[wahern]

Businesses often sell their real estate on leaseback terms because it allows them to book one-time profits that boost the executive's bonuses or as a way generate cash that private equity firms can easily extract. They don't typically sell to third-party investors, but often finance the debt of the newly created property owner.

For many businesses it absolutely makes sense to own your own property. For example, if mid-way through a 20 year lease on a building the economy goes bust, do you really want to be paying the same rent that was negotiated during boom times? It could destroy you.

There's textbook theory, and then there's reality. The real world is an incredibly complex system with innumerable variables, and can't be reduced to simple concepts like "specialization". It all depends on context. Obviously for most companies it doesn't make sense to own their property. There's no disputing that, and your point stands. But for rich companies, it often actually makes a lot of sense, notwithstanding insiders trying to extract value for their personal benefit.