Is CT REIT (CRT.UN) halal?
CT Real Estate Investment Trust (TSX: CRT.UN) is a Canadian Tire–anchored retail REIT whose total indebtedness of about 80.5% of market cap — about two and a half times the ~33% ceiling — means 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
'CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada.' Its portfolio is over 380 properties totalling 31.7 million square feet of gross leasable area, consisting primarily of net-lease single-tenant retail properties across Canada. 'Canadian Tire Corporation, Limited is CT REIT's most significant tenant' — at June 30, 2026, CTC represented 92.0% of total GLA and 90.6% of annualized base minimum rent, and CTC holds the Class B and Class C LP units. The REIT operates no banking, insurance, alcohol, gambling, weapons, tobacco, or adult-entertainment businesses; its dominant tenant's financial-services operations are the tenant's business, not the REIT's.
Gate two: the ratios — the debt gate fails decisively
At June 30, 2026: senior unsecured debentures of C$1,525 million face value (including the C$300 million Series K issued May 2026, after the C$200 million Series D matured June 1, 2026), Class C LP Units of C$1,451.6 million held by Canadian Tire Corporation, and credit facility draws — total indebtedness of about C$3.097 billion (indebtedness ratio 38.9% on C$7.96 billion of total assets). With 239,053,000 units outstanding at C$16.10 (September 29, 2026), market cap is about C$3,848.8 million, so debt-to-market-cap is about 80.5% — about two and a half times the ~33% ceiling. It fails on every recent market-cap variant (76–81%). The income ratio is null — interest income is not separately disclosed in the REIT's own filings (CTC's segment data shows nil for the CT REIT segment) — but it is moot because the debt failure alone is decisive.
What other screeners say
None of Zoya, Musaffa, or ShariaPortfolio cover CRT.UN — no coverage pages were found on zoya.finance or musaffa.com, and no ShariaPortfolio stock page for the ticker was located as of September 29, 2026. There is no third-party rating to cite; this screener rests on CT REIT's own Q2 2026 filings.
The bottom line
This screener gives CT Real Estate Investment Trust (TSX: CRT.UN) a FAIL. Total indebtedness of about 80.5% of market cap is decisively over the ~33% ceiling — on verified filing numbers, under every recent market-cap variant. No haram business lines are disclosed; the failure is purely debt-driven. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is CT REIT stock halal?
No — CT Real Estate Investment Trust (TSX: CRT.UN) fails the debt gate decisively. Total indebtedness of about C$3.10 billion is about 80.5% of its ~C$3.85 billion market cap — about two and a half times the ~33% ceiling. No haram business lines are disclosed. Interest income is not separately disclosed in the REIT's own filings (CTC's segment data shows nil), but the debt failure alone is decisive. None of Zoya, Musaffa, or ShariaPortfolio cover CRT.UN. Consult a qualified scholar.
What are CT REIT's debt and market-cap figures?
At June 30, 2026: senior unsecured debentures of C$1,525 million face value (including the C$300 million Series K issued May 2026, after the C$200 million Series D matured June 1, 2026), Class C LP Units of C$1,451.6 million held by Canadian Tire Corporation, and credit facility draws — total indebtedness of about C$3.097 billion (indebtedness ratio 38.9% on C$7.96 billion of total assets). Market cap is about C$3,848.8 million (239,053,000 units at C$16.10, September 29, 2026). Debt-to-market-cap is about 80.5% — about two and a half times the ~33% ceiling.
What does CT REIT do, and what is its relationship with Canadian Tire?
'CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada.' Its portfolio is over 380 properties totalling 31.7 million square feet of gross leasable area, consisting primarily of net-lease single-tenant retail properties across Canada. 'Canadian Tire Corporation, Limited is CT REIT's most significant tenant' — at June 30, 2026, CTC represented 92.0% of total GLA and 90.6% of annualized base minimum rent, and CTC holds the Class B and Class C LP units.
Does CT REIT operate in any prohibited industries?
None are disclosed. The REIT's business is owning and leasing commercial real estate; it operates no banking, insurance, alcohol, gambling, weapons, tobacco, or adult-entertainment businesses. Its dominant tenant (Canadian Tire Corporation) does run financial services, but that is the tenant's business, not the REIT's.
What do Zoya, Musaffa, and ShariaPortfolio say about CRT.UN?
None of the three cover CRT.UN: no coverage pages were found on zoya.finance or musaffa.com, and no ShariaPortfolio stock page for the ticker was located as of September 29, 2026. There is no third-party rating to cite — this screener rests on CT REIT's own Q2 2026 filings.