This study presents a simple formula for the gains from sale and leaseback transactions, based on the traditional theory of a firm. A typical firm, which intends to sell ?% of its whole capital to the SPC and retain the benefits of its location through a tenancy, will be taken as an example. It is shown that the unit capital cost for a typical firm would have structural change and the rate of capital depletion would play a key role in the profit calculating process.