Is Crombie REIT (CRR.UN) halal?
Crombie Real Estate Investment Trust (TSX: CRR.UN) is a grocery-anchored REIT whose debt and lease liabilities total about 85.9% of market cap — about two and a half times the ~33% ceiling — so it fails the debt gate: 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 — no haram lines identified
'The principal business of Crombie is investing in income-producing retail, retail-related industrial, mixed-use, residential, and office properties in Canada.' It is one of Canada's largest grocery-anchored REITs — 311 properties, about 19.5 million square feet of gross leasable area, roughly C$6.5 billion fair value at June 30, 2026 — anchored mainly by Sobeys grocery stores; Empire Company (Sobeys' parent) holds a 41.5% indirect interest. No haram business segments are disclosed. Its tenant roster includes Cineplex cinemas (0.9% of annual minimum rent) and CIBC (0.9% of annual minimum rent), as disclosed in its Q2 2026 MD&A — reported here factually; they are tenants, not business segments of the REIT.
Gate two: the ratios — the debt gate fails decisively
At June 30, 2026 (Q2 2026 interim financial statements): fixed-rate mortgages of C$779.5 million, credit facilities of C$251.7 million, and senior unsecured notes of C$1,496.8 million — interest-bearing debt of C$2,528.0 million — plus lease liabilities of C$29.0 million. With 187,977,254 units outstanding at C$15.83 (September 28, 2026), market cap is about C$2,975.7 million, so debt-to-market-cap is about 85.9% — about two and a half times the ~33% ceiling. This is structural REIT leverage, not a borderline call. The income gate passes but is moot: interest income of C$230,000 in the first half of 2026 against C$259.75 million of revenue — about 0.09%, well under ~5%. The REIT is a heavy net interest payer. Cash and cash equivalents were nil at quarter-end.
What other screeners say
None of Zoya, Musaffa, or ShariaPortfolio cover CRR.UN — site-restricted searches of zoya.finance and musaffa.com returned zero results, and no ShariaPortfolio stock page for the ticker was located. There is no third-party rating to cite; this screener rests on the REIT's own Q2 2026 filings.
The bottom line
This screener gives Crombie Real Estate Investment Trust (TSX: CRR.UN) a FAIL. Debt and lease liabilities of about 85.9% of market cap are decisively over the ~33% ceiling — on verified filing numbers, at any plausible recent unit price. No haram business segments are disclosed, and interest income is verifiable and tiny — the failure is purely debt-driven. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is Crombie REIT stock halal?
No — Crombie Real Estate Investment Trust (TSX: CRR.UN) fails the debt gate decisively. Interest-bearing debt plus lease liabilities of about C$2.557 billion are about 85.9% of its ~C$2.976 billion market cap — about two and a half times the ~33% ceiling. No haram business segments are disclosed, and interest income is verifiable and tiny (about 0.09% of revenue) — but the debt failure is decisive. None of Zoya, Musaffa, or ShariaPortfolio cover CRR.UN. Consult a qualified scholar.
What are Crombie REIT's debt and market-cap figures?
At June 30, 2026 (Q2 2026 interim financial statements): fixed-rate mortgages of C$779.5 million, credit facilities of C$251.7 million, and senior unsecured notes of C$1,496.8 million — interest-bearing debt of C$2,528.0 million — plus lease liabilities of C$29.0 million. Market cap is about C$2,975.7 million (187,977,254 units outstanding at C$15.83, September 28, 2026). Debt-to-market-cap is about 85.9% — about two and a half times the ~33% ceiling. Cash and cash equivalents were nil at quarter-end.
How much interest income does Crombie REIT earn?
Interest income of C$230,000 in the six months ended June 30, 2026 — 'interest income on finance lease receivable' — against C$259.75 million of revenue, about 0.09%, well under ~5%. The income gate passes, but it is moot given the debt failure. Interest earned on short-term deposits is netted inside floating-facility interest expense and is not separately disclosed. The REIT is a heavy net interest payer on its mortgages, facilities, and notes.
What does Crombie REIT do?
'The principal business of Crombie is investing in income-producing retail, retail-related industrial, mixed-use, residential, and office properties in Canada.' It is one of Canada's largest grocery-anchored REITs — 311 properties, about 19.5 million square feet of gross leasable area, roughly C$6.5 billion fair value at June 30, 2026 — anchored mainly by Sobeys grocery stores; Empire Company (Sobeys' parent) holds a 41.5% indirect interest. No haram business segments are disclosed; its tenant roster includes Cineplex cinemas (0.9% of annual minimum rent) and CIBC (0.9% of annual minimum rent) as disclosed in its Q2 2026 MD&A.
What do Zoya, Musaffa, and ShariaPortfolio say about CRR.UN?
None of the three cover CRR.UN: site-restricted searches of zoya.finance and musaffa.com returned zero results, and no ShariaPortfolio stock page for the ticker was located. There is no third-party rating to cite for this stock — this screener rests on the REIT's own Q2 2026 filings.