Leasehold/Freehold impact on multiples valuation

Hi all,

Recently came across a valuation pointI was unable to explain and hoped someone here could point me in right the right direction.

When doing some multiples research in an industry the multiples did not seem to put a big difference between whether a business in the sector owned its property or rented.

In a similar industry the companies that did not own their property traded at half the multiple of those that did own their property.

Any thoughts appreciated.