Or, as we have seen hundreds of times, it's sold at market price to a "third party" company that is actually owned by one of the board members or executives, which then rent it back to the company for a slight premium.
We do see this occasionally. You'll have some private equity group buy a restaurant chain like Red Lobster. They make RL lease the real estate from them after having RL sell the real estate to them. Sometimes it's not restaurants, I think this is what murdered Toys'R'Us (correct me on that if I'm wrong).
But this isn't the norm, and it's not happening to well-managed businesses. It's something a vulture does after the company has been struggling for years. If that happened with a Microsoft or an Amazon, or any of the companies we work for. It's silly to suggest that is the cause of widespread RTO mandates.
Or, as we have seen hundreds of times, it's sold at market price to a "third party" company that is actually owned by one of the board members or executives, which then rent it back to the company for a slight premium.