If a corporation owns property somewhere but none of its owners actually live there, the corporation itself still obviously has an interest in local governance. It sounds like this locality has decided that property ownership qualfies the owner to a vote. Not all the investors in that corporation get to vote, rather the corporate entity, as a singular thing, gets one vote.

One can imagine all kinds of abusive scenarios with shell corporations created just to get votes, but sounds like the judge thought that these imaginary scenarios were not demonstrated to be actually happening. Courts typically rule only on demonstrated harm or other actual evidence, not "what if" conjectures.