This can happen when companies are making massive profits but want to hide them.

i.e. if they’re getting government subsidies, either direct ones, or indirect policy support, then they risk losing it if they post record profits and draw attention to their lack of need. So instead they will increase capital spending: buy up more properties, renovate their stores with nicer fixtures etc. On paper this keeps their profits down as their costs have gone up, however, in reality their overall valuation has increased because they now own all these assets that they can use, lease, or sell in the future (assuming they didn’t buy junk).

Some of it is also just normal expansion. If a new neighbourhood is built, banks and gas stations are often the first to try and get in. For gas stations it’s to get the ideal corner, and for banks it’s because people often switch banks when they move houses to whatever’s closest, and then never switch again.

Some of it can be specific government policy. The current US government has crafted policy to boost the gas powered vehicle market for years to come, which may give more confidence in building gas stations and having them be profitable long term.

And some of it can just be normal market adjustments. i.e. they stopped building banks thinking that everyone going digital would eliminate them, but their projections were wrong and they’re seeing more people then expected who still want to go into a physical location and talk to a person, so now there’s a wave of buildout.

Also, yeah the landgrab aspect is real. It would work differently for gas stations and banks, but look up the history of McDonald’s, they’re mostly a real estate company: https://www.wallstreetsurvivor.com/mcdonalds-beyond-the-burger/