These situations are precisely the reason I keep cash around. You need some liquidity to take advantage of offerings. They always cause a sell in reits below the offering price. Reits must do this. They pay out their income unlike normal stocks. I am now adding to my position at $10.50, a full 20 cents below the offering price. Much work goes into an offering price. It is generally below market value. Now the brokers get up interest in the shares. Before you know it we will be deep into an $11 handle. Don't miss this cheap opportunity to add. I see this going over $12 soon.