The only way it makes any sense is if another acquisition is going to happen soon. They had plenty of cash for their current debt load, but it left them 0 flexibility in acquiring new assets. They will raise about $300M which will leave them with a lot of dough for new pipeline (along with their low interest facilities).
I still am a little confused since they stated they after their last two acquisitions they were going to focus on current development projects and were done with acquisitions for the immediate future.
But regardless I have total faith in the management and it just will allow me to shift more in RGLD if gets below $50 again(I expect it to happen somewhat soon). It will be interesting what price the offering will be.
If management were to blow the money raised (for example paying themselves large bonuses or say they were to throw the money at pet projects that end up being black holes), then you've got dilution. This management team has proven that they know how to use capital to create positive returns (value) for shareholders. Also, this management team has a proven track record. They are raising the money because they see a opportunity that should benefit all of us in the end. JMHO