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Upstream MLPs and Canadian Royalty Trusts: High Return, High Risk?

Can someone explain why these companies (these oil-royalty trusts) are selling stock and debt to finance their dividends? Isn't this, in all likelihood, value destroying (instead of paying the dividends out of FCF)? (Because usually cost of capital for debt and equity are higher than for internally generated capital).

All of these trusts have been going up, but it seems to me that's because: people like big dividend yields + "oil is good; buy oil." But like I said the financing here makes no sense, at least to me...can someone, who wants to, explain what I'm missing? Additionally, on a FCF basis, also, most of these companies are in the red because their capex exceeds their operating cash flow, and probably will for the foreseeable future. These things are like some kind of twisted version of a "growth stock". After the above, seems like a bubble with these royalty trusts.