Is Allied Properties REIT (AP.UN) halal?
Allied Properties REIT (TSX: AP.UN) is an office landlord — a permissible business — but its debt of about C$4,080.7 million is about 295% of its market cap and its interest income is about 6.0% of revenue, so both financial gates fail: FAIL.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — permissible office rentals
Allied Properties REIT is an open-end Canadian REIT and owner-operator of distinctive urban office workspace in six markets (Toronto, Montreal, Kitchener, Calgary, Edmonton, Vancouver), plus network-dense urban data centres in Toronto. Its core business is rental income from office and mixed-use properties — no haram core business, so the business gate passes.
Gate two: the ratios — both fail decisively
At June 30, 2026 (Q2 2026 quarterly report, MD&A effective July 28, 2026): debt of C$4,080.7 million — mortgages payable C$488.4 million, construction loan C$99.9 million, revolving facility C$51.0 million and senior unsecured debentures C$3,341.6 million. With 183,956,000 units at C$7.52 (September 25, 2026), market cap is about C$1,383 million, so debt is about 295% of market cap — far above the ~33% ceiling. Interest-type income: interest income on loans receivable (KING Toronto and 150 West Georgia) was C$16.973 million for the first half of 2026 against rental revenue of C$284.4 million — about 6.0%, above the ~5% ceiling (the second quarter alone was about 5.3%). Cash was C$83.5 million.
What other screeners say
No coverage pages for Allied Properties REIT (AP.UN) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.
The bottom line
This screener gives Allied Properties REIT (TSX: AP.UN) a FAIL. The business is permissible, but debt at about 295% of market cap and interest income at about 6.0% of revenue both breach their ceilings. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is Allied Properties REIT halal?
This screener gives it a FAIL. Allied Properties REIT (TSX: AP.UN) is an office landlord — a permissible business — but its debt of about C$4,080.7 million is about 295% of its market cap (far above the ~33% ceiling), and interest income of about 6.0% of first-half 2026 revenue is above the ~5% ceiling. Consult a qualified scholar.
Why does Allied Properties fail the Shariah screen?
Both financial gates fail. The Q2 2026 quarterly report shows debt of C$4,080.7 million against a market cap of about C$1,383 million (about 295%, vs the ~33% ceiling). Interest income on loans receivable was C$16.973 million for the first half of 2026 against rental revenue of C$284.4 million — about 6.0%, vs the ~5% ceiling (the second quarter alone was about 5.3%).
What are Allied Properties' debt and market-cap figures?
At June 30, 2026 (Q2 2026 quarterly report): debt of C$4,080.7 million — mortgages payable C$488.4 million, construction loan C$99.9 million, revolving facility C$51.0 million and senior unsecured debentures C$3,341.6 million. Market cap is about C$1,383 million (183,956,000 units at C$7.52, September 25, 2026). Debt is about 295% of market cap. Cash was C$83.5 million.
What does Allied Properties REIT do?
Allied Properties REIT is an open-end Canadian REIT and owner-operator of distinctive urban office workspace in six markets (Toronto, Montreal, Kitchener, Calgary, Edmonton, Vancouver), plus network-dense urban data centres in Toronto. Its core business is rental income from office and mixed-use properties — no haram core business, so the business gate passes; the financial gates fail.
What do Zoya, Musaffa, and ShariaPortfolio say about AP.UN?
No coverage pages for Allied Properties REIT (AP.UN) were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches.