##### Table of Contents





UNITED STATES SECURITIES AND
    EXCHANGE COMMISSIONWashington, D. C.
    20549
  Form 10-Q
   þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE
    SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended
    September 30, 2008oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to    Commission file number:
    000-52891
   
   CORPORATE PROPERTY ASSOCIATES
    17  GLOBAL INCORPORATED
 (Exact name of registrant as
    specified in its charter)
  Maryland(State of
    incorporation)

20-8429087(I.R.S. Employer
    Identification No.)50 Rockefeller Plaza
    New York, New York

10020(Zip code)(Address of principal executive
    office)    Investor
    Relations
    (212) 492-8920(212) 492-1100
  (Registrants telephone numbers, including area code)
   þ o
  12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o   Rule 12b-2 o þ




---



##### 





INDEX
   
 Page No.PART I  FINANCIAL
    INFORMATIONItem 1.






Financial Statements*Consolidated Balance Sheets as of
    September 30, 2008 and December 31, 2007


3Consolidated Statements of Operations for the
    three and nine months ended September 30, 2008 and the
    period from inception (February 20, 2007) through
    September 30, 2007


4Consolidated Statements of Comprehensive Income
    (Loss) for the three and nine months ended September 30,
    2008 and the period from inception (February 20,
    2007) through September 30, 2007


5Consolidated Statement of Shareholders
    Equity for the nine months ended September 30, 2008


6Consolidated Statements of Cash Flows for the
    nine months ended September 30, 2008 and the period from
    inception (February 20, 2007) through
    September 30, 2007


7Notes to Consolidated Financial Statements


8Item 2.






Managements Discussion and Analysis of
    Financial Condition and Results of Operations


20Item 3.






Quantitative and Qualitative Disclosures About
    Market Risk


26Item 4T.






Controls and Procedures


27PART II  OTHER
    INFORMATIONItem 1A.






Risk Factors


28Item 2.






Unregistered Sales of Equity Securities and Use
    of Proceeds


28Item 6.






Exhibits


29SIGNATURES


30EX-10.1: LEASE AGREEMENTEX-10.2: LEASE AGREEMENTEX-10.3: FACILITIES AGREEMENTEX-10.4: AMENDMENT AGREEMENTEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32: CERTIFICATION      *
    
    The summarized financial statements contained herein are
    unaudited; however, in the opinion of management, all
    adjustments (consisting of normal recurring adjustments)
    necessary for a fair statement of such financial statements have
    been included.  Forward
    Looking Statements
  Form 10-Q, Form 10-K Form 10-K
  Form 10-Q,
 CPA®:17  Global 9/30/2008 10-Q  2




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##### Table of Contents



CORPORATE
    PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 PART I ITEM 1. 
    FINANCIAL STATEMENTS CONSOLIDATED
    BALANCE SHEETS (UNAUDITED)(in
    thousands, except share and per share amounts)  September 30,


December 31,2008


2007(NOTE)ASSETSReal estate, net

$
175,138


$
Net investment in direct financing leases


46,229



Equity investment in real estate


23,851



8Cash and cash equivalents


125,825



183Commercial mortgage-backed securities


20,158



Intangible assets, net


11,680



Deferred offering costs and other assets


5,561



2,753Total assets

$
408,442


$
2,944LIABILITIES AND SHAREHOLDERS EQUITYLiabilities:Non-recourse debt

$
135,619


$
Accounts payable, accrued expenses and other liabilities


3,192



82Prepaid and deferred rental income


2,591



Due to affiliates


5,913



2,768Distributions payable


3,140



Total liabilities


150,455



2,850Minority interest in consolidated entities


15,582



Commitments and contingencies (Note 11)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; 27,737,294 and 22,222 shares issued and
    outstanding, respectively


28



Additional paid-in capital


248,809



200Distributions in excess of accumulated earnings


(4,688
)


(106
)Accumulated other comprehensive loss


(1,744
)


Total shareholders equity


242,405



94Total liabilities and shareholders equity

$
408,442


$
2,944        CPA®:17  Global 9/30/2008 10-Q  3




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##### Table of Contents



CORPORATE
    PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 CONSOLIDATED
    STATEMENTS OF OPERATIONS (UNAUDITED)(in
    thousands, except share and per share amounts)  Period from Inception(February 20, 2007)Three Months Ended


Nine Months Ended


throughSeptember 30, 2008


September 30, 2008


September 30, 2007RevenuesRental income

$
2,307


$
2,319


$
Interest income from direct financing leases


608



608



Interest income from commercial mortgage-backed securities


675



985



3,590



3,912



ExpensesDepreciation and amortization


(727
)


(733
)


General and administrative


(585
)


(1,495
)


(40
)Property expenses


(280
)


(341
)


(1,592
)


(2,569
)


(40
)Other Income and ExpensesOther interest income


426



1,044



Income from equity investment in real estate


142



194



Minority interest in income


(111
)


(111
)


Loss on foreign currency transactions and derivative instrument


(443
)


(443
)


Interest expense


(1,322
)


(1,331
)


(1,308
)


(647
)


Income (loss) before income taxes


690



696



(40
)Provision for income taxes


(83
)


(83
)


Net Income (Loss)

$
607


$
613


$
(40
)Earnings (Loss) Per Share

$
0.03


$
0.05


$
(1.81
)Weighted Average Shares Outstanding


22,590,990



12,545,395



22,222Distributions Declared Per Share

$
0.1390


$
0.4140



N/A  CPA®:17  Global 9/30/2008 10-Q  4




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##### Table of Contents



CORPORATE
    PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 CONSOLIDATED
    STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)(in
    thousands)  Period from Inception(February 20, 2007)Three Months Ended


Nine Months Ended


throughSeptember 30, 2008


September 30, 2008


September 30, 2007Net Income (Loss)

$
607


$
613


$
(40
)Other Comprehensive LossForeign currency translation adjustment


(1,748
)


(1,744
)


Comprehensive Loss

$
(1,141
)

$
(1,131
)

$
(40
)    CPA®:17  Global 9/30/2008 10-Q  5




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##### Table of Contents



CORPORATE
    PROPERTY ASSOCIATES 17  GLOBAL INCORPORATEDCONSOLIDATED STATEMENT OF SHAREHOLDERS
    EQUITY (UNAUDITED)
    For the nine months ended September 30, 2008 (in
    thousands, except share amounts)
  Distributions


Accumulatedin Excess of


OtherCommon


Additional


Accumulated


ComprehensiveShares


Stock


Paid-In Capital


Earnings


Loss


TotalBalance at December 31, 2007


22,222


$



$
200


$
(106
)

$



$
94Shares issued, net of offering costs


27,693,496



28



248,393











248,421Shares issued to the advisor


21,576







216











216Distributions declared














(5,195
)






(5,195
)Net income














613







613Other comprehensive loss


















(1,744
)


(1,744
)Balance at September 30, 2008


27,737,294


$
28


$
248,809


$
(4,688
)

$
(1,744
)

$
242,405    CPA®:17  Global 9/30/2008 10-Q  6




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##### Table of Contents



CORPORATE
    PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
  CONSOLIDATED
    STATEMENTS OF CASH FLOWS (UNAUDITED)
 (in
    thousands)
  Period from Inception(February 20, 2007)Nine Months Ended


throughSeptember 30, 2008


September 30, 2007Cash Flows  Operating ActivitiesNet income (loss)

$
613


$
(40
)Adjustments to reconcile net income (loss) to net cash provided
    by operating activities:Depreciation and amortization, including intangible assets


733



Straight-line rent adjustments and amortization of rent-related
    intangibles


(66
)


Income from equity investment in real estate


(194
)


Minority interest in income


111



Issuance of shares to affiliate in satisfaction of fees due


216



Amortization of discount on commercial mortgage-backed securities


(201
)


Realized loss on foreign currency transactions


257



Unrealized loss on derivative instrument


186



Increase in accounts receivable and prepaid expenses


(279
)


Increase in funds in escrow


(286
)


Increase in prepaid rental income


1,990



Increase in accounts payable and accrued expenses


1,549



40Decrease in due to
    affiliates(a)


(2,679
)


Net cash provided by operating activities


1,950



Cash Flows  Investing ActivitiesAcquisitions of real
    estate(b)


(235,362
)


Contributions to equity investments in real
    estate(b)


(23,074
)


Purchase of marketable securities


(19,965
)


Net cash used in investing activities


(278,401
)


Cash Flows  Financing ActivitiesDistributions paid


(2,055
)


Contributions from minority interest partners


16,204



Proceeds from mortgages


139,685



Scheduled payments of mortgage principal


(59
)


Proceeds from issuance of shares, net of offering costs


248,676



200Net cash provided by financing activities


402,451



200Change in Cash and Cash Equivalents During the PeriodEffect of exchange rate changes on cash


(358
)


Net increase in cash and cash equivalents


125,642



200Cash and cash equivalents, beginning of period


183



Cash and cash equivalents, end of period

$
125,825


$
200       (a)
    
    Increase in due to affiliates for the nine months ended
    September 30, 2008 excludes increase in deferred offering
    costs of $1,787, consisting of $1,532 payable to an affiliate
    for offering costs and $255 payable to an affiliate for
    commissions incurred in connection with fundraising.(b)
    
    The cost basis of real estate investments acquired during the
    nine months ended September 30, 2008 also includes deferred
    acquisition fees payable of $4,624.   CPA®:17  Global 9/30/2008 10-Q  7




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##### Table of Contents



NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(in
    thousands, except share and per share amounts)  Note 1.
    Organization
    and Offering  Organization
        Public
    Offering
  Form S-11 No. 333-140842),
    Note 2.
    Basis of
    Presentation  Form 10-Q Regulation S-X Form 10-K
   CPA®:17  Global 9/30/2008 10-Q  8




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##### Table of Contents



Notes to
    Consolidated Financial Statements
  Basis
    of Consolidation
  and/or
      Commercial
    Mortgage Backed Securities
    99-20, (EITF 99-20).
   CPA®:17  Global 9/30/2008 10-Q  9




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##### Table of Contents



Notes to
    Consolidated Financial Statements
    Derivative Instruments
    Foreign
    Currency Translation
      Income
    Taxes
     CPA®:17  Global 9/30/2008 10-Q  10




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##### Table of Contents



Notes to
    Consolidated Financial Statements
  Adoption
    of New Accounting Pronouncements
  SFAS 157
      SFAS 159
  instrument-by-instrument
  Recent
    Accounting Pronouncements
  SFAS 141R
    SFAS 160
   CPA®:17  Global 9/30/2008 10-Q  11




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##### Table of Contents



Notes to
    Consolidated Financial Statements
  SFAS 161
    FSP
    142-3
  142-3, (FSP 142-3), FSP 142-3 FSP 142-3 FSP 142-3 FSP 142-3 FSP 142-3
  EITF
    03-6-1
  No. EITF 03-6-1, EITF 03-6-1). EITF 03-6-1 two-class EITF 03-6-1 EITF 03-6-1 EITF 03-6-1
  Note 3.
    Agreements
    and Transactions with Related Parties   CPA®:17  Global 9/30/2008 10-Q  12




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##### Table of Contents



Notes to
    Consolidated Financial Statements
         CPA®:17  Global 9/30/2008 10-Q  13




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##### Table of Contents



Notes to
    Consolidated Financial Statements
        Note 4.
    Real
    Estate    September 30, 2008Land

$
37,133Building


138,585Less: Accumulated depreciation


(580
)$
175,138     2008 (remainder)

$
4,6192009


18,4942010


18,6072011


1,8722012


18,841Thereafter through 2028


279,202     Note 5.
    Net
    Investment in Direct Financing Leases    September 30, 2008Minimum lease payments receivable

$
21,466Unguaranteed residual value


46,14667,612Less: unearned income


(21,383
)$
46,229  CPA®:17  Global 9/30/2008 10-Q  14




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##### Table of Contents



Notes to
    Consolidated Financial Statements
    2008 (remainder)

$
3602009


1,4392010


1,4392011


1,4392012


1,439Thereafter through 2023


15,350     Note 6.
    Equity
    Investment in Real Estate      September 30, 2008


December 31, 2007Assets

$
85,851


$
87,833Liabilities


(40,169
)


(1,356
)Partners equity

$
45,682


$
86,477   Three Months Ended


Nine Months EndedSeptember 30, 2008


September 30, 2008Revenue

$
1,660


$
4,999Expenses


(1,381
)


(4,000
)Net income

$
279


$
999Our share of income from our equity investment in real estate

$
142


$
194   Note 7.
    Acquisitions
    of Real Estate-Related Investments    Real
    Estate Acquired
   CPA®:17  Global 9/30/2008 10-Q  15




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##### Table of Contents



Notes to
    Consolidated Financial Statements
    Real
    Estate Under Construction
    Note 8.
    Securities
    Held to Maturity    Description

Face Value


Amortized Cost


Unrealized Loss


Estimated Fair ValueCMBS

$
33,314


$
20,158


$
(8,125
)

$
12,033       Rating

Amortized CostA+

$
3,868A


1,470A


10,309BBB+


1,792BBB


2,719$
20,158    CPA®:17  Global 9/30/2008 10-Q  16




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##### Table of Contents



Notes to
    Consolidated Financial Statements
  Note 9.
    Intangibles      September 30, 2008Lease intangibles:In-place lease

$
7,805Tenant relationship


2,568Above-market rent


1,466Less: accumulated amortization


(159
)$
11,680Below-market rent

$
(663
)Less: accumulated amortization


5$
(658
)     Note 10.
    Non-Recourse
    Debt      Fixed Rate Debt2008 (remainder)

$
7012009


2,4252010


2,5952011


2,7712012


2,954Thereafter through 2028


124,173Total

$
135,619   Note 11.
    Commitments
    and Contingencies    Maryland
    Securities Commission
   CPA®:17  Global 9/30/2008 10-Q  17




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##### Table of Contents



Notes to
    Consolidated Financial Statements
    Note 12.
    Risk
    Management  Risk
    Management
    Commercial
    Mortgage-Backed Securities
    Foreign
    Currency Exchange
    Use of Derivative Financial Instruments
    Embedded Credit Derivative
    Concentration
    of Credit Risk
   CPA®:17  Global 9/30/2008 10-Q  18




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##### Table of Contents



Notes to
    Consolidated Financial Statements
  Note 13.
    Pro Forma
    Financial Information    Period from Inception(February 20, 2007)Three Months Ended


Nine Months Ended


throughSeptember 30, 2008


September 30, 2008


September 30, 2007Pro forma total revenues

$
6,051


$
18,228


$
14,187Pro forma net income


1,321



4,670



4,911Pro forma earnings per share:Basic and diluted

$
0.05


$
0.17


$
0.18    CPA®:17  Global 9/30/2008 10-Q  19




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##### Table of Contents



ITEM 2. 
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF 
FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS (in
    thousands, except share and per share amounts)
  Form 10-K
  Business
    Overview
      Fund Highlights
  Public Offering
  Investment Activity
  Financing Activity
  Distribution
  Current
    Trends
    Investment
    Opportunities
   CPA®:17  Global 9/30/2008 10-Q  20




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##### Table of Contents



Fundraising
    Financing
    Conditions
    Credit
    Conditions/Commercial Real Estate
    Corporate
    Defaults
   CPA®:17  Global 9/30/2008 10-Q  21




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##### Table of Contents



Commercial Mortgage-Backed Securities
      Competition
    CPI
    Exchange
    Rate Movements
    Results
    of Operations
      Lease
    Revenues
   CPA®:17  Global 9/30/2008 10-Q  22




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##### Table of Contents



Interest
    Income from Commercial Mortgage-Backed Securities
    Depreciation
    and Amortization
    General
    and Administrative Expense
      Property
    Expenses
    Other
    Interest Income
    Income
    from Equity Investment in Real Estate
      Minority
    Interest in Income
   CPA®:17  Global 9/30/2008 10-Q  23




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##### Table of Contents



Loss on Foreign Currency Transactions and Derivative Instruments
      Interest
    Expense
    Net
    Income (Loss)
    Financial
    Condition
    Operating Activities
  Investing Activities
  Financing Activities
 CPA®:17  Global 9/30/2008 10-Q  24




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##### Table of Contents



Cash
    Resources
      Cash
    Requirements
   CPA®:17  Global 9/30/2008 10-Q  25




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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 debt  principal

$
135,619


$
2,497


$
5,279


$
6,003


$
121,840Deferred acquisition fees


4,624



1,752



2,872







Interest on borrowings and deferred acquisition fees


87,708



9,272



18,287



17,385



42,764Due to the
    advisor(a)


987



987











$
228,938


$
14,508


$
26,438


$
23,388


$
164,604     (a)
    
    Represents costs payable to the advisor and its subsidiaries in
    connection with the offering of our securities, consisting of
    organization and offering costs totaling $732 and commissions
    payable in connection with our fundraising activity totaling
    $255.        Item 3. 
    Quantitative
    and Qualitative Disclosures About Market Risk (in
    thousands)
      Interest
    Rate Risk
         CPA®:17  Global 9/30/2008 10-Q  26




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##### Table of Contents



2008


2009


2010


2011


2012


Thereafter


Total


Fair ValueFixed rate debt

$
701


$
2,425


$
2,595


$
2,771


$
2,954


$
124,173


$
135,619


$
135,036         Foreign
    Currency Exchange Rate Risk
      Item 4T. 
    Controls
    and Procedures  Disclosure
    Controls and Procedures
   CPA®:17  Global 9/30/2008 10-Q  27




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##### Table of Contents



Rule 13a-15(e)
  Changes
    in Internal Control over Financial Reporting
   PART II(in
    thousands, except share and per share amounts)  Item 1A. 
    Risk
    Factors  Form 10-K Form 10-Q
  Item 2. 
    Unregistered
    Sales of Equity Securities and Use of Proceeds    (No. 333-140842)
  Shares registered


200,000,000Aggregate price of offering amount registered

$
2,000,000Shares
    sold(a)


27,581,762Aggregated offering price of amount sold

$
275,590Direct 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


(27,432
)Direct or indirect payments to others


(3,559
)Net offering proceeds to the issuer after deducting expenses


244,599Purchases of real estate, equity investments in real estate and
    real estate related assets, net of mortgage financing


(143,340
)Temporary investments in cash and cash equivalents

$
101,259     (a)
    
    Excludes shares issued to affiliates, including our advisor, and
    excludes shares issued pursuant to our distribution reinvestment
    and stock purchase plan. CPA®:17  Global 9/30/2008 10-Q  28




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##### Table of Contents



Item 6. 
    Exhibits  ExhibitNo.

Description

Method of Filing10
.1

Lease Agreement by and between WGN (GER) LLC, as Landlord, and
    Wagon Automotive Nagold GmbH, as Tenant, dated June 2008

Filed herewith10
.2

Lease Agreement by and between WGN (GER) LLC, as Landlord, and
    Wagon Automotive GmbH, as Tenant, dated June 2008

Filed herewith10
.3

Facilities Agreement by and between WGN (GER), LLC, as Borrower,
    and Société Générale, as Arranger, Facility
    Agent, Security Agent and Original Lender, dated June 3,
    2008

Filed herewith10
.4

Amendment Agreement dated July 1, 2008 relating to the
    Facilities Agreement by and between WGN (GER), LLC, as Borrower,
    and Société Générale, as Arranger, Facility
    Agent, Security Agent and Original Lender

Filed herewith31
.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


Certification pursuant to Section 906 of the Sarbanes-Oxley
    Act of 2002

Filed herewith  CPA®:17  Global 9/30/2008 10-Q  29




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##### Table of Contents



SIGNATURES    
   Date 11/14/2008

By:

/s/  Mark
    J. DeCesarisMark
    J. DeCesaris
Managing Director and
    acting Chief Financial Officer(Principal Financial Officer)Date 11/14/2008

By:

/s/  Thomas
    J. RidingsThomas
    J. Ridings
    Executive Director and Chief Accounting Officer
    (Principal Accounting Officer)  CPA®:17  Global 9/30/2008 10-Q  30