When you setup the PM for a piece of equipment, it copies over some of the data (specifically location data) from the equipment record to the PM Schedule record which is displayed in the PM Planner.
If you change the equipment data (eg. location) after this has been setup, the changes do not automatically propagate to the PM Schedule record.

If you wish to update the PM schedule you will either need to do so in a separate step or unassign the PM Procedure and reassign it to get the updated information propagated to the PM Schedule record. Only then the PM Planner will show the updated information. The PM Planner is pulling this information from the PM Schedule record and not the equipment record.

Either the changes from the eq record should propagate to the pms record or the PM Planner should pull the location information directly from the Equipment record.