STAG
STAG Industrial
Is STAG Halal?
Industrial REIT — same debt structure failures.
What You Should Know
STAG Industrial owns industrial properties. Its March 2026 Form 10-Q reports $7,183.566 million of assets, $3,229.479 million of debt and lease liabilities, $8.856 million of cash, $161.353 million of tenant receivables and $224.207 million of quarterly revenue. Debt/assets is 44.96%, so the examined quantitative screens fail; industrial tenant end uses remain a qualitative review item.
⚠️ Concerns
- •Debt/assets is 44.96% under the examined screens
- •Interest-bearing REIT financing
- •Industrial tenant end-use mix
- •Interest income not separately disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
3,229.479 / 7,183.566
8.856 / 7,183.566
170.209 / 7,183.566
- Financial
- Fails
- Overall
- Fails
Debt/assets is 44.96%, above 33.333%; liquidity/assets is 0.12% and receivables-plus-cash/assets is 2.37%. Interest income is unavailable.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 44.96%, above the examined 33.33% limit; liquidity/assets is 0.12% and receivables-plus-cash/assets is 2.37%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 44.96%, above the examined 33% limit; liquidity/assets is 0.12%. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the filing-based debt failure remains documented.
Business-activity disclosure
STAG owns and leases industrial properties. Industrial real estate can be permissible in principle, but the REIT's interest-bearing leverage and tenant end uses require qualitative review.
Limitation: The filing does not allocate tenant activities into a universal prohibited-revenue numerator and does not separately report interest income.
Purification
Interest income is not separately disclosed and no scholar-approved purification percentage can be inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions converted from STAG Industrial's March 31, 2026 Form 10-Q.
- Debt includes the credit facility, term loans, unsecured notes, mortgage note and operating lease liabilities, totaling $3,229.479 million.
- Cash and cash equivalents are $8.856 million; restricted cash of $30.298 million is excluded. Tenant accounts receivable are $161.353 million and no separate interest-bearing securities line is reported.
- Quarterly total revenue is $224.207 million, primarily rental income. Interest income and a universal prohibited-revenue numerator are not separately disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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