Lessor Accounting

Hi all

I am going through the materials on reporting of leases from both the lessee and lessor perspective.

I understand that the lessor recognizes revenue (as PV of future CFs) at the time the original sale is made, and that it takes the carrying value of the asset as COGS at the same time. The bit that is goosing me is that the Kaplan materials state: “If the lessor is not a manufacturer or dealer for the asset, but strictly offering financing in the form or a lease, the gross profit at the inception of the lease is zero (PV of the lease payments equals the carrying value of the leased asset).”

Why is it the case that gross profit = zero? Why can’t the lessor recognize the spread between their cost of capital and the rate charged to the lessor? This is, after all, the business model of an entity offering purely financing, isn’t it?

Thanks for any help