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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, 2008
 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
  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*Consolidated Balance Sheets as of March 31, 2008 and December 31, 2007
    
    
    2Consolidated Statement of Operations for the three months ended March 31, 2008
    
    
    3Consolidated Statement of Shareholders Equity for three months ended March 31, 2008
    
    
    4Consolidated Statement of Cash Flows for the three months ended March 31, 2008
    
    
    5Notes to Consolidated Financial Statements
    
    
    6Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    11Item 3.  Quantitative and Qualitative Disclosures About Market Risk
    
    
    14Item 4T.  Controls and Procedures
    
    
    14PART II  OTHER INFORMATIONItem 2.  Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    15Item 6.  Exhibits
    
    
    15Signatures
    
    
    16EX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32: CERTIFICATIONS
  
 *
    
    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
   CPA ® :17
 Global 3/31/2008 10-Q 1




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 PART I
 
 ITEM 1.  FINANCIAL STATEMENTS
 
 CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 March 31, 2008
    
    
    December 31, 2007(NOTE)AssetsCash and cash equivalents
    
    $
    67,568,114
    
    
    $
    182,919Equity investments in real estate
    
    
    4,728
    
    
    
    8,626Deferred offering costs
    
    
    3,869,406
    
    
    
    2,719,096Other assets
    
    
    111,542
    
    
    
    33,646Total assets
    
    $
    71,553,790
    
    
    $
    2,944,287Liabilities and Shareholders EquityLiabilities:Due to affiliates
    
    $
    3,953,172
    
    
    $
    2,768,006Accounts payable and accrued expenses
    
    
    359,587
    
    
    
    82,080Distributions payable
    
    
    406,794
    
    
    
    Total liabilities
    
    
    4,719,553
    
    
    
    2,850,086Commitments
and contingencies (Note 5)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; 7,500,624
and 22,222 shares issued and outstanding, respectively
    
    
    7,500
    
    
    
    22Additional paid-in capital
    
    
    67,500,061
    
    
    
    199,978Accumulated deficit during the development stage
    
    
    (673,324
    )
    
    
    (105,799
    )Total shareholders equity
    
    
    66,834,237
    
    
    
    94,201Total liabilities and shareholders equity
    
    $
    71,553,790
    
    
    $
    2,944,287
 
 Note:
    
    The balance sheet at December 31, 2007 has been derived from the audited financial statement
at that date.  CPA ® :17
 Global 3/31/2008 10-Q 2




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
 Three months endedMarch 31, 2008ExpensesGeneral and administrative
    
    $
    (306,022
    )(306,022
    )Other Income and ExpensesOther interest income
    
    
    147,010Income from equity investments in real estate
    
    
    42147,052Net Loss
    
    $
    (158,970
    )Loss Per Share
    
    $
    (0.05
    )Weighted Average Shares Outstanding
    
    
    2,962,858Distributions Declared Per Share
    
    $
    0.1375
 
 Note:
    
    We were formed on February 20, 2007 and had no operations for the period from inception to
March 31, 2007.  CPA ® :17
 Global 3/31/2008 10-Q 3




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (UNAUDITED)
  Common
    
    
    Additional
    
    
    AccumulatedShares
    
    
    Stock
    
    
    Paid-In Capital
    
    
    Deficit
    
    
    TotalBalance at December 31, 2007
    
    
    22,222
    
    
    $
    22
    
    
    $
    199,978
    
    
    $
    (105,799
    )
    
    $
    94,201Shares issued, net of offering costs
    
    
    7,478,402
    
    
    
    7,478
    
    
    
    67,300,083
    
    
    
    
    
    
    
    67,307,561Distributions declared
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (408,555
    )
    
    
    (408,555
    )Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (158,970
    )
    
    
    (158,970
    )Balance at March 31, 2008
    
    
    7,500,624
    
    
    $
    7,500
    
    
    $
    67,500,061
    
    
    $
    (673,324
    )
    
    $
    66,834,237
  CPA ® :17
 Global 3/31/2008 10-Q 4




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
 Three months endedMarch 31, 2008Cash Flows  Operating ActivitiesNet loss
    
    $
    (158,970
    )Adjustments to reconcile net loss to net cash provided by operating activities:Income from equity investments in real estate in excess of distributions received
    
    
    (42
    )Increase in due to affiliates (a)
    
    
    38,720Increase in accounts payable and accrued expenses (b)
    
    
    199,687Net cash provided by operating activities
    
    
    79,395Cash Flows  Financing ActivitiesDistributions paid
    
    
    (1,761
    )Proceeds from stock issuance
    
    
    67,307,561Net cash provided by financing activities
    
    
    67,305,800Change in Cash and Cash Equivalents During the PeriodNet increase in cash and cash equivalents
    
    
    67,385,195Cash and cash equivalents, beginning of period
    
    
    182,919Cash and cash equivalents, end of period
    
    $
    67,568,114
 
 Noncash investing and financing activities(a)
    
    Increase in due to affiliates for the three months ended March 31, 2008 excludes increase in
deferred offering costs of $1,150,310, consisting of $841,251 payable to an affiliate for
offering costs and $309,059 payable to an affiliate for commissions incurred in connection
with fundraising.(b)
    
    Increase in accounts payable and accrued expenses excludes
increase of $77,820 in amounts
payable in connection with potential investment opportunities.Note:
    
    We were formed on February 20, 2007 and had no operations for the period from inception to
March 31, 2007.  CPA ® :17  Global 3/31/2008 10-Q 5




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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 Note 1. Organization and Offering
 Organization
    Public Offering
   Note 2. Basis of Presentation
  Basis of Consolidation
   CPA ® :17  Global 3/31/2008 10-Q 6




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Notes to Consolidated Financial Statements
  Adoption of New Accounting Pronouncements
 SFAS 157
  SFAS 159
  Recent Accounting Pronouncements
 SOP 07-1
  FIN 46R-7
  SFAS 141R
  CPA ® :17  Global 3/31/2008 10-Q 7




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Notes to Consolidated Financial Statements
  SFAS 160
  SFAS 161
  Note 3. Agreements and Transactions with Related Parties
      CPA ® :17  Global 3/31/2008 10-Q 8




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Notes to Consolidated Financial Statements
  Note 4. Equity Investment in Real Estate
   Note 5. Commitments and Contingencies
  SEC Investigation
 ® ®
 ® ® ®
 ® ® ®
  CPA ® :17  Global 3/31/2008 10-Q 9




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Notes to Consolidated Financial Statements
 Other
 Maryland
Securities Commission
 ®
 Public Offering
   Note 6. Subsequent Events
  ®


CPA ® :17  Global 3/31/2008 10-Q 10






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ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF
 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  Business Overview
   Portfolio Highlights
 Public
Offering
 Distribution
 Financing Activity
 Advisor Settlement
 Current Trends
  Investment Opportunities
   CPA ® :17  Global 3/31/2008 10-Q 11




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Fundraising
  Mortgage Financing
  Commercial Real Estate
  Corporate Defaults
  Competition
  CPI
  Results of Operations
  CPA ® :17  Global 3/31/2008 10-Q 12




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Financial Condition
     Cash Resources
  Cash Requirements
  Off-Balance Sheet Arrangements and Contractual Obligations
 Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 yearsDue to the advisor (a)
    
    $
    3,909,690
    
    
    $
    3,909,690
    
    
    $
    
    
    
    $
    
    
    
    $
    Deferred acquisition fees
    
    
    174
    
    
    
    58
    
    
    
    116
    
    
    
    
    
    
    
    $
    3,909,864
    
    
    $
    3,909,748
    
    
    $
    116
    
    
    $
    
    
    
    $
    
 
 (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 $3,600,631 and commissions
payable in connection with our fundraising activity totaling $309,059.   CPA ® :17  Global 3/31/2008 10-Q 13




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Subsequent Events
  ®
 
 Item 3.  Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4T.  Controls and Procedures
 Disclosure Controls and Procedures
   CPA ® :17  Global 3/31/2008 10-Q 14




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PART II
 
 Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
 (a)
    
    As of the date of this Form 10-Q, WPC owns 22,222 shares of
our common stock which were issued to WPC in consideration for
$200,000 upon WPCs admission as our initial shareholder in February
2007. Since none of
these transactions were considered to have involved a public offering within the meaning of
Section 4(2) of the Securities Act, as amended, the shares issued were deemed to be exempt
from registration. In acquiring our shares, WPC represented that such interests were being
acquired by it for the purposes of investment and not with a view to the distribution thereof.(d)
    
    We intend to use the net proceeds of our offering to invest in a diversified portfolio of
income-producing commercial properties and other real estate related assets. Pursuant to Rule
701 of Regulation S-K, the use of proceeds from our offering of common stock which commenced
in December 2007 pursuant to a registration statement
(No. 333-140842) that was declared effective in November 2007, is as follows as of March 31, 2008:
 Shares registered
    
    
    200,000,000Aggregate price of offering amount registered
    
    $
    2,000,000,000Shares sold (a)
    
    
    7,478,402Aggregated offering price of amount sold
    
    $
    74,784,020Direct 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; or
    
    
    (7,433,892
    )Direct or indirect payments to others
    
    
    Net offering proceeds to the issuer after deducting expenses
    
    
    67,350,128Purchases of real estate, equity investments in real estate and real estate related assets
    
    
    (4,751
    )Temporary investments in cash and cash equivalents
    
    $
    67,345,377
 
 (a)
    
    Excludes shares issued to the advisor. 
 Item 6.  Exhibits
 Exhibit No.
    
    Description
    
    Method of Filing31.1
    
    Certification of Chief Executive
Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith31.2
    
    Certification of Chief Financial
Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith32
    
    Certifications of Chief Executive Officer
and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith
 CPA ® :17  Global 3/31/2008 10-Q 15




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SIGNATURES
  Corporate Property Associates 17  Global IncorporatedDate 5/15/2008
    By:
    /s/ Mark J. DeCesarisMark J. DeCesarisManaging Director and acting Chief Financial Officer
(acting Principal Financial Officer)Date 5/15/2008
    By:
    /s/ Thomas J. RidingsThomas J. RidingsExecutive Director and Chief Accounting Officer
(Principal Accounting Officer) CPA ® :17  Global 3/31/2008 10-Q 16