They are picking up more than 1% in cap rate across $1.5 billion dollars by swapping malls for RL. That exchange allows them to take in more than $15 million per year. Pays the divvy on 1/6 of the shares they are offering. That's without generating any additional business on the $$ they take in due to the issuance. Pretty simple if you ask me. And it now makes them a purer play by dumping the malls.
You are discounting the fact they did not swap malls for RL. Lets look at their actions: their original acq. target was $3 billion. They brought Red Lobster for 1.5 billion so the target decreases to $1.5B
They sell malls for $1.5B which would cover RL but they instead increase their target to 4.5B so minus RL that is back to $3B. They announce an equity offering to100M (at current price = 1.229B) to pay off debt. So in the end, what has it gained the shareholders.
Additionally your $15M, these additional share entitle the same $1 dividend/year so that is ~$100M