SINGAPORE (July 14): With NetLink NBN Trust marketing its $2.3 billion IPO — the largest since the US$5.5 billion offering of Hutchison Port Holdings Trust (HPHT) in 2011 — it seems a good time to take stock of the performance of other locally listed business trusts.

Unlike real estate investment trusts, which are required to pay out 90% of distributable income to qualify for tax exemptions, business trusts are not obligated to pay dividends. Also, business trusts have no gearing limits. These differences reflect the objectives of each entity. While REITs are focused on generating passive income from rentals, business trusts are actively engaged in business operations.

Excluding Rickmers Maritime, which is in the process of being wound up, there are 15 business trusts listed here.

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