##### 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 March 31, 2011
 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
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 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 (Loss)
    
    
    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
    
    
    20Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    32Item 4. Controls and Procedures
    
    
    34PART II  OTHER INFORMATIONItem 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    34Item 6. Exhibits
    
    
    35Signatures
    
    
    36Exhibit 31.1Exhibit 31.2Exhibit 32
  Forward Looking Statements
  CPA®:17 Global 3/31/2011 10-Q 




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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)
 March 31, 2011
    
    
    December 31, 2010AssetsInvestments in real estate:Real estate, at cost
    
    $
    1,073,316
    
    
    $
    930,404Operating real estate, at cost
    
    
    12,179
    
    
    
    12,177Accumulated depreciation
    
    
    (22,527
    )
    
    
    (16,574
    )Net investments in properties
    
    
    1,062,968
    
    
    
    926,007Net investments in direct financing leases
    
    
    400,593
    
    
    
    397,006Real estate under construction
    
    
    75,143
    
    
    
    53,041Equity investments in real estate
    
    
    152,883
    
    
    
    50,853Net investments in real estate
    
    
    1,691,587
    
    
    
    1,426,907Cash and cash equivalents
    
    
    210,876
    
    
    
    162,745Intangible assets, net
    
    
    270,911
    
    
    
    252,078Notes receivable
    
    
    40,000
    
    
    
    89,560Other assets, net
    
    
    62,883
    
    
    
    56,965Total assets
    
    $
    2,276,257
    
    
    $
    1,988,255Liabilities and EquityLiabilities:Non-recourse and limited-recourse debt
    
    $
    769,469
    
    
    $
    667,478Accounts payable, accrued expenses and other liabilities
    
    
    11,657
    
    
    
    14,719Prepaid and deferred rental income
    
    
    29,911
    
    
    
    27,020Due to affiliates
    
    
    26,994
    
    
    
    21,009Distributions payable
    
    
    24,234
    
    
    
    21,520Total liabilities
    
    
    862,265
    
    
    
    751,746Commitments and contingencies (Note 10)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; 161,003,481
and
143,231,953 shares issued, respectively
    
    
    161
    
    
    
    143Additional paid-in capital
    
    
    1,439,576
    
    
    
    1,280,453Distributions in excess of accumulated earnings
    
    
    (105,245
    )
    
    
    (93,446
    )Accumulated other comprehensive income (loss)
    
    
    18,658
    
    
    
    (14,943
    )1,353,150
    
    
    
    1,172,207Less, treasury stock at cost, 1,012,221 and 864,991 shares, respectively
    
    
    (9,414
    )
    
    
    (8,044
    )Total CPA®:17  Global shareholders equity
    
    
    1,343,736
    
    
    
    1,164,163Noncontrolling interests
    
    
    70,256
    
    
    
    72,346Total equity
    
    
    1,413,992
    
    
    
    1,236,509Total liabilities and equity
    
    $
    2,276,257
    
    
    $
    1,988,255
 Note: Substantially all our assets and liabilities are held through our operating
partnership. See Note 2 for further information.  CPA®:17 Global 3/31/2011 10-Q 




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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 March 31,2011
    
    
    2010RevenuesRental income
    
    $
    27,632
    
    
    $
    8,412Interest income from direct financing leases
    
    
    11,293
    
    
    
    9,367Other real estate income
    
    
    853
    
    
    
    Interest income on CMBS and notes receivable
    
    
    2,219
    
    
    
    517Other operating income
    
    
    551
    
    
    
    12442,548
    
    
    
    18,420ExpensesDepreciation and amortization
    
    
    (8,359
    )
    
    
    (2,332
    )General and administrative
    
    
    (1,836
    )
    
    
    (977
    )Property expenses
    
    
    (3,782
    )
    
    
    (1,195
    )Other real estate expenses
    
    
    (484
    )
    
    
    (14,461
    )
    
    
    (4,504
    )Other Income and ExpensesIncome from equity investments in real estate
    
    
    1,770
    
    
    
    398Other income and (expenses)
    
    
    (679
    )
    
    
    (64
    )Other interest income
    
    
    13
    
    
    
    4Interest expense
    
    
    (12,176
    )
    
    
    (5,316
    )(11,072
    )
    
    
    (4,978
    )Income before income taxes
    
    
    17,015
    
    
    
    8,938(Provision for) benefit from income taxes
    
    
    (367
    )
    
    
    468Net Income
    
    
    16,648
    
    
    
    9,406Less: Net income attributable to noncontrolling interests
    
    
    (4,213
    )
    
    
    (3,283
    )Net Income Attributable to CPA®:17  Global Shareholders
    
    $
    12,435
    
    
    $
    6,123Earnings Per ShareNet income attributable to CPA®:17  Global shareholders
    
    $
    0.08
    
    
    $
    0.07Weighted Average Shares Outstanding
    
    
    151,599,433
    
    
    
    87,261,461Distributions Declared Per Share
    
    $
    0.1600
    
    
    $
    0.1600
  CPA®:17 Global 3/31/2011 10-Q 




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

(UNAUDITED)  (in thousands)
 Three Months Ended March 31,2011
    
    
    2010Net Income
    
    $
    16,648
    
    
    $
    9,406Other Comprehensive Income (Loss):Foreign currency translation adjustments
    
    
    37,378
    
    
    
    (9,643
    )Change in unrealized gain (loss) on derivative instruments
    
    
    (3,118
    )
    
    
    (1,490
    )34,260
    
    
    
    (11,133
    )Comprehensive income (loss)
    
    
    50,908
    
    
    
    (1,727
    )Amounts Attributable to Noncontrolling Interests:Net income
    
    
    (4,213
    )
    
    
    (3,283
    )Foreign currency translation adjustments
    
    
    (635
    )
    
    
    638Change in unrealized (gain) loss on derivative instruments
    
    
    (24
    )
    
    
    523Comprehensive income attributable to noncontrolling interests
    
    
    (4,872
    )
    
    
    (2,122
    )Comprehensive Income (Loss) Attributable to
CPA®:17  Global Shareholders
    
    $
    46,036
    
    
    $
    (3,849
    )
  CPA®:17 Global 3/31/2011 10-Q 




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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
    
    
    Income (Loss)
    
    
    Stock
    
    
    Shareholders
    
    
    Interests
    
    
    TotalBalance at January 1, 2010
    
    
    79,886,568
    
    
    $
    82
    
    
    $
    718,057
    
    
    $
    (53,118
    )
    
    $
    (4,902
    )
    
    $
    (2,314
    )
    
    $
    657,805
    
    
    $
    71,332
    
    
    $
    729,137Shares issued, net of
offering costs
    
    
    62,643,431
    
    
    
    60
    
    
    
    557,835
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    557,895
    
    
    
    
    
    
    
    557,895Shares issued to affiliates
    
    
    453,121
    
    
    
    1
    
    
    
    4,561
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,562
    
    
    
    
    
    
    
    4,562Contributions from
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    412
    
    
    
    412Distributions declared
($0.6400 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (70,782
    )
    
    
    
    
    
    
    
    
    
    
    (70,782
    )
    
    
    
    
    
    
    (70,782
    )Distributions to
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,959
    )
    
    
    (12,959
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,454
    
    
    
    
    
    
    
    
    
    
    
    30,454
    
    
    
    15,333
    
    
    
    45,787Other comprehensive loss:Foreign currency
translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,660
    )
    
    
    
    
    
    
    (6,660
    )
    
    
    (778
    )
    
    
    (7,438
    )Change in unrealized loss
on derivative instruments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,381
    )
    
    
    
    
    
    
    (3,381
    )
    
    
    (994
    )
    
    
    (4,375
    )Repurchase of shares
    
    
    (616,158
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,730
    )
    
    
    (5,730
    )
    
    
    
    
    
    
    (5,730
    )Balance at December 31, 2010
    
    
    142,366,962
    
    
    
    143
    
    
    
    1,280,453
    
    
    
    (93,446
    )
    
    
    (14,943
    )
    
    
    (8,044
    )
    
    
    1,164,163
    
    
    
    72,346
    
    
    
    1,236,509Shares issued, net of
offering costs
    
    
    17,528,956
    
    
    
    17
    
    
    
    156,697
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    156,714
    
    
    
    
    
    
    
    156,714Shares issued to affiliates
    
    
    242,572
    
    
    
    1
    
    
    
    2,426
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,427
    
    
    
    
    
    
    
    2,427Contributions from
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,138
    
    
    
    1,138Distributions declared
($0.1600 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24,234
    )
    
    
    
    
    
    
    
    
    
    
    (24,234
    )
    
    
    
    
    
    
    (24,234
    )Distributions to
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,100
    )
    
    
    (8,100
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,435
    
    
    
    
    
    
    
    
    
    
    
    12,435
    
    
    
    4,213
    
    
    
    16,648Other comprehensive income:Foreign currency
translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,743
    
    
    
    
    
    
    
    36,743
    
    
    
    635
    
    
    
    37,378Change in unrealized loss
on derivative instruments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,142
    )
    
    
    
    
    
    
    (3,142
    )
    
    
    24
    
    
    
    (3,118
    )Repurchase of shares
    
    
    (147,230
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,370
    )
    
    
    (1,370
    )
    
    
    
    
    
    
    (1,370
    )Balance at March 31, 2011
    
    
    159,991,260
    
    
    $
    161
    
    
    $
    1,439,576
    
    
    $
    (105,245
    )
    
    $
    18,658
    
    
    $
    (9,414
    )
    
    $
    1,343,736
    
    
    $
    70,256
    
    
    $
    1,413,992
  CPA®:17 Global 3/31/2011 10-Q 




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

(UNAUDITED)  (in thousands)
 Three Months Ended March 31,2011
    
    
    2010Cash Flows  Operating ActivitiesNet income
    
    $
    16,648
    
    
    $
    9,406Adjustments to net income:Depreciation and amortization, including intangible assets
    
    
    9,847
    
    
    
    2,334Straight-line rent adjustments and amortization of rent-related intangibles
    
    
    585
    
    
    
    (1,157
    )Settlement of derivative liability
    
    
    (4,469
    )
    
    
    Income from equity investment in real estate in excess of distributions received
    
    
    (259
    )
    
    
    (56
    )Issuance of shares to affiliate in satisfaction of fees due
    
    
    2,426
    
    
    
    617Realized loss on foreign currency transactions and other, net
    
    
    43
    
    
    
    Unrealized loss on foreign currency transactions
    
    
    636
    
    
    
    65Decrease (increase) in accounts receivable and prepaid expenses
    
    
    926
    
    
    
    (587
    )(Decrease) increase in accounts payable and accrued expenses
    
    
    (2,192
    )
    
    
    841(Increase) decrease in prepaid and deferred rental income
    
    
    (496
    )
    
    
    3,287Increase in due to affiliates
    
    
    4,579
    
    
    
    2,015Change in other operating assets and liabilities, net
    
    
    (1,870
    )
    
    
    (1,256
    )Net cash provided by operating activities
    
    
    26,404
    
    
    
    15,509Cash Flows  Investing ActivitiesDistributions received from equity investments in real estate in excess of equity
income
    
    
    80,753
    
    
    
    332Acquisitions of real estate and direct financing leases and other capital
expenditures (a)
    
    
    (149,163
    )
    
    
    (147,311
    )Contributions to equity investments in real estate (a)
    
    
    (172,439
    )
    
    
    (60
    )VAT paid in connection with acquisitions in real estate
    
    
    (3,542
    )
    
    
    (7,488
    )VAT refunded in connection with acquisitions in real estate
    
    
    4,728
    
    
    
    6,346Proceeds from repayment of notes receivable
    
    
    49,560
    
    
    
    7,000Investment in securities
    
    
    (1,250
    )
    
    
    Funds released from escrow
    
    
    7,407
    
    
    
    455Funds placed in escrow
    
    
    (5,666
    )
    
    
    (2,334
    )Payment of deferred acquisition fees to an affiliate
    
    
    (4,513
    )
    
    
    (1,133
    )Net cash used in investing activities
    
    
    (194,125
    )
    
    
    (144,193
    )Cash Flows  Financing ActivitiesDistributions paid
    
    
    (21,520
    )
    
    
    (11,675
    )Contributions from noncontrolling interests
    
    
    1,138
    
    
    
    Distributions to noncontrolling interests
    
    
    (8,100
    )
    
    
    (2,394
    )Proceeds from non-recourse and limited recourse debt financing
    
    
    92,166
    
    
    
    71,678Scheduled payments of non-recourse and limited recourse debt
    
    
    (2,779
    )
    
    
    (1,357
    )Payment of mortgage deposits, net of deposits refunded
    
    
    (6,683
    )
    
    
    (1,662
    )Proceeds from issuance of shares, net of offering costs
    
    
    156,714
    
    
    
    130,055Funds released from escrow
    
    
    (393
    )
    
    
    (219
    )Funds placed in escrow
    
    
    
    
    
    
    2,191Purchase of treasury stock
    
    
    (1,370
    )
    
    
    (984
    )Net cash provided by financing activities
    
    
    209,173
    
    
    
    185,633Change in Cash and Cash Equivalents During the PeriodEffect of exchange rate changes on cash
    
    
    6,679
    
    
    
    (646
    )Net decrease in cash and cash equivalents
    
    
    48,131
    
    
    
    56,303Cash and cash equivalents, beginning of period
    
    
    162,745
    
    
    
    281,554Cash and cash equivalents, end of period
    
    $
    210,876
    
    
    $
    337,857
 Noncash investing and financing activities:
 (a)
    
    The cost basis of real estate investments acquired during the three months ended March 31,
2011 and 2010, including equity investments in real estate, also included deferred acquisition
fees payable of $2.7 million and $3.0 million, respectively.  CPA®:17 Global 3/31/2011 10-Q 




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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 3/31/2011 10-Q 




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##### Table of Contents



Basis of Consolidation
  ®
 March 31, 2011
    
    
    December 31, 2010Assets:Cash and cash equivalents not attributable to
consolidated
Variable Interest Entity (VIE)
    
    $
    20,880
    
    
    $
    2,502Other assets, net not attributable to consolidated VIE
    
    
    3,973
    
    
    
    1,038Total assets not attributable to consolidated VIE
    
    $
    24,853
    
    
    $
    3,540Liabilities:Due to affiliates not attributable to consolidated VIE
    
    $
    (598
    )
    
    $
    (408
    )Distributions payable not attributable to consolidated
VIE
    
    
    (24,234
    )
    
    
    (21,520
    )Total liabilities not attributable to
consolidated VIE
    
    $
    (24,832
    )
    
    $
    (21,928
    )
  Information about International Geographic Areas
  Three Months Ended March 31,2011
    
    
    2010Revenues
    
    $
    12,364
    
    
    $
    4,030March 31, 2011
    
    
    December 31, 2010Net investments in
real estate
    
    $
    655,821
    
    
    $
    515,653
 CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Note 3. Agreements and Transactions with Related Parties
  Three Months Ended March 31,2011
    
    
    2010Amounts included in operating expenses:Asset management fees (a)
    
    $
    2,850
    
    
    $
    939Distributions of available cash
    
    
    1,815
    
    
    
    506Personnel reimbursements (b)
    
    
    388
    
    
    
    160Office rent reimbursements (b)
    
    
    74
    
    
    
    33$
    5,127
    
    
    $
    1,638Transaction fees incurred:Current acquisition fees (c)
    
    $
    7,929
    
    
    $
    3,744Deferred acquisition fees (c) (d)
    
    
    6,351
    
    
    
    2,995$
    14,280
    
    
    $
    6,739
 Unpaid transaction fees:
    
    March 31, 2011
    
    
    December 31, 2010Unpaid deferred
acquisition fees
    
    $
    21,588
    
    
    $
    19,809
 
 (a)
    
    Asset management fees are included in Property expenses in the consolidated
financial statements. For 2011 and 2010, the advisor elected to receive its asset management
fees in restricted shares. At March 31, 2011, the advisor owned 1,037,578 restricted shares
(less than 1%) of our common stock.(b)
    
    Personnel and office rent expenses are included in General and administrative expenses in the
consolidated financial statements. Based on current gross revenues, our current share of
future minimum lease payments under our agreement would be $0.3 million annually through 2016;
however, we anticipate that our share of future annual minimum lease payments will increase
significantly as we continue to invest the proceeds of our offerings.(c)
    
    Current and deferred acquisition fees were capitalized and included in the cost basis of the
assets acquired.(d)
    
    We made payments of deferred acquisition fees to the advisor totaling $4.5 million and $1.1
million during the three months ended March 31, 2011 and 2010, respectively. Organization and Offering Expenses
  Joint Ventures and Other Transactions with Affiliates
 ®
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Note 4. Net Investments in Properties and Real Estate Under Construction
 Real Estate
  March 31, 2011
    
    
    December 31, 2010Land
    
    $
    273,635
    
    
    $
    242,145Buildings
    
    
    799,681
    
    
    
    688,259Less: Accumulated
depreciation
    
    
    (22,114
    )
    
    
    (16,274
    )$
    1,051,202
    
    
    $
    914,130
 Operating Real Estate
  March 31, 2011
    
    
    December 31, 2010Land
    
    $
    1,330
    
    
    $
    1,330Buildings
    
    
    10,485
    
    
    
    10,483Furniture, Fixtures &
Equipment
    
    
    364
    
    
    
    364Less: Accumulated
depreciation
    
    
    (413
    )
    
    
    (300
    )$
    11,766
    
    
    $
    11,877
 Acquisitions of Real Estate
  Real Estate Under Construction
   Other
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Note 5. Finance Receivables
  Notes Receivable
   Credit Quality of Finance Receivables
   Internal Credit
    
    Number of
    
    Net Investments in Direct Financing Leases
    
    
    Number of
    
    Notes ReceivableQuality Indicator
    
    Tenants
    
    March 31, 2011
    
    
    December 31, 2010
    
    
    Obligors
    
    March 31, 2011
    
    
    December 31, 20101
    
    
    
    $
    
    
    
    $
    
    
    
    
    
    $
    
    
    
    $
    2
    
    4
    
    
    101,680
    
    
    
    100,255
    
    
    1
    
    
    40,000
    
    
    
    40,0003
    
    2
    
    
    272,465
    
    
    
    271,734
    
    
    1
    
    
    
    
    
    
    49,5604
    
    1
    
    
    26,448
    
    
    
    25,017
    
    
    
    
    
    
    
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    400,593
    
    
    $
    397,006
    
    
    
    
    $
    40,000
    
    
    $
    89,560
 Note 6. Equity Investments in Real Estate
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



OwnershipInterest at
    
    
    Carrying Value atLessee
    
    March 31, 2011
    
    
    March 31, 2011
    
    
    December 31, 2010C1000 B.V. (a) (b)
    
    
    85
    %
    
    $
    100,028
    
    
    $
    Tesco plc (a)
    
    
    49
    %
    
    
    21,128
    
    
    
    19,903Berry Plastics Corporation
    
    
    50
    %
    
    
    20,258
    
    
    
    20,330Eroski Sociedad Cooperativa -
Mallorca (a)
    
    
    30
    %
    
    
    11,469
    
    
    
    10,620$
    152,883
    
    
    $
    50,853
 
 (a)
    
    The carrying value of this investment is affected by the impact of fluctuations in the
exchange rate of the Euro.(b)
    
    We acquired our tenancy-in-common interest in this investment in January 2011 as described below.  March 31, 2011
    
    
    December 31, 2010Assets
    
    $
    429,307
    
    
    $
    203,989Liabilities
    
    
    (182,010
    )
    
    
    (79,786
    )Partners/members equity
    
    $
    247,297
    
    
    $
    124,203Three Months Ended March 31,2011
    
    
    2010Revenue
    
    $
    7,498
    
    
    $
    3,594Expenses
    
    
    (4,770
    )
    
    
    (2,970
    )Net income
    
    $
    2,728
    
    
    $
    624
  Acquisition of Equity Investment
 ® ®
 Note 7. Fair Value Measurements
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Items Measured at Fair Value on a Recurring Basis
  Money Market Funds 
 Derivative Assets and Liabilities 
  Fair Value Measurements at March 31, 2011 Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableIdentical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    Total
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Money market funds
    
    $
    6,000
    
    
    $
    6,000
    
    
    $
    
    
    
    $
    Derivative assets
    
    
    964
    
    
    
    
    
    
    
    964
    
    
    
    $
    6,964
    
    
    $
    6,000
    
    
    $
    964
    
    
    $
    Liabilities:Derivative
liabilities
    
    $
    (1,127
    )
    
    $
    
    
    
    $
    (1,127
    )
    
    $
    
 Fair Value Measurements at December 31, 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
    
    $
    102,084
    
    
    $
    102,084
    
    
    $
    
    
    
    $
    Derivative assets
    
    
    751
    
    
    
    
    
    
    
    751
    
    
    
    $
    102,835
    
    
    $
    102,084
    
    
    $
    751
    
    
    $
    Liabilities:Derivative
liabilities
    
    $
    (2,215
    )
    
    $
    
    
    
    $
    (2,215
    )
    
    $
    
   CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



March 31, 2011
    
    
    December 31, 2010Carrying Value
    
    
    Fair Value
    
    
    Carrying Value
    
    
    Fair ValueDebt
    
    $
    769,469
    
    
    $
    776,872
    
    
    $
    667,478
    
    
    $
    674,225CMBS (a)
    
    
    3,792
    
    
    
    7,319
    
    
    
    3,797
    
    
    
    4,677
 
 (a)
    
    Carrying value of our commercial mortgage-backed securities (CMBS) represents historical
cost, inclusive of impairment charges recognized during 2009.  Items Measured at Fair Value on a Non-Recurring Basis
   Note 8. Risk Management and Use of Derivative Financial Instruments
 Risk Management
  Foreign Currency Exchange
  Use of Derivative Financial Instruments
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Derivatives Designated
    
    
    
    Asset Derivatives Fair Value at
    
    
    Liabilities Derivatives Fair Value atas Hedging Instruments
    
    Balance Sheet Location
    
    March 31, 2011
    
    
    December 31, 2010
    
    
    March 31, 2011
    
    
    December 31, 2010Interest rate cap
    
    Other assets, net
    
    $
    730
    
    
    $
    733
    
    
    $
    
    
    
    $
    Interest rate swap
    
    Other assets, net
    
    
    234
    
    
    
    18
    
    
    
    
    
    
    
    Interest rate swap
    
    Accounts payable, accrued expenses and other liabilities
    
    
    
    
    
    
    
    
    
    
    (801
    )
    
    
    (1,134
    )Foreign currency forward contract
    
    Accounts payable, accrued expenses and other liabilities
    
    
    
    
    
    
    
    
    
    
    (326
    )
    
    
    (1,081
    )$
    964
    
    
    $
    751
    
    
    $
    (1,127
    )
    
    $
    (2,215
    )
   Amount of Gain (Loss) Recognizedin OCI on Derivatives(Effective Portion)Three Months Ended March 31,Derivatives in Cash Flow Hedging Relationships
    
    2011
    
    
    2010Interest rate cap (a)
    
    $
    53
    
    
    $
    (1,163
    )Interest rate swaps
    
    
    543
    
    
    
    (308
    )Foreign currency forward contract (b)
    
    
    (3,714
    )
    
    
    Total
    
    $
    (3,118
    )
    
    $
    (1,471
    )
 
 (a)
    
    Includes gains attributable to noncontrolling interests totaling less than $0.1 million for
the three months ended March 31, 2011 and losses totaling $0.5 million for the three months
ended March 31, 2010. (b)
    
    In connection with the extension of the maturity date of this foreign currency forward contract, we made
a cash payment of $4.5 million to roll-forward the original contract, which was recognized in OCI.  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Interest Rate Swaps and Caps
   Notional
    
    
    Effective
    
    
    Effective
    
    Expiration
    
    Fair Value atType
    
    Amount
    
    
    Interest Rate
    
    
    Date
    
    Date
    
    March 31, 20113-Month LIBOR
    
    Interest rate cap (a)
    
    $
    125,000
    
    
    
    2.8
    %
    
    3/2011
    
    8/2014
    
    $
    7303-Month LIBOR
    
    Pay-fixed swap
    
    
    27,285
    
    
    
    6.6
    %
    
    1/2010
    
    12/2019
    
    
    (786
    )3-Month Euribor (b)
    
    Pay-fixed swap
    
    
    8,542
    
    
    
    5.8
    %
    
    7/2010
    
    11/2017
    
    
    2341-Month LIBOR
    
    Pay-fixed swap
    
    
    4,200
    
    
    
    6.0
    %
    
    1/2011
    
    1/2021
    
    
    (15
    )$
    163
 
 (a)
    
    The applicable interest rate of the related debt was 2.8%, which was below the effective
interest rate of the cap at March 31, 2011. Inclusive of noncontrolling interests in the
notional amount and fair value of the swap of $56.3 million and $0.3 million, respectively.(b)
    
    Amounts are based upon the applicable exchange rate at March 31, 2011. Foreign Currency Contracts
   Embedded Credit Derivative
  Other
   CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Portfolio Concentration Risk
    Note 9. Non-Recourse and Limited Recourse Debt
  
    
    $125.0 million related to the March 2009 New York Times transaction, inclusive of amounts
attributable to noncontrolling interests of $68.8 million. In March 2011, we refinanced the
limited-recourse mortgage loan obtained in August 2009 with an outstanding balance of $116.0
million at the date of refinancing, with new limited-recourse financing that matures in
April 2018, with the option to extend to April 2019. The financing bears interest at an
annual interest rate equal to the London inter-bank offered rate (LIBOR) plus 2.5%. The
interest rate has been capped at 4.0% through the use of an interest rate cap designated as
a cash flow hedge, which matures in March 2016 (Note 8);
 
    
    $75.1 million related to two domestic investments acquired during 2011; and
 
    
    $8.1 million related to two domestic investments acquired during 2010.
   CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Total2011 (remainder)
    
    $
    10,6192012
    
    
    15,4242013
    
    
    17,2652014
    
    
    18,5282015
    
    
    64,779Thereafter through 2028
    
    
    642,854Total
    
    $
    769,469
  Note 10. Commitments and Contingencies
  ® ® ®
 Note 11. Income Taxes
      CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Note 12. Pro Forma Financial Information
   Three MonthsEndedMarch 31,2010Pro forma total revenues
    
    $
    20,498Pro forma net income (a)
    
    $
    10,700Less: Net income attributable to noncontrolling interests
    
    
    (3,283
    )Pro forma net income attributable to CPA®:17  Global
shareholders
    
    $
    7,417Pro forma earnings per share (a):Net income attributable to CPA®:17  Global
shareholders
    
    $
    0.08
 
 (a)
    
    Pro forma net income includes actual interest generated from the proceeds of our initial
public offering. A portion of these proceeds was used to fund the investments in the foregoing
pro forma financial information.  Note 13. Subsequent Events
   ® ® ®
 CPA®:17 Global 3/31/2011 10-Q 




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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 March 31,2011
    
    
    2010Total revenues
    
    $
    42,548
    
    
    $
    18,420Net income attributable to CPA®:17
 Global shareholders
    
    
    12,435
    
    
    
    6,123Cash flow from operating activities
    
    
    26,404
    
    
    
    15,509Distributions paid
    
    
    (21,520
    )
    
    
    (11,675
    )Supplemental financial measures:Funds from operations  as adjusted (AFFO)
    
    $
    20,203
    
    
    $
    7,919Adjusted cash flow from operating activities
    
    
    22,483
    
    
    
    9,147
  ®
   CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Current Trends
  Fundraising
   Capital Markets
  Investment Opportunities
    Financing Conditions
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



General Economic Environment
 Foreign Exchange Rates
  Real Estate Sector
  Credit Quality of Tenants
    Inflation
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Lease Expirations and Occupancy
  Proposed Accounting Changes
  Results of Operations
    Three Months Ended March 31,2011
    
    
    2010Rental income
    
    $
    27,632
    
    
    $
    8,412Interest income from direct financing leases
    
    
    11,293
    
    
    
    9,367$
    38,925
    
    
    $
    17,779
 CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Three Months Ended March 31,Lessee (Date Acquired or Placed in Service)
    
    2011
    
    
    2010The New York Times Company (3/2009) (a)
    
    $
    7,238
    
    
    $
    6,659General Parts Inc., Golden State Supply LLC, Straus-Frank Enterprises LLC,
General Parts Distribution LLC and Worldpac Inc., collectively
CARQUEST (12/2010)
    
    
    5,216
    
    
    
    Agrokor d.d. (12/2010, 4/2010) (b)
    
    
    3,822
    
    
    
    Eroski Sociedad Cooperativa (6/2010, 2/2010, 12/2009) (b)
    
    
    2,662
    
    
    
    1,398Terminal Freezers, LLC (1/2011)
    
    
    2,608
    
    
    
    DTS Distribuidora de Television Ditital SA (12/2010) (b)
    
    
    2,255
    
    
    
    LifeTime Fitness, Inc. (9/2008)
    
    
    1,679
    
    
    
    1,680Flint River Services, LLC (11/2010)
    
    
    1,272
    
    
    
    Angelica Corporation (3/2010)
    
    
    1,250
    
    
    
    99Frontier Spinning Mills, Inc. (12/2008) (a)
    
    
    1,111
    
    
    
    1,118McKesson Corporation (formerly US Oncology, Inc.)(12/2009)
    
    
    1,047
    
    
    
    1,047Actebis Peacock GmbH (7/2008) (a) (b)
    
    
    1,005
    
    
    
    1,008JP Morgan Chase Bank, National Association and AT&T Wireless Services
(5/2010)
    
    
    983
    
    
    
    Kronos Products, Inc. (1/2010)
    
    
    956
    
    
    
    995Laureate Education, Inc. (7/2008)
    
    
    710
    
    
    
    709Mori Seiki USA, Inc. (12/2009)
    
    
    703
    
    
    
    703TDG Limited (5/2010, 4/2010) (b)
    
    
    701
    
    
    
    Sabre Communications Corporation and Cellxion, LLC (6/2010, 8/2008)
    
    
    688
    
    
    
    630National Express Limited (12/2009) (b)
    
    
    517
    
    
    
    485Berry Plastics Corporation (3/2010) (c)
    
    
    514
    
    
    
    7Wagon Automotive Nagold GmbH (8/2008) (a)(b)(d)
    
    
    501
    
    
    
    555Other (b)
    
    
    1,487
    
    
    
    686$
    38,925
    
    
    $
    17,779
 
 (a)
    
    These revenues are generated in consolidated ventures with our affiliates, and on a combined
basis, include revenues applicable to noncontrolling interests totaling $4.2 million and $4.0
million for the three months ended March 31, 2011 and 2010, 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 three months ended March 31, 2011
strengthened by approximately 1% in comparison to the same period in 2010, resulting in a
negative impact on lease revenues for our Euro-denominated investments in the current year
period.(c)
    
    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.(d)
    
    The decrease was primarily due to the sale of a parcel of land in April 2010, which resulted
in a subsequent reduction of rent. CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



OwnershipInterest at
    
    
    Three Months Ended March 31,Lessee (Date Acquired)
    
    March 31, 2011
    
    
    2011
    
    
    2010C1000 B.V. (1/2011) (a) (b)
    
    
    85
    %
    
    $
    3,109
    
    
    $
    Tesco plc (7/2009) (a)
    
    
    49
    %
    
    
    1,884
    
    
    
    1,870Berry Plastics Corporation (12/2007) (c)
    
    
    50
    %
    
    
    1,675
    
    
    
    1,697Eroski Sociedad Cooperativa  Mallorca (6/2010)
(a)
    
    
    30
    %
    
    
    794
    
    
    
    $
    7,462
    
    
    $
    3,567
 
 (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 three months ended March 31, 2011
strengthened by approximately 1% in comparison to the same period in 2010, resulting in a
negative impact on lease revenues for our Euro-denominated investments in the current year
period.(b)
    
    We account for our interest in this venture as a tenancy-in-common.(c)
    
    We also consolidate a venture with one of our affiliates that leases another property to this lessee. Lease Revenues
   Other Real Estate Operations
   Interest Income on CMBS and Notes Receivable
  Depreciation and Amortization
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



General and Administrative
  Property Expenses
  Income from Equity Investments in Real Estate
   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 3/31/2011 10-Q 




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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 3/31/2011 10-Q 




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##### Table of Contents



Adjusted Cash Flow from Operating Activities
   Summary of Financing
  March 31, 2011
    
    
    December 31, 2010BalanceFixed rate
    
    $
    605,210
    
    
    $
    516,103Variable rate (a)
    
    
    164,259
    
    
    
    151,375Total
    
    $
    769,469
    
    
    $
    667,478Percent of total debtFixed rate
    
    
    79
    %
    
    
    77
    %Variable rate (a)
    
    
    21
    %
    
    
    23
    %100
    %
    
    
    100
    %Weighted average interest
rate at end of periodFixed rate
    
    
    6.2
    %
    
    
    6.2
    %Variable rate (a)
    
    
    3.7
    %
    
    
    5.4
    %
 
 (a)
    
    Variable-rate debt at March 31, 2011 consisted of (i) $125.0 million that was subject to an
interest rate cap, but for which the applicable interest rate was below the effective interest
rate of the cap at March 31, 2011, and (ii) $39.3 million that was effectively converted to
fixed-rate debt through interest rate swap derivative instruments. Cash Resources
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Cash Requirements
  Impact of Asset Purchase from Affiliate
 ® ® ®
 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)
    
    $
    770,442
    
    
    $
    14,065
    
    
    $
    33,499
    
    
    $
    83,316
    
    
    $
    639,562Deferred acquisition fees
    
    
    21,588
    
    
    
    11,008
    
    
    
    10,580
    
    
    
    
    
    
    
    Interest on borrowings and deferred acquisition fees
    
    
    327,945
    
    
    
    43,776
    
    
    
    84,347
    
    
    
    78,155
    
    
    
    121,667Build-to-suit commitment and other capital commitments(b)
    
    
    22,845
    
    
    
    22,845
    
    
    
    
    
    
    
    
    
    
    
    Lending commitment (c)
    
    
    48,978
    
    
    
    2,821
    
    
    
    46,157
    
    
    
    
    
    
    
    Operating and other lease commitments (d)
    
    
    1,933
    
    
    
    323
    
    
    
    652
    
    
    
    642
    
    
    
    316$
    1,193,731
    
    
    $
    94,838
    
    
    $
    175,235
    
    
    $
    162,113
    
    
    $
    761,545
 
 (a)
    
    Excludes debt discounts of $1.0 million.(b)
    
    Represents remaining build-to-suit commitments on two projects. As of March 31, 2011, total
estimated construction costs for these projects were projected to be $47.4 million in the
aggregate, of which $24.6 million had been funded at that date. Also includes a hotel capital
improvement commitment of less than $0.1 million.(c)
    
    Represents unfunded amount on commitments to provide loans to three developers of several
domestic build-to-suit projects. As of March 31, 2011, the total commitment for the loans was
for up to $91.1 million, of which $42.1 million had been funded at that date.(d)
    
    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 offerings.  ® ® ® ® ®
 CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Equity Investments in Real Estate
  OwnershipInterest at
    
    
    
    
    
    
    Total Third-Lessee
    
    March 31, 2011
    
    
    Total Assets
    
    
    Party Debt
    
    
    Maturity DateC1000 B.V. (a)
    
    
    85
    %
    
    $
    218,225
    
    
    $
    99,398
    
    
    3/2013Tesco plc (a)
    
    
    49
    %
    
    
    94,300
    
    
    
    48,014
    
    
    6/2016Berry Plastics Corporation
    
    
    50
    %
    
    
    79,058
    
    
    
    28,541
    
    
    6/2020Eroski Sociedad Cooperativa 
Mallorca(a)
    
    
    30
    %
    
    
    37,724
    
    
    
    
    
    
    N/A$
    429,307
    
    
    $
    175,953
 
 (a)
    
    Dollar amounts shown are based on the exchange rate of the Euro at March 31, 2011. Environmental Obligations
  Subsequent Events
   ® ® ®
 Supplemental Financial Measures
  Funds from Operations  as Adjusted
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Three Months Ended March 31,2011
    
    
    2010Net income attributable to CPA®:17 - Global shareholders
    
    $
    12,435
    
    
    $
    6,123Adjustments:Depreciation and amortization of real property
    
    
    8,001
    
    
    
    2,255Proportionate share of adjustments to equity in net income of partially owned
entities to arrive at FFO:Depreciation and amortization of real property
    
    
    2,039
    
    
    
    786Proportionate share of adjustments for noncontrolling interests to arrive at
FFO
    
    
    (159
    )
    
    
    (161
    )Total adjustments
    
    
    9,881
    
    
    
    2,880FFO  as defined by NAREIT
    
    
    22,316
    
    
    
    9,003Adjustments:Other depreciation, amortization and non-cash charges
    
    
    624
    
    
    
    65Straight-line and other rent adjustments
    
    
    (3,050
    )
    
    
    (1,361
    )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
    
    
    (9
    )
    
    
    Straight-line and other rent adjustments
    
    
    (127
    )
    
    
    (61
    )Proportionate share of adjustments for noncontrolling interests to arrive at
AFFO
    
    
    449
    
    
    
    273Total adjustments
    
    
    (2,113
    )
    
    
    (1,084
    )AFFO
    
    $
    20,203
    
    
    $
    7,919
 Adjusted Cash Flow from Operating Activities
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Three Months Ended March 31,2011
    
    
    2010Cash flow provided by operating activities
    
    $
    26,404
    
    
    $
    15,509Adjustments:Distributions received from equity investments in real
estate in excess of
equity income, net
    
    
    2,085
    
    
    
    332Distributions paid to noncontrolling interests, net
    
    
    (5,059
    )
    
    
    (2,394
    )Changes in working capital
    
    
    (947
    )
    
    
    (4,300
    )Adjusted cash flow from operating activities (a)
    
    $
    22,483
    
    
    $
    9,147Distributions declared (weighted average share basis)
    
    $
    24,256
    
    
    $
    13,962
 
 (a)
    
    During the first quarter of 2011, we made an adjustment to exclude the impact of escrow funds
from Adjusted cash flow from operating activities as, more often than not, these funds
represent investing and/or financing activities. Adjusted cash flow from operating activities
for the three months ended March 31, 2010 has been adjusted to reflect this reclassification.  
 Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
 Market Risk
   Interest Rate Risk
  CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    Thereafter
    
    
    Total
    
    
    Fair valueFixed rate debt
    
    $
    7,858
    
    
    $
    11,193
    
    
    $
    12,917
    
    
    $
    14,076
    
    
    $
    60,219
    
    
    $
    499,919
    
    
    $
    606,182
    
    
    $
    612,613Variable rate debt
    
    $
    2,761
    
    
    $
    4,231
    
    
    $
    4,348
    
    
    $
    4,452
    
    
    $
    4,560
    
    
    $
    143,907
    
    
    $
    164,259
    
    
    $
    164,259
  Foreign Currency Exchange Rate Risk
   CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



Item 4.
    
    Controls and Procedures
 Disclosure Controls and Procedures
   Changes in Internal Control over Financial Reporting
  
 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)
    
    
    153,957,700Aggregated offering price of amount sold
    
    $
    1,537,187Direct 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
    
    
    (153,776
    )Direct or indirect payments to others
    
    
    (12,755
    )Net offering proceeds to the issuer after deducting expenses
    
    
    1,370,656Purchases of real estate related assets
    
    
    (1,184,059
    )Temporary investments in cash and cash equivalents
    
    $
    186,597
 
 (a)
    
    Excludes shares issued to affiliates, including our advisor, and shares issued pursuant to
our distribution reinvestment and stock purchase plan. CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



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 the2011 Period
    
    shares purchased(a)
    
    
    paid per share
    
    
    plans or programs(a)
    
    
    plans or programs(a)January
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/AFebruary
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/AMarch
    
    
    147,230
    
    
    $
    9.30
    
    
    
    N/A
    
    
    
    N/ATotal
    
    
    147,230
 
 (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 exceptions,
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. 
 Item 6.
    
    Exhibits
  Exhibit No.

    
    Description31.1
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 200232
    
    
    Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 CPA®:17 Global 3/31/2011 10-Q 




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##### Table of Contents



SIGNATURES
  Corporate Property Associates 17  Global IncorporatedDate 05/13/2011
    By:
    /s/ Mark J. DeCesarisMark J. DeCesarisChief Financial Officer
(Principal Financial Officer)Date 05/13/2011
    By:
    /s/ Thomas J. Ridings, Jr.Thomas J. Ridings, Jr.Chief Accounting Officer
(Principal Accounting Officer) CPA®:17 Global 3/31/2011 10-Q 




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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