I expect to do the same. It is an opportunity to bulk up my account with more dividends. going forward. Definitely a positive move by management and something the individual investor should take advantage of.
with 135 million share outstanding a 9 million share offering will dilute the outstanding stock vloume stock by 6.6%. This level of reduction in share price would be about $1 per share. Don't forget however they might raise $10 million+ here which should produce greater income and higher book value down the road if well invested.
The announcement said the funds raised from the offering would be used to reduce debt and purchase new properties so this is an increase to net value that will directly offset stock dilution.
Also 9 m shares at $12 or $13 will yield well over $100m, not merely $10m as you state.
Remember we're paying interest on that debt, reducing debt reduces costs, purchasing properties increases income. It's a win win , not a shareholder shakedown.
Any share price weakness will be my signal to buy.