Indeed it would be surprising if a company in JP Morgan's position did NOT have significant property holdings. It's a foundational investment class. And frankl

Indeed it would be surprising if a company in JP Morgan's position did NOT have significant property holdings. It's a foundational investment class. And frankly, having worked on the inside in the land development industry: the primary clientele of virtually every land development office in the world - from small city to large - is either wealthy old dude/family, or their companies. Because land = wealth. If you have one, you can have the other. Or already do. In that sense, this JP Morgan topic is, as you say, just a drop in the ocean.