Is CAPREIT / CAR.UN Halal?
Canadian Apartment Properties REIT (TSX: CAR.UN) is Canada's largest residential landlord, owning apartment buildings across the country and internationally. Rental income is a permissible business — but this is one of the most leveraged names in the screener database.
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, 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 — PASS
CAPREIT owns and operates rental apartment buildings. Rental real estate income is a permissible business activity under AAOIFI-style screens — this is the classic compliant REIT business. Gate one: PASS.
Gate two: the ratios — FAIL
Debt-to-market-cap: ~126% (ceiling ~33%) — FAIL. CAPREIT reported total debt of C$6,097,230 thousand (about C$6.097 billion) at June 30, 2026 — mortgages payable of C$5.759 billion plus C$0.338 billion on credit facilities. Against a market cap of roughly C$4.836 billion on September 28, 2026, the ratio is about 126%. Even by CAPREIT's own measure — debt to gross book value — leverage is 41.2%, up from 39.3% at year-end 2025.
Non-compliant income: not assessed as the deciding factor. Revenue is rental income from the apartment portfolio; the income screen is not the deciding factor here — the debt ratio already fails. Gate two: FAIL.
What other screeners say
No verified current third-party rating was found for CAPREIT on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Canadian Apartment Properties REIT (TSX: CAR.UN) a FAIL. The rental business is permissible and the income screen passes — but roughly C$6.1 billion of debt against a C$4.8 billion market cap is one of the highest ratios in this database. Q2 2026 (reported August 6, 2026) showed net debt to adjusted EBITDAFVA at 9.9x, up from 9.6x at year-end. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
REITs are structurally leveraged — most of them fail the debt screen. See how compliant REIT structures differ in the halal investing guide, or browse the full screener list.
Frequently asked questions
Is CAPREIT stock halal?
This screener gives Canadian Apartment Properties REIT (TSX: CAR.UN) a FAIL. Rental income from apartments clears the business-activity screen, but the ratio math fails badly: about C$6.097 billion of total debt at June 30, 2026 against a market cap of about C$4.836 billion on September 28, 2026 — roughly 126%, above the ~33% AAOIFI ceiling.
What are CAPREIT's debt and market-cap figures?
CAPREIT reported total debt of C$6,097,230 thousand (about C$6.097 billion) at June 30, 2026 — mortgages payable of C$5.759 billion plus C$0.338 billion on credit facilities, for a debt-to-gross-book-value ratio of 41.2%. Against a market cap of roughly C$4.836 billion on September 28, 2026, the debt-to-market-cap ratio is about 126%, far above the ~33% AAOIFI ceiling.
Does CAPREIT earn interest income?
CAPREIT's revenue is rental income from its apartment portfolio. The income screen is not the deciding factor here: the debt ratio already fails regardless of the income math.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for CAPREIT on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
What could change CAPREIT's halal screener?
The ratio needs to fall below ~33%, which would require either a massive deleveraging or a share-price recovery that lifts the market cap several-fold. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.