Is Granite REIT / GRT.UN Halal?
Granite Real Estate Investment Trust (TSX: GRT.UN) is a conventional Canadian REIT that owns logistics, warehouse and industrial properties across North America and Europe. Its business passes the screen, but leverage of ~60.6% of market cap is far over the ~33% ceiling — a FAIL, re-checked every quarter.
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 — passes
Granite is a conventional (interest-financed, not Shariah-structured) REIT engaged in acquiring, developing, owning and managing logistics, warehouse and industrial properties. At June 30, 2026 it reported 139 income-producing properties (61.5 million square feet, 98.0% occupied; the release's boilerplate cites 145 investment properties) across North America and Europe, with recent acquisitions in the United States and the United Kingdom. Its largest tenant is Magna International — an auto-parts manufacturer — accounting for 26% of annualized revenue and 19% of GLA; no prohibited-industry issue at the business level. Gate one: passes.
Gate two: the ratios — debt gate FAILS
The debt gate fails decisively. As at June 30, 2026: unsecured debt, net CA$3,020.7 million + derivatives, net (mark-to-market) CA$146.3 million + lease obligations CA$34.3 million = total debt CA$3,201.3 million. Net debt is CA$3,106.7 million after CA$94.6 million of cash, with a reported net-leverage ratio of 32%. Market cap is roughly CA$5.28 billion (CA$85.48 TSX close on September 28, 2026 × about 62.08 million units outstanding). That puts total debt at ~60.6% of market cap — far over the ~33% ceiling, and still ~57.9% even excluding derivatives. The interest-income ratio is unverifiable: interest income is not disclosed as a standalone line in Granite's Q2 2026 results — the only mention is in a footnote defining NOI adjustments — so this screener publishes no interest-income figure (revenue is property-derived: base rent CA$522.88 million on a TTM basis, plus straight-line rent and recoveries). Gate two: debt gate FAILS.
What other screeners say
No Zoya, Musaffa, or ShariaPortfolio rating for Granite REIT could be verified as of September 2026 — no rating is attributed to any of them. The FAIL here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Granite Real Estate Investment Trust (TSX: GRT.UN) a FAIL. Its business passes, but total debt of CA$3,201.3 million is ~60.6% of its ~CA$5.28 billion market cap — far over the ~33% ceiling. Snapshot dated September 29, 2026; re-checked quarterly after earnings — lower leverage or a Shariah-compliant financing structure would change this gate.
The purification angle: with the FAIL driven by leverage rather than interest income, run the purification calculator on any REIT exposure to estimate non-compliant income.
Frequently asked questions
Is Granite REIT stock halal?
This screener gives Granite Real Estate Investment Trust (TSX: GRT.UN) a FAIL. Its business — owning and managing logistics, warehouse and industrial properties across North America and Europe — passes the business-activity screen, but total debt of CA$3,201.3 million against a market cap of roughly CA$5.28 billion is about 60.6% debt-to-market-cap — far over the ~33% ceiling.
What are Granite REIT's debt and market-cap figures?
As at June 30, 2026 (Q2 2026): unsecured debt, net CA$3,020.7 million + derivatives, net CA$146.3 million + lease obligations CA$34.3 million = total debt CA$3,201.3 million (net debt CA$3,106.7 million after CA$94.6 million cash). Market cap is roughly CA$5.28 billion (CA$85.48 TSX close on September 28, 2026 × about 62.08 million units outstanding). The ratio is about 60.6% — far over the ~33% ceiling even excluding derivatives.
Does Granite REIT earn interest income?
Interest income is not disclosed as a standalone line in Granite REIT's Q2 2026 results — the only mention of interest income is in a footnote defining NOI adjustments. Revenue is property-derived (base rent CA$522.88 million on a TTM basis, plus straight-line rent and recoveries). Because no standalone figure is disclosed, no interest-income percentage is published here.
Do any third-party screeners agree with this screener?
No Zoya, Musaffa, or ShariaPortfolio rating for Granite REIT could be verified as of September 2026 — no rating is attributed to any of them. The FAIL here rests on this site's own screening methodology, not on a third-party endorsement.
What could change Granite REIT's halal screener?
The FAIL is driven by leverage: Granite would need its debt-to-market-cap ratio down to the ~33% screen, or its market cap up without adding debt — which for a conventional industrial REIT is a large change. A shift to Shariah-compliant financing structures would also change this gate. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.