TSX Shariah screener · October 2026

Is PRO Real Estate Investment Trust (PRV.UN) Halal?

FAIL

PRO Real Estate Investment Trust · TSX: PRV.UN · Real Estate

The short answer

PRO Real Estate Investment Trust (TSX: PRV.UN) is a FAIL in our October 2026 screen. The business gate passes: PRO REIT owns industrial income properties across Canada (92.4% of GLA) plus retail and office assets - rental income from industrial property is a permissible segment. But the debt gate fails decisively: total debt of C$609.2M at June 30, 2026 is ≈115.1% of the ~C$529.3M market cap - over three times the ~33% ceiling. Revenue is rental income (Q2 2026 property revenue C$27.0M); interest income is not separately disclosed.

Gate 1 — Business activity: PASS

PRO Real Estate Investment Trust (head office: Montreal, Quebec) is a diversified Canadian REIT owning industrial, retail and office income properties. At June 30, 2026 it owned 104 properties (including 50% interests in 39 co-owned properties) with total assets of ~C$1.29B. The industrial segment was 92.4% of total gross leasable area and 90.7% of base rent; Atlantic Canada was 44.1% of base rent. Owning and leasing industrial real estate is a permissible business segment. Gate 1 passes.

Gate 2 — Debt and cash: FAIL

Total debt (current and non-current) at June 30, 2026 was C$609.2M — mortgages and term loan, convertible debentures, and revolving/non-revolving credit facilities — up from C$562.4M a year earlier. Against a market cap of ~C$529.3M (C$6.03, October 1, 2026) that is about 115.1% — more than three times the ~33% ceiling. Debt-to-total-assets was 47.4% and the weighted average interest rate on mortgage debt was 4.1%. Gate 2 fails decisively.

Gate 3 — Non-compliant income: UNVERIFIABLE

PRO REIT’s revenue is rental income — Q2 2026 property revenue was C$27.0M and net operating income C$16.5M. Interest income is not separately disclosed in the company’s filings; the income gate is unverifiable. It does not change the result, since the debt gate already fails on verifiable figures.

Key figures used

Q2 2026 property revenue C$27.0M, net operating income C$16.5M (reported Aug 12, 2026).
Q2 2026 total debt (current + non-current) C$609.2M (vs C$562.4M a year earlier).
Debt mix: mortgages + term loan, convertible debentures, revolving and non-revolving credit facilities; weighted average mortgage rate 4.1%.
Debt-to-total-assets 47.4%; adjusted debt to gross book value 47.4%.
Market cap ~C$529.3M (C$6.03, October 1, 2026, TSX).
Debt-to-market-cap ≈115.1% vs ~33% ceiling — FAIL.
104 properties at June 30, 2026; total assets ~C$1.29B; industrial 92.4% of GLA.

Frequently asked questions

Is PRO REIT (PRV.UN) halal?

Our October 2026 screen gives PRO Real Estate Investment Trust (PRV.UN) a FAIL. The business gate passes: PRO REIT owns industrial income properties (92.4% of GLA) plus retail and office assets across Canada - rental income from industrial property is a permissible business segment. The debt gate fails decisively: total debt of C$609.2M at June 30, 2026 is about 115.1% of the ~C$529.3M market cap - over three times the ~33% ceiling. Revenue is rental income (Q2 2026 property revenue C$27.0M); interest income is not separately disclosed. No Musaffa/Zoya/ShariaPortfolio rating was found.

What business is PRO REIT in?

PRO REIT (head office: Montreal, Quebec) is a diversified Canadian REIT owning industrial, retail and office income properties. At June 30, 2026 it owned 104 properties (including 50% interests in 39 co-owned properties) with total assets of ~C$1.29B. The industrial segment was 92.4% of total gross leasable area and 90.7% of base rent; Atlantic Canada was 44.1% of base rent. Owning and leasing industrial real estate is a permissible business segment.

Why does PRO REIT fail the debt gate?

Total debt (current and non-current) at June 30, 2026 was C$609.2M - mortgages and term loan, convertible debentures, and revolving/non-revolving credit facilities - up from C$562.4M a year earlier. Against a market cap of ~C$529.3M (C$6.03, October 1, 2026) that is about 115.1% - more than three times the ~33% ceiling. Debt-to-total-assets was 47.4% and the weighted average interest rate on mortgage debt was 4.1%. The debt gate fails decisively.

Is PRO REIT's income compliant?

PRO REIT's revenue is rental income from its properties - Q2 2026 property revenue was C$27.0M and net operating income C$16.5M. Interest income is not separately disclosed in the company's filings; the income gate is unverifiable. It does not change the result: the debt gate already fails on verifiable figures.

What do Musaffa, Zoya or ShariaPortfolio say about PRO REIT?

No Zoya, Musaffa, or ShariaPortfolio rating was found for PRO REIT in public search - none of the three named providers surfaced coverage, so no rating is claimed here. This page's FAIL result is based on the company's own filings and market data.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.