##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2010
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from
 _____ 

to
 _____
 Commission File Number: 000-52891
 
 CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
  Maryland
    
    20-8429087(State of incorporation)
    
    (I.R.S. Employer Identification No.)50 Rockefeller PlazaNew York, New York
    
    10020(Address of principal executive office)
    
    (Zip Code)
 Investor Relations (212) 492-8920
(212) 492-1100
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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##### 



INDEX
 Page No.PART I  FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)Consolidated Balance Sheets
    
    
    2Consolidated Statements of Income
    
    
    3Consolidated Statements of Comprehensive Income
    
    
    4Consolidated Statements of Equity
    
    
    5Consolidated Statements of Cash Flows
    
    
    6Notes to Consolidated Financial Statements
    
    
    7Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    22Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    34Item 4. Controls and Procedures
    
    
    35PART II  OTHER INFORMATIONItem 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    36Item 6. Exhibits
    
    
    37Signatures
    
    
    38Exhibit 31.1Exhibit 31.2Exhibit 32
  Forward Looking Statements
  CPA ® :17
Global 9/30/2010 10-Q 1




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##### Table of Contents



PART I
 
 Item 1. Financial Statements
 CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED BALANCE SHEETS

 (UNAUDITED)  (in thousands, except share and per share amounts)
 September 30, 2010
    
    
    December 31, 2009AssetsInvestments in real estate:Real estate, at cost
    
    $
    587,217
    
    
    $
    326,507Operating real estate, at cost
    
    
    12,177
    
    
    
    Accumulated depreciation
    
    
    (13,360
    )
    
    
    (5,957
    )Net investments in properties
    
    
    586,034
    
    
    
    320,550Net investments in direct financing leases
    
    
    384,186
    
    
    
    303,250Real estate under construction
    
    
    9,947
    
    
    
    31,037Equity investments in real estate
    
    
    51,924
    
    
    
    43,495Net investments in real estate
    
    
    1,032,091
    
    
    
    698,332Cash and cash equivalents
    
    
    426,307
    
    
    
    281,554Intangible assets, net
    
    
    114,665
    
    
    
    46,666Notes receivable
    
    
    49,829
    
    
    
    Other assets, net
    
    
    42,030
    
    
    
    41,320Total assets
    
    $
    1,664,922
    
    
    $
    1,067,872Liabilities and EquityLiabilities:Non-recourse and limited-recourse debt
    
    $
    492,821
    
    
    $
    300,908Accounts payable, accrued expenses and other liabilities
    
    
    11,280
    
    
    
    4,533Prepaid and deferred rental income
    
    
    19,539
    
    
    
    13,236Due to affiliates
    
    
    13,276
    
    
    
    8,383Distributions payable
    
    
    18,847
    
    
    
    11,675Total liabilities
    
    
    555,763
    
    
    
    338,735Commitments and contingencies (Note 11)Equity:CPA®:17  Global shareholders equity:Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued
    
    
    
    
    
    
    Common stock, $0.001 par value; 400,000,000 shares authorized; 126,610,416 and
80,135,401 shares issued, respectively
    
    
    127
    
    
    
    82Additional paid-in capital
    
    
    1,133,012
    
    
    
    718,057Distributions in excess of accumulated earnings
    
    
    (80,888
    )
    
    
    (53,118
    )Accumulated other comprehensive loss
    
    
    (8,491
    )
    
    
    (4,902
    )1,043,760
    
    
    
    660,119Less, treasury stock at cost, 690,968 and 248,833 shares, respectively
    
    
    (6,426
    )
    
    
    (2,314
    )Total CPA®:17  Global shareholders equity
    
    
    1,037,334
    
    
    
    657,805Noncontrolling interests
    
    
    71,825
    
    
    
    71,332Total equity
    
    
    1,109,159
    
    
    
    729,137Total liabilities and equity
    
    $
    1,664,922
    
    
    $
    1,067,872
   CPA ® :17 Global 9/30/2010 10-Q 2




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)  (in thousands, except share and per share amounts)
 Three months ended September 30,
    
    
    Nine months ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009RevenuesRental income
    
    $
    14,723
    
    
    $
    4,452
    
    
    $
    35,407
    
    
    $
    13,185Interest income from direct financing leases
    
    
    9,991
    
    
    
    8,311
    
    
    
    29,592
    
    
    
    20,515Other real estate income
    
    
    897
    
    
    
    
    
    
    
    1,437
    
    
    
    Interest income
    
    
    964
    
    
    
    690
    
    
    
    1,999
    
    
    
    2,04626,575
    
    
    
    13,453
    
    
    
    68,435
    
    
    
    35,746ExpensesDepreciation and amortization
    
    
    (3,922
    )
    
    
    (1,374
    )
    
    
    (9,741
    )
    
    
    (3,640
    )General and administrative
    
    
    (1,063
    )
    
    
    (518
    )
    
    
    (3,673
    )
    
    
    (2,581
    )Property expenses
    
    
    (2,122
    )
    
    
    425
    
    
    
    (4,770
    )
    
    
    (2,472
    )Other real estate expenses
    
    
    (526
    )
    
    
    
    
    
    
    (833
    )
    
    
    (7,633
    )
    
    
    (1,467
    )
    
    
    (19,017
    )
    
    
    (8,693
    )Other Income and ExpensesIncome from equity investments in real estate
    
    
    794
    
    
    
    399
    
    
    
    1,312
    
    
    
    1,122Other income and (expenses)
    
    
    1,128
    
    
    
    (739
    )
    
    
    1,622
    
    
    
    (2,187
    )Interest expense
    
    
    (7,665
    )
    
    
    (2,974
    )
    
    
    (19,593
    )
    
    
    (7,107
    )(5,743
    )
    
    
    (3,314
    )
    
    
    (16,659
    )
    
    
    (8,172
    )Income before income taxes
    
    
    13,199
    
    
    
    8,672
    
    
    
    32,759
    
    
    
    18,881(Provision for) benefit from income taxes
    
    
    (59
    )
    
    
    (257
    )
    
    
    292
    
    
    
    (777
    )Net Income
    
    
    13,140
    
    
    
    8,415
    
    
    
    33,051
    
    
    
    18,104Less: Net income attributable to noncontrolling interests
    
    
    (4,427
    )
    
    
    (3,864
    )
    
    
    (11,560
    )
    
    
    (8,811
    )Net Income Attributable to CPA®:17  Global Shareholders
    
    $
    8,713
    
    
    $
    4,551
    
    
    $
    21,491
    
    
    $
    9,293Earnings Per ShareNet income attributable to CPA®:17  Global shareholders
    
    $
    0.07
    
    
    $
    0.08
    
    
    $
    0.21
    
    
    $
    0.19Weighted Average Shares Outstanding
    
    
    117,964,002
    
    
    
    58,804,027
    
    
    
    102,875,944
    
    
    
    48,082,751Distributions Declared Per Share
    
    $
    0.1600
    
    
    $
    0.1587
    
    
    $
    0.4800
    
    
    $
    0.4724
  CPA ® :17 Global 9/30/2010 10-Q 3




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)  (in thousands)
 Three months ended September 30,
    
    
    Nine months ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net Income
    
    $
    13,140
    
    
    $
    8,415
    
    
    $
    33,051
    
    
    $
    18,104Other Comprehensive Income (Loss):Foreign currency translation adjustments
    
    
    27,498
    
    
    
    2,305
    
    
    
    22
    
    
    
    2,599Change in unrealized loss on derivative instruments
    
    
    (1,538
    )
    
    
    (701
    )
    
    
    (5,276
    )
    
    
    (673
    )25,960
    
    
    
    1,604
    
    
    
    (5,254
    )
    
    
    1,926Comprehensive income
    
    
    39,100
    
    
    
    10,019
    
    
    
    27,797
    
    
    
    20,030Amounts Attributable to Noncontrolling Interests:Net income
    
    
    (4,427
    )
    
    
    (3,864
    )
    
    
    (11,560
    )
    
    
    (8,811
    )Foreign currency translation adjustments
    
    
    (1,051
    )
    
    
    (512
    )
    
    
    501
    
    
    
    (470
    )Change in unrealized loss on derivative instruments
    
    
    205
    
    
    
    315
    
    
    
    1,164
    
    
    
    315Comprehensive income attributable to noncontrolling interests
    
    
    (5,273
    )
    
    
    (4,061
    )
    
    
    (9,895
    )
    
    
    (8,966
    )Comprehensive Income Attributable to CPA®:17 
Global Shareholders
    
    $
    33,827
    
    
    $
    5,958
    
    
    $
    17,902
    
    
    $
    11,064
  CPA ® :17 Global 9/30/2010 10-Q 4




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENTS OF EQUITY

 (UNAUDITED)   (in thousands, except share amounts)
 CPA®:17 - Global ShareholdersDistributions
    
    
    Accumulated
    
    
    
    
    
    
    TotalTotal
    
    
    
    
    
    
    Additional
    
    
    in Excess of
    
    
    Other
    
    
    
    
    
    
    CPA®:17 -Outstanding
    
    
    Common
    
    
    Paid-In
    
    
    Accumulated
    
    
    Comprehensive
    
    
    Treasury
    
    
    Global
    
    
    NoncontrollingShares
    
    
    Stock
    
    
    Capital
    
    
    Earnings
    
    
    Loss
    
    
    Stock
    
    
    Shareholders
    
    
    Interests
    
    
    TotalBalance at January 1, 2009
    
    
    34,625,497
    
    
    $
    35
    
    
    $
    310,732
    
    
    $
    (11,056
    )
    
    $
    (2,288
    )
    
    $
    
    
    
    $
    297,423
    
    
    $
    30,074
    
    
    $
    327,497Shares issued, net of
offering costs
    
    
    45,244,803
    
    
    
    45
    
    
    
    404,651
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    404,696
    
    
    
    
    
    
    
    404,696Shares issued to affiliates
    
    
    265,101
    
    
    
    2
    
    
    
    2,674
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,676
    
    
    
    
    
    
    
    2,676Contributions from noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    103,364
    
    
    
    103,364Distributions declared
($0.6324 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (34,361
    )
    
    
    
    
    
    
    
    
    
    
    (34,361
    )
    
    
    
    
    
    
    (34,361
    )Distributions to
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (71,946
    )
    
    
    (71,946
    )Net (loss) income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,701
    )
    
    
    
    
    
    
    
    
    
    
    (7,701
    )
    
    
    9,881
    
    
    
    2,180Other comprehensive loss:Foreign currency
translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (848
    )
    
    
    
    
    
    
    (848
    )
    
    
    166
    
    
    
    (682
    )Change in unrealized loss
on derivative instruments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (261
    )
    
    
    
    
    
    
    (261
    )
    
    
    (207
    )
    
    
    (468
    )Impairment loss on
commercial mortgage-backed securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,505
    )
    
    
    
    
    
    
    (1,505
    )
    
    
    
    
    
    
    (1,505
    )Repurchase of shares
    
    
    (248,833
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,314
    )
    
    
    (2,314
    )
    
    
    
    
    
    
    (2,314
    )Balance at December 31, 2009
    
    
    79,886,568
    
    
    
    82
    
    
    
    718,057
    
    
    
    (53,118
    )
    
    
    (4,902
    )
    
    
    (2,314
    )
    
    
    657,805
    
    
    
    71,332
    
    
    
    729,137Shares issued, net of
offering costs
    
    
    46,163,609
    
    
    
    44
    
    
    
    411,841
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    411,885
    
    
    
    
    
    
    
    411,885Shares issued to affiliates
    
    
    311,406
    
    
    
    1
    
    
    
    3,114
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,115
    
    
    
    
    
    
    
    3,115Distributions declared
($0.4800 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (49,261
    )
    
    
    
    
    
    
    
    
    
    
    (49,261
    )
    
    
    (9,402
    )
    
    
    (58,663
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,491
    
    
    
    
    
    
    
    
    
    
    
    21,491
    
    
    
    11,560
    
    
    
    33,051Other comprehensive loss:Foreign currency
translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    523
    
    
    
    
    
    
    
    523
    
    
    
    (501
    )
    
    
    22Change in unrealized loss
on derivative instruments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,112
    )
    
    
    
    
    
    
    (4,112
    )
    
    
    (1,164
    )
    
    
    (5,276
    )Repurchase of shares
    
    
    (442,135
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,112
    )
    
    
    (4,112
    )
    
    
    
    
    
    
    (4,112
    )Balance at September 30, 2010
    
    
    125,919,448
    
    
    $
    127
    
    
    $
    1,133,012
    
    
    $
    (80,888
    )
    
    $
    (8,491
    )
    
    $
    (6,426
    )
    
    $
    1,037,334
    
    
    $
    71,825
    
    
    $
    1,109,159
  CPA ® :17 Global 9/30/2010 10-Q 5




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS

 (UNAUDITED)  (in thousands)
 Nine months ended September 30,2010
    
    
    2009Cash Flows  Operating ActivitiesNet income
    
    $
    33,051
    
    
    $
    18,104Adjustments to net income:Depreciation and amortization, including intangible assets
    
    
    9,933
    
    
    
    3,467Straight-line rent adjustments and amortization of rent-related intangibles
    
    
    (3,040
    )
    
    
    (2,341
    )Income from equity investment in real estate in excess of distributions received
    
    
    18
    
    
    
    299Issuance of shares to affiliate in satisfaction of fees due
    
    
    3,115
    
    
    
    1,930Amortization of discount on commercial mortgage-backed securities
    
    
    
    
    
    
    (489
    )Realized (gain) loss on foreign currency transactions and other, net
    
    
    (727
    )
    
    
    2,502Unrealized loss on foreign currency transactions
    
    
    81
    
    
    
    Increase in accounts receivable and prepaid expenses
    
    
    (1,212
    )
    
    
    (3,747
    )Increase in accounts payable and accrued expenses
    
    
    2,207
    
    
    
    983Increase in prepaid and deferred rental income
    
    
    4,190
    
    
    
    1,260Increase in due to affiliates
    
    
    2,327
    
    
    
    206Change in other operating assets and liabilities, net
    
    
    (5,751
    )
    
    
    559Net cash provided by operating activities
    
    
    44,192
    
    
    
    22,733Cash Flows  Investing ActivitiesDistributions received from equity investments in real estate in excess of equity income
    
    
    2,102
    
    
    
    1,936Acquisitions of real estate and direct financing leases and other capital expenditures (a)
    
    
    (393,220
    )
    
    
    (274,049
    )Proceeds from sale of real estate
    
    
    1,690
    
    
    
    Purchase of notes receivable
    
    
    (50,133
    )
    
    
    Contributions to equity investments in real estate (a)
    
    
    (10,300
    )
    
    
    (22,798
    )VAT paid in connection with acquisitions in real estate
    
    
    (33,846
    )
    
    
    (2,618
    )VAT refunded in connection with acquisitions in real estate
    
    
    33,076Proceeds from repayment of notes receivable
    
    
    7,171
    
    
    
    Funds for construction released from escrow
    
    
    186
    
    
    
    Funds for future investments placed in escrow
    
    
    (52,482
    )
    
    
    (85,022
    )Funds for future investments released from escrow
    
    
    52,482
    
    
    
    75,934Payment of deferred acquisition fees to an affiliate
    
    
    (5,363
    )
    
    
    (1,446
    )Net cash used in investing activities
    
    
    (448,637
    )
    
    
    (308,063
    )Cash Flows  Financing ActivitiesDistributions paid
    
    
    (42,089
    )
    
    
    (17,871
    )Contributions from noncontrolling interests
    
    
    
    
    
    
    103,363Distributions to noncontrolling interests
    
    
    (9,402
    )
    
    
    (68,836
    )Proceeds from mortgage notes payable
    
    
    200,413
    
    
    
    143,150Scheduled payments of mortgage principal
    
    
    (4,785
    )
    
    
    (1,970
    )Prepayment of mortgage notes payable
    
    
    (1,888
    )
    
    
    (1,222
    )Payment of mortgage deposits, net of deposits refunded
    
    
    (2,550
    )
    
    
    (3,892
    )Proceeds from issuance of shares, net of offering costs
    
    
    411,855
    
    
    
    273,763Purchase of treasury stock
    
    
    (4,112
    )
    
    
    (1,340
    )Net cash provided by financing activities
    
    
    547,442
    
    
    
    425,145Change in Cash and Cash Equivalents During the PeriodEffect of exchange rate changes on cash
    
    
    1,756
    
    
    
    (1,381
    )Net increase in cash and cash equivalents
    
    
    144,753
    
    
    
    138,434Cash and cash equivalents, beginning of period
    
    
    281,554
    
    
    
    161,569Cash and cash equivalents, end of period
    
    $
    426,307
    
    
    $
    300,003
 Noncash investing and financing activities:
 (a)
    
    The cost basis of real estate investments acquired during the nine months ended
September 30, 2010 and 2009, including equity investments in real estate, also includes
deferred acquisition fees payable of $8.8 million and $4.7 million, respectively.  CPA ® :17 Global 9/30/2010 10-Q 6




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 Note 1. Organization and Offering
 Organization
   Public Offering
    Note 2. Basis of Presentation
   CPA ® :17 Global 9/30/2010 10-Q 7




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##### Table of Contents



Notes to Consolidated Financial Statements
  Basis of Consolidation
       CPA ® :17 Global 9/30/2010 10-Q 8




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##### Table of Contents



Notes to Consolidated Financial Statements
  September 30, 2010
    
    
    December 31, 2009Assets:Cash and cash equivalents not attributable to consolidated VIE
    
    $
    7,382
    
    
    $
    61Other assets, net not attributable to consolidated VIE
    
    
    3,218
    
    
    
    4,307Total assets not attributable to consolidated VIE
    
    $
    10,600
    
    
    $
    4,368Liabilities:Due to affiliates not attributable to consolidated VIE
    
    $
    (629
    )
    
    $
    (170
    )Distributions payable not attributable to consolidated VIE
    
    
    (18,847
    )
    
    
    (11,675
    )Total liabilities not attributable to consolidated VIE
    
    $
    (19,476
    )
    
    $
    (11,845
    )
  Acquisition Costs
  Information about International Geographic Areas
  Note 3. Agreements and Transactions with Related Parties
  CPA ® :17 Global 9/30/2010 10-Q 9




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##### Table of Contents



Notes to Consolidated Financial Statements
 Transaction Fees
    Asset Management Fee and Cash Distributions
   Organization and Offering Expenses
  CPA ® :17 Global 9/30/2010 10-Q 10




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##### Table of Contents



Notes to Consolidated Financial Statements
  Other Expenses
  Joint Ventures and Other Transactions with Affiliates
   Note 4. Net Investments in Properties
 Net Investments in Properties
  September 30, 2010
    
    
    December 31, 2009Land
    
    $
    180,503
    
    
    $
    62,597Buildings
    
    
    418,527
    
    
    
    263,910Furniture, Fixtures & Equipment
    
    
    364
    
    
    
    Less: Accumulated depreciation
    
    
    (13,360
    )
    
    
    (5,957
    )$
    586,034
    
    
    $
    320,550
  Acquisitions of Real Estate
  
    
    six domestic investments totaling $140.0 million. We recorded an additional $22.6
million related to two of these investments as net investments in direct financing leases
(Note 5);
 
    
    one investment in Croatia for $101.5 million primarily denominated in Euro;
 
    
    two investments in Spain aggregating $76.8 million denominated in Euro and representing
follow-on transactions to an investment that we completed in the fourth quarter of 2009;
and
 
    
    one investment in the United Kingdom for $12.1 million denominated in British Pound
Sterling. We classified an additional $24.5 million of this investment as net investments
in direct financing leases (Note 5).
 CPA ® :17 Global 9/30/2010 10-Q 11




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##### Table of Contents



Notes to Consolidated Financial Statements
  Real Estate Under Construction
   Operating Real Estate, net
  Other
   Note 5. Net Investment in Direct Financing Leases
  CPA ® :17 Global 9/30/2010 10-Q 12




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##### Table of Contents



Notes to Consolidated Financial Statements
 ®
 Note 6. Equity Investments in Real Estate
   OwnershipInterest at
    
    
    Carrying Value atLessee
    
    September 30, 2010
    
    
    September 30, 2010
    
    
    December 31, 2009Berry Plastics Corporation (a)
    
    
    50
    %
    
    $
    20,647
    
    
    $
    21,414Tesco plc (b)
    
    
    49
    %
    
    
    20,161
    
    
    
    22,081Eroski Sociedad Cooperativa  Mallorca (b) (c)
    
    
    30
    %
    
    
    11,116
    
    
    
    $
    51,924
    
    
    $
    43,495
 
 (a)
    
    In February 2009, this venture repaid its $39.0 million outstanding non-recourse financing at
a discount for $32.5 million and recognized a corresponding gain of $6.5 million. Our $3.2
million share of the gain was reduced by $2.9 million as a result of an other-than-temporary
impairment charge recognized to reduce the carrying value of our investment to the estimated
fair value of the ventures underlying properties (Note 8).(b)
    
    The carrying value of this investment is affected by the impact of fluctuations in the
exchange rate of the Euro.(c)
    
    We acquired our interest in this investment in June 2010.  September 30, 2010
    
    
    December 31, 2009Assets
    
    $
    209,024
    
    
    $
    181,600Liabilities
    
    
    (81,986
    )
    
    
    (84,522
    )Partners/members equity
    
    $
    127,038
    
    
    $
    97,078
 Three months ended September 30,
    
    
    Nine months ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Revenue
    
    $
    4,435
    
    
    $
    3,157
    
    
    $
    11,717
    
    
    $
    6,480Expenses
    
    
    (2,849
    )
    
    
    (2,435
    )
    
    
    (9,382
    )
    
    
    (5,133
    )Gain on extinguishment of debt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,512Net income
    
    $
    1,586
    
    
    $
    722
    
    
    $
    2,335
    
    
    $
    7,859
 CPA ® :17 Global 9/30/2010 10-Q 13




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##### Table of Contents



Notes to Consolidated Financial Statements
  Note 7. Securities Held to Maturity
    Description
    
    Face Value
    
    
    Amortized Cost
    
    
    Unrealized Gain
    
    
    Estimated Fair ValueCMBS
    
    $
    33,284
    
    
    $
    3,803
    
    
    $
    1,572
    
    
    $
    5,375
  Rating(a)
    
    Amortized CostB
    
    $
    1,745B+
    
    
    1,301BB-
    
    
    757$
    3,803
 
 (a)
    
    Ratings are those of Standard & Poors Ratings Services, a division of The McGraw-Hill
Companies, Inc.
 Note 8. Fair Value Measurements
  CPA ® :17 Global 9/30/2010 10-Q 14




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##### Table of Contents



Notes to Consolidated Financial Statements
 Items Measured at Fair Value on a Recurring Basis
  Fair Value Measurements at September 30, 2010 Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableIdentical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    Total
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Money market funds
    
    $
    358,331
    
    
    $
    358,331
    
    
    $
    
    
    
    $
    Derivative assets
    
    
    386
    
    
    
    
    
    
    
    386
    
    
    
    $
    358,717
    
    
    $
    358,331
    
    
    $
    386
    
    
    $
    Liabilities:Derivative liabilities
    
    $
    (2,720
    )
    
    $
    
    
    
    $
    (2,720
    )
    
    $
    
 Fair Value Measurements at December 31, 2009 Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableIdentical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    Total
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Money market funds
    
    $
    278,566
    
    
    $
    278,566
    
    
    $
    
    
    
    $
    Derivative assets
    
    
    2,985
    
    
    
    
    
    
    
    2,985
    
    
    
    $
    281,551
    
    
    $
    278,566
    
    
    $
    2,985
    
    
    $
    Liabilities:Derivative liabilities
    
    $
    (20
    )
    
    $
    
    
    
    $
    (20
    )
    
    $
    
   September 30, 2010
    
    
    December 31, 2009Carrying Value
    
    
    Fair Value
    
    
    Carrying Value
    
    
    Fair ValueDebt
    
    $
    492,821
    
    
    $
    497,634
    
    
    $
    300,908
    
    
    $
    291,737CMBS (a)
    
    
    3,803
    
    
    
    5,375
    
    
    
    3,818
    
    
    
    3,818
 
 (a)
    
    Carrying value represents historical cost, inclusive of impairment charges recognized during
2009 (Note 7).  Items Measured at Fair Value on a Non-Recurring Basis
  CPA ® :17 Global 9/30/2010 10-Q 15




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##### Table of Contents



Notes to Consolidated Financial Statements
  Note 9. Risk Management and Use of Derivative Financial Instruments
 Risk Management
  Commercial Mortgage-Backed Securities
  Foreign Currency Exchange
  Use of Derivative Financial Instruments
   CPA ® :17 Global 9/30/2010 10-Q 16




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##### Table of Contents



Notes to Consolidated Financial Statements
  Derivatives Fair Value atDerivatives Designated as Hedging Instruments
    
    Balance Sheet Location
    
    September 30, 2010
    
    
    December 31, 2009Interest rate cap
    
    Other assets
    
    $
    386
    
    
    $
    2,985Interest rate swaps
    
    Other liabilities
    
    
    (2,720
    )
    
    
    (20
    )$
    (2,334
    )
    
    $
    2,965
   Amount of Loss Recognized
    
    
    Amount of Loss Recognizedin OCI on Derivatives
    
    
    in OCI on Derivatives(Effective Portion)
    
    
    (Effective Portion)Three months ended September 30,
    
    
    Nine months ended September 30,Derivatives in Cash Flow Hedging Relationships
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Interest rate cap (a)
    
    $
    (456
    )
    
    $
    (700
    )
    
    $
    (2,600
    )
    
    $
    (700
    )Interest rate swaps
    
    
    (1,082
    )
    
    
    
    
    
    
    (2,676
    )
    
    
    Total
    
    $
    (1,538
    )
    
    $
    (700
    )
    
    $
    (5,276
    )
    
    $
    (700
    )
 
 (a)
    
    Includes losses attributable to noncontrolling interests totaling $0.2 million and $0.3
million for the three months ended September 30, 2010 and 2009, respectively, and $1.2 million
and $0.3 million for the nine months ended September 30, 2010 and 2009, respectively.  Interest Rate Swaps and Caps
  CPA ® :17 Global 9/30/2010 10-Q 17




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##### Table of Contents



Notes to Consolidated Financial Statements
  Notional
    
    
    Effective
    
    
    Effective
    
    
    Expiration
    
    
    Fair Value atType
    
    Amount
    
    
    Interest Rate
    
    
    Date
    
    
    Date
    
    
    September 30, 20103-Month LIBOR
    
    Interest rate cap (a)
    
    $
    117,317
    
    
    
    8.8
    %
    
    
    8/2009
    
    
    
    8/2014
    
    
    $
    3863-Month LIBOR
    
    Pay-fixed swap
    
    
    26,724
    
    
    
    3.7
    %
    
    
    1/2010
    
    
    
    12/2019
    
    
    
    (2,497
    )3-Month Euribor
    
    Pay-fixed swap
    
    
    8,331
    
    
    
    2.6
    %
    
    
    7/2010
    
    
    
    11/2017
    
    
    
    (223
    )$
    (2,334
    )
 
 (a)
    
    The applicable interest rate of the related debt was 5.1%, which was below the effective
interest rate of the cap at September 30, 2010. Inclusive of noncontrolling interests in the
notional amount and fair value of the swap of $52.8 million and $0.2 million, respectively.  Embedded Credit Derivative
  Other
   Portfolio Concentration Risk
  CPA ® :17 Global 9/30/2010 10-Q 18




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##### Table of Contents



Notes to Consolidated Financial Statements
  Note 10. Debt
  
    
    $68.3 million relates to four domestic investments acquired during the first nine months
of 2010;
 
    
    $52.4 million relates to a Croatian investment acquired in April 2010;
 
    
    $52.2 million relates to a transaction in Spain, with the first tranche completed in the
fourth quarter of 2009 and the second tranche completed during the first quarter of 2010
(Note 4);
 
    
    $19.5 million relates to a domestic build-to-suit project that we placed into service in
January 2010 (Note 4); and
 
    
    $8.0 million relates to a secured line of credit obtained in connection with a Polish
investment acquired in October 2009. We have drawn the full amount as of September 30,
2010. This debt bears interest at a variable rate that has been effectively converted to a
fixed annual interest rate through the use of an interest rate swap.
    Total2010 (remainder)
    
    $
    1,9642011
    
    
    9,1232012
    
    
    9,8712013
    
    
    10,7462014
    
    
    116,921Thereafter through 2028
    
    
    344,196Total
    
    $
    492,821
  Note 11. Commitments and Contingencies
  CPA ® :17 Global 9/30/2010 10-Q 19




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##### Table of Contents



Notes to Consolidated Financial Statements
 Note 12. Income Taxes
     Note 13. Pro Forma Financial Information
   Three months ended September 30,
    
    
    Nine months ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Pro forma total revenues
    
    $
    26,626
    
    
    $
    27,647
    
    
    $
    78,870
    
    
    $
    82,380Pro forma net income (a)
    
    $
    12,432
    
    
    $
    13,955
    
    
    $
    36,654
    
    
    $
    36,187Less: Net income attributable to noncontrolling interests
    
    
    (4,425
    )
    
    
    (3,752
    )
    
    
    (11,560
    )
    
    
    (10,327
    )Pro forma net income attributable to CPA®:17  Global
shareholders
    
    $
    8,007
    
    
    $
    10,203
    
    
    $
    25,094
    
    
    $
    25,860Pro forma earnings per share (a):Net income attributable to CPA®:17  Global
shareholders
    
    $
    0.06
    
    
    $
    0.08
    
    
    $
    0.20
    
    
    $
    0.21
 (a)
    
    Pro forma net income and pro forma earnings per share for the nine months ended September 30,
2009 reflect the impact of an other-than-temporary impairment charge of $2.9 million related
to our equity investment in the Berry Plastics venture. Pro forma net income includes actual
interest income generated from the proceeds of our initial public offering. A portion of these
proceeds was used to fund the investments included in the foregoing pro forma financial
information.
  CPA ® :17 Global 9/30/2010 10-Q 20




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##### Table of Contents



Notes to Consolidated Financial Statements
 Note 14. Subsequent Events
   CPA ® :17 Global 9/30/2010 10-Q 21




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##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
  Business Overview
  Financial Highlights
  Three months ended September 30,
    
    
    Nine months ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Total revenues
    
    $
    26,575
    
    
    $
    13,453
    
    
    $
    68,435
    
    
    $
    35,746Net income attributable to CPA®:17  Global
shareholders
    
    
    8,713
    
    
    
    4,551
    
    
    
    21,491
    
    
    
    9,293Cash flow from operating activities
    
    
    
    
    
    
    
    
    
    
    44,192
    
    
    
    22,733Distributions paid
    
    
    16,469
    
    
    
    7,405
    
    
    
    42,089
    
    
    
    17,871Supplemental financial measures:Funds from operations  as adjusted (AFFO)
    
    $
    12,248
    
    
    $
    5,635
    
    
    $
    29,300
    
    
    $
    11,630Adjusted cash flow from operating activities
    
    
    
    
    
    
    
    
    
    
    32,649
    
    
    
    17,026
  ®
   CPA ® :17 Global 9/30/2010 10-Q 22




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##### Table of Contents



Changes in Management
 ® ®
 Current Trends
  Fundraising
    Capital Markets
  Investment Opportunities
   CPA ® :17 Global 9/30/2010 10-Q 23




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##### Table of Contents



Financing Conditions
  General Economic Environment
 Tenant Defaults
    Foreign Exchange Rates
  Real Estate Sector
  CPA ® :17 Global 9/30/2010 10-Q 24




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##### Table of Contents



Inflation
  Lease Expirations and Occupancy
  Proposed Accounting Changes
  Results of Operations
     Nine months ended September 30,2010
    
    
    2009Rental income
    
    $
    35,407
    
    
    $
    13,185Interest income from direct financing leases
    
    
    29,592
    
    
    
    20,515$
    64,999
    
    
    $
    33,700
 CPA ® :17 Global 9/30/2010 10-Q 25




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##### Table of Contents



Nine months ended September 30,Lessee (Date Acquired or Placed in Service)
    
    2010
    
    
    2009The New York Times Company (3/2009) (a)
    
    $
    19,985
    
    
    $
    15,034Eroski Sociedad Cooperativa (12/2009, 2/2010, 6/2010) (b)
    
    
    5,705
    
    
    
    LifeTime Fitness, Inc. (9/2008)
    
    
    5,134
    
    
    
    5,134Agrokor d.d. (4/2010)(b)
    
    
    3,921
    
    
    
    Frontier Spinning Mills, Inc. (12/2008) (a)
    
    
    3,350
    
    
    
    3,350US Oncology, Inc. (12/2009)
    
    
    3,142
    
    
    
    Actebis Peacock GmbH (7/2008) (a) (b)
    
    
    2,945
    
    
    
    3,044Kronos Products, Inc. (3/2010)
    
    
    2,841
    
    
    
    Angelica Corporation (3/2010)
    
    
    2,589
    
    
    
    Laureate Education, Inc. (7/2008)
    
    
    2,171
    
    
    
    2,171Mori Seiki USA, Inc. (12/2009)
    
    
    2,108
    
    
    
    Waldaschaff Automotive GmbH and Wagon Automotive Nagold GmbH
(8/2008) (a) (b) (c)
    
    
    2,043
    
    
    
    2,857Sabre Communications Corporation and Cellxion, LLC (8/2008, 6/2010)
    
    
    1,999
    
    
    
    1,934JP Morgan Chase Bank, National Association and AT&T Wireless
Services (5/2010)
    
    
    1,456
    
    
    
    National Express Limited (12/2009) (b)
    
    
    1,428
    
    
    
    TDG Limited (4/2010, 5/2010) (b)
    
    
    1,339
    
    
    
    Berry Plastics Corporation (3/2010) (d)
    
    
    1,035
    
    
    
    Other (b)
    
    
    1,808
    
    
    
    176$
    64,999
    
    
    $
    33,700
 
 (a)
    
    These revenues are generated in consolidated ventures with our affiliates, and on a combined
basis, include revenues applicable to noncontrolling interests totaling $11.9 million and
$10.0 million for the nine months ended September 30, 2010 and 2009, respectively.(b)
    
    Amounts are subject to fluctuations in foreign currency exchange rates. The average rate for
the U.S. dollar in relation to the Euro during the nine months ended September 30, 2010
strengthened by approximately 4% in comparison to the same period in 2009, resulting in a
negative impact on lease revenues for our Euro-denominated investments in the current year
period.(c)
    
    The decrease was due to a restructuring of the Waldaschaff Automotive GmbH lease. In
connection with entering in Administration, Wagon Automotive GmbH terminated its lease with us
in May 2009 and a successor company, Waldaschaff Automotive GmbH, took over the business and
has been paying rent to us, albeit at a significantly reduced rate. In April 2010, Waldaschaff
Automotive GmbH executed a temporary lease under which monthly rent is unchanged but real
estate expenses are now reimbursed by the tenant.(d)
    
    We also own an interest in a venture with one of our affiliates that leases another property
to this lessee, which we account for as an equity investment in real estate. CPA ® :17 Global 9/30/2010 10-Q 26




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##### Table of Contents



OwnershipInterest at
    
    
    Nine months ended September 30,Lessee (Date Acquired)
    
    September 30, 2010
    
    
    2010
    
    
    2009Tesco plc (7/2009) (a)
    
    
    49
    %
    
    $
    5,443
    
    
    $
    1,479Berry Plastics Corporation (12/2007) (b)
    
    
    50
    %
    
    
    5,128
    
    
    
    4,981Eroski Sociedad Cooperativa  Mallorca (6/2010) (a)
    
    
    30
    %
    
    
    931
    
    
    
    $
    11,502
    
    
    $
    6,460
 
 (a)
    
    Amounts are subject to fluctuations in foreign currency exchange rates. The average rate for
the U.S. dollar in relation to the Euro during the nine months ended September 30, 2010
strengthened by approximately 4% in comparison to the same period in 2009, resulting in a
negative impact on lease revenues for our Euro-denominated investments in the current year
period.(b)
    
    We also consolidate a venture with one of our affiliates that leases another property to this
lessee. Lease Revenues
   Other Real Estate Operations
   Depreciation and Amortization
  General and Administrative
  CPA ® :17 Global 9/30/2010 10-Q 27




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##### Table of Contents



Property Expenses
   Other Income and (Expenses)
   Interest Expense
  (Provision for) Benefit from Income Taxes
  Net Income Attributable to CPA ® :17  Global Shareholders
 ®
 Funds from Operations  as Adjusted (AFFO)
 ®
 Subsequent Events
   CPA ® :17 Global 9/30/2010 10-Q 28




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##### Table of Contents



Financial Condition
 Sources and Uses of Cash During the Period
  Operating Activities
  Investing Activities
  Financing Activities
    CPA ® :17 Global 9/30/2010 10-Q 29




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##### Table of Contents



Adjusted Cash Flow from Operating Activities
  Summary of Financing
  September 30, 2010
    
    
    December 31, 2009BalanceFixed rate
    
    $
    340,449
    
    
    $
    154,754Variable rate (a)
    
    
    152,372
    
    
    
    146,154Total
    
    $
    492,821
    
    
    $
    300,908Percent of total debtFixed rate
    
    
    69
    %
    
    
    51
    %Variable rate (a)
    
    
    31
    %
    
    
    49
    %100
    %
    
    
    100
    %Weighted average interest rate at end of periodFixed rate
    
    
    6.5
    %
    
    
    7.1
    %Variable rate (a)
    
    
    5.4
    %
    
    
    5.3
    %
 
 (a)
    
    Variable rate debt at September 30, 2010 consisted of (i) $35.1 million that has been
effectively converted to fixed rate debt through interest rate swap derivative instruments and
(ii) $117.3 million that is subject to an interest rate cap, but for which the applicable
interest rate was below the effective interest rate of the cap at September 30, 2010. Cash Resources
  Cash Requirements
  CPA ® :17 Global 9/30/2010 10-Q 30




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##### Table of Contents



Off-Balance Sheet Arrangements and Contractual Obligations
  Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 yearsNon-recourse and limited-recourse debt  principal
(a)
    
    $
    493,857
    
    
    $
    9,068
    
    
    $
    20,356
    
    
    $
    170,476
    
    
    $
    293,957Deferred acquisition fees
    
    
    11,624
    
    
    
    7,053
    
    
    
    4,571
    
    
    
    
    
    
    
    Interest on borrowings and deferred acquisition fees
    
    
    213,919
    
    
    
    30,654
    
    
    
    59,095
    
    
    
    51,574
    
    
    
    72,596Build-to-suit commitment (b)
    
    
    42,731
    
    
    
    42,731
    
    
    
    
    
    
    
    
    
    
    
    Hotel capital improvement commitment
    
    
    1,230
    
    
    
    1,230
    
    
    
    
    
    
    
    
    
    
    
    Operating and other lease commitments (c)
    
    
    1,712
    
    
    
    257
    
    
    
    528
    
    
    
    521
    
    
    
    406$
    765,073
    
    
    $
    90,993
    
    
    $
    84,550
    
    
    $
    222,571
    
    
    $
    366,959
 
 (a)
    
    Excludes debt discounts of $1.0 million.(b)
    
    Represents remaining build-to-suit commitments on two projects. Total estimated construction
costs for these projects are currently projected to be $52.1 million in the aggregate, of
which $9.4 million had been funded at September 30, 2010.(c)
    
    Operating and other lease commitments consist of our share of future minimum rents payable
under an office cost-sharing agreement with certain affiliates for the purpose of leasing
office space used for the administration of real estate entities as well as future minimum
rents payable under a lease executed in June 2010 (denominated in British Pound Sterling) in
conjunction with an investment in the United Kingdom. Amounts under the cost-sharing agreement
are allocated among the entities based on gross revenues and are adjusted quarterly. We
anticipate that our share of future minimum lease payments will increase significantly as we
continue to invest the proceeds of our offering.   OwnershipInterest at
    
    
    
    
    
    
    Total ThirdLessee
    
    September 30, 2010
    
    
    Total Assets
    
    
    Party Debt
    
    
    Maturity DateTesco plc (a)
    
    
    49
    %
    
    $
    91,984
    
    
    $
    46,778
    
    
    
    6/2016Berry Plastics Corporation
    
    
    50
    %
    
    
    80,285
    
    
    
    28,854
    
    
    
    3/2012Eroski Sociedad Cooperativa  Mallorca(a)
    
    
    30
    %
    
    
    36,756
    
    
    
    
    
    
    
    N/A$
    209,025
    
    
    $
    75,632
 
 (a)
    
    Dollar amounts shown are based on the exchange rate of the Euro at September 30, 2010. Supplemental Financial Measures
  CPA ® :17 Global 9/30/2010 10-Q 31




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##### Table of Contents



Funds from Operations  as Adjusted
    Three months ended September 30,
    
    
    Nine months ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net income attributable to CPA®:17 - Global shareholders
    
    $
    8,713
    
    
    $
    4,551
    
    
    $
    21,491
    
    
    $
    9,293Adjustments:Depreciation and amortization of real property
    
    
    3,721
    
    
    
    1,371
    
    
    
    9,309
    
    
    
    3,632Gain on sale of real estate, net
    
    
    (109
    )
    
    
    
    
    
    
    (109
    )
    
    
    Proportionate share of adjustments to equity in net income of partially owned entities to
arrive at FFO:Depreciation and amortization of real property
    
    
    915
    
    
    
    3,496
    
    
    
    2,330
    
    
    
    4,199Loss on sale of real estate, net
    
    
    38
    
    
    
    
    
    
    
    38
    
    
    
    Proportionate share of adjustments for noncontrolling interests to arrive at FFO
    
    
    137
    
    
    
    (180
    )
    
    
    (422
    )
    
    
    (425
    )Total adjustments
    
    
    4,702
    
    
    
    4,687
    
    
    
    11,146
    
    
    
    7,406FFO  as defined by NAREIT
    
    
    13,415
    
    
    
    9,238
    
    
    
    32,637
    
    
    
    16,699Adjustments:Other depreciation, amortization and non-cash charges
    
    
    8
    
    
    
    391
    
    
    
    98
    
    
    
    70Straight-line and other rent adjustments
    
    
    (1,271
    )
    
    
    (974
    )
    
    
    (3,895
    )
    
    
    (2,400
    )Proportionate share of adjustments to equity in net income of partially owned entities to
arrive at AFFO:Other depreciation, amortization and other non-cash charges
    
    
    (21
    )
    
    
    
    
    
    
    (21
    )
    
    
    Straight-line and other rent adjustments
    
    
    (117
    )
    
    
    
    
    
    
    (249
    )
    
    
    Gain on extinguishment of debt
    
    
    
    
    
    
    (3,256
    )
    
    
    
    
    
    
    (3,256
    )Proportionate share of adjustments for noncontrolling interests to arrive at AFFO
    
    
    234
    
    
    
    236
    
    
    
    730
    
    
    
    517Total adjustments
    
    
    (1,167
    )
    
    
    (3,603
    )
    
    
    (3,337
    )
    
    
    (5,069
    )AFFO
    
    $
    12,248
    
    
    $
    5,635
    
    
    $
    29,300
    
    
    $
    11,630
 CPA ® :17 Global 9/30/2010 10-Q 32




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##### Table of Contents



Adjusted Cash Flow from Operating Activities
    Nine months ended September 30,2010
    
    
    2009Cash flow provided by operating activities
    
    $
    44,192
    
    
    $
    22,733Adjustments:Distributions received from equity investments in real estate in excess of
equity income, net
    
    
    1,650
    
    
    
    1,936Distributions paid to noncontrolling interests, net
    
    
    (9,402
    )
    
    
    (8,382
    )Changes in working capital
    
    
    (3,791
    )
    
    
    739Adjusted cash flow from operating activities
    
    $
    32,649
    
    
    $
    17,026Distributions declared
    
    $
    49,380
    
    
    $
    22,714
  CPA ® :17 Global 9/30/2010 10-Q 33




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Market Risk
   Interest Rate Risk
     CPA ® :17 Global 9/30/2010 10-Q 34




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##### Table of Contents



2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    Thereafter
    
    
    Total
    
    
    Fair valueFixed rate debt
    
    $
    1,186
    
    
    $
    5,930
    
    
    $
    6,543
    
    
    $
    7,276
    
    
    $
    7,905
    
    
    $
    311,609
    
    
    $
    340,449
    
    
    $
    345,306Variable rate debt
    
    $
    778
    
    
    $
    3,193
    
    
    $
    3,328
    
    
    $
    3,470
    
    
    $
    109,016
    
    
    $
    32,587
    
    
    $
    152,372
    
    
    $
    152,328
  Foreign Currency Exchange Rate Risk
   
 Item 4. Controls and Procedures
 Disclosure Controls and Procedures
   Changes in Internal Control over Financial Reporting
  CPA ® :17 Global 9/30/2010 10-Q 35




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##### Table of Contents



PART II
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
   Shares registered
    
    
    200,000,000Aggregate price of offering amount registered
    
    $
    2,000,000Shares sold (a)
    
    
    122,056,663Aggregated offering price of amount sold
    
    $
    1,218,986Direct or indirect payments to directors, officers, general partners of the issuer or their
associates;
to persons owning ten percent or more of any class of equity securities of the issuer; and to
affiliates of the issuer
    
    
    (121,942
    )Direct or indirect payments to others
    
    
    (10,748
    )Net offering proceeds to the issuer after deducting expenses
    
    
    1,086,296Purchases of real estate related assets
    
    
    (599,737
    )Temporary investments in cash and cash equivalents
    
    $
    486,559
 
 (a)
    
    Excludes shares issued to affiliates, including our advisor, and shares issued pursuant to
our distribution reinvestment and stock purchase plan. Issuer Purchases of Equity Securities
  Maximum number (orTotal number of shares
    
    
    approximate dollar value)purchased as part of
    
    
    of shares that may yet beTotal number of
    
    
    Average price
    
    
    publicly announced
    
    
    purchased under the2010 Period
    

shares purchased (a)
    
    
    paid per share
    
    

plans or programs (a)
    
    

plans or programs (a)July
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/AAugust
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/ASeptember
    
    
    182,747
    
    
    $
    9.30
    
    
    
    N/A
    
    
    
    N/ATotal
    
    
    182,747
 
 (a)
    
    Represents shares of our common stock purchased under our redemption plan, pursuant to which
we may elect to redeem shares at the request of our shareholders who have held their shares
for at least one year from the date of their issuance, subject to certain conditions and
limitations. The maximum amount of shares purchasable by us in any period depends on a number
of factors and is at the discretion of our board of directors. The redemption plan will
terminate if and when our shares are listed on a national securities market. CPA ® :17 Global 9/30/2010 10-Q 36




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##### Table of Contents



Item 6. Exhibits
 Exhibit No.
    
    Description
    
    Method of Filing31.1
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith31.2
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith32
    
    
    Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith
 CPA ® :17 Global 9/30/2010 10-Q 37




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##### Table of Contents



SIGNATURES
  Corporate Property Associates 17  Global IncorporatedDate 11/12/2010
    By:
    /s/ Mark J. DeCesarisMark J. DeCesarisManaging Director and Chief Financial Officer
(Principal Financial Officer)Date 11/12/2010
    By:
    /s/ Thomas J. Ridings, Jr.Thomas J. Ridings, Jr.Executive Director and Chief Accounting Officer
(Principal Accounting Officer) CPA ® :17 Global 9/30/2010 10-Q 38




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##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Description
    
    Method of Filing31.1
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith31.2
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith32
    
    
    Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith
 CPA ® :17 Global 9/30/2010 10-Q 39