Read more on shorting REITs by Jonathan Moreland.
In the article he summarizes quite well on why a ‘short’ may work for ARE. At the same time, he acknowledge that if the indices continue its rally, the short may not work out.
I think it is a fairly good read, summarizing most of the stuffs that is mention on Stripnomics as well.
Coincidently, Stripnomics updated some information on ARE.