This is one of the most strange recurring theories. Companies are valued based on the recurring cashflows they generate from operating activities. A large technology company could have a _huge_ one-time write down of their real estate assets, and (assuming it does not make the company illiquid) not have its valuation materially impacted. Nobody is buying these companies because of their skill at investing in real estate.

It's many aspects.

More employees in one location, more political power, bigger tax breaks can finance billion dollar campuses.

People buy these companies because of hype and asset vs profits. Real estate is a part of their assets and it increases their balance sheets

Look at Google making 7 billion dollar investment in 2021. They need to make that payoff. https://www.google.com/amp/s/www.architecturaldigest.com/sto...

Nobody is seriously looking at the real estate portfolio of a FAANG when they value the stock. They care about future earnings projections.

7 billion dollars for Google is a tiny amount. They make almost 300 billion per year. Nobody gives a crap about the value of their office buildings.