"When you lease a flat or a house then you do not own it someone else does. But, you have bought the right to use it say, for 99 years or just one year and you will be the beneficial owner."
Very different from renting the house or flat, which is common.
I have been a member of an equity share Group for over 30 years. Each member has liability for unexpected expenses not covered by funds. The limit on number of members was (is?) 20.
The equity Group's aircraft might be leased.
The non-equity shareholder has just his prepaid "rental" at stake.