Seems an odd business to be shorting, low leverage stable income...

Seems an odd business to be shorting, low leverage stable income and high coupon, the cost of borrowing this and paying the coupon is going to make it an uphill struggle to make any money, what is the lowest this can realistically go to ? at 1.32 it is below well Nav and yielding 7%, if it takes a year to get there you are only making a tiny profit on a short and with occupancy increasing each year you stand a much greater chance of losing 10% on Nav appreciation 6% on coupon and 3% on borrow cost , there have to be a lot of better shorts out there ....