election cycle, including adult-use programs for Florida, South Dakota, and North Dakota and medical use for Nebraska. million of contractually due rent interest and property managementfees that were not collected during the quarter.
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