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Loblaw Cos. waited a long time before launching a real estate investment trust of most of its properties. Maybe too long: its Choice Properties REIT is about to go public as interest rates threaten to make yield-oriented investments less attractive. But there are two other knocks against Choice and they are enough to convince one of Canada’s most prominent REIT investors, Dennis Mitchell, to take a pass altogether for the $1.4-billion Sentry REIT fund he oversees. Prospective investors would be wise to take note.