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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 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
 (CPA LOGO)
CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
  Maryland
    
    20-8429087(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)50 Rockefeller Plaza 
New York, New York
    
    10020(Address of principal executive offices)
    
    (Zip code)
 Investor Relations (212) 492-8920
(212) 492-1100
 None
 Common Stock, Par Value $0.001 Per Share
 o þ
 o þ
 þ 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
   DOCUMENTS INCORPORATED BY REFERENCE




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##### 



TABLE OF CONTENTS
 Page No.PART IItem 1. Business.
    
    2Item 1A. Risk Factors.
    
    11Item 1B. Unresolved Staff Comments.
    
    28Item 2. Properties.
    
    28Item 3. Legal Proceedings.
    
    28Item 4. Submission of Matters to a Vote of Security Holders.
    
    28PART IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.
    
    29Item 6. Selected Financial Data.
    
    30Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
    
    30Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
    
    44Item 8. Financial Statements and Supplementary Data.
    
    46Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
    
    80Item 9A(T). Controls and Procedures.
    
    80Item 9B. Other Information.
    
    81PART IIIItem 10. Directors, Executive Officers and Corporate Governance.
    
    82Item 11. Executive Compensation.
    
    82Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters.
    
    82Item 13. Certain Relationships and Related Transactions, and Director Independence.
    
    82Item 14. Principal Accounting Fees and Services.
    
    82PART IVItem 15. Exhibits, Financial Statement Schedules.
    
    83SIGNATURES
    
    84EX-21.1: SUBSIDIARES OF REGISTRANTEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32: CERTIFICATION
  Forward-Looking Statements
   CPA ® :17
2008 10-K 1




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##### Table of Contents



Item 1. Business.
 (a) General Development of Business
 Overview:
   ® ® ® ®
      Public Offering
 CPA ® :17
2008 10-K 2




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Investment Activity
 (b) Financial Information About Segments
  (c) Narrative Description of Business
 Business Objectives and Strategy
  
    
    provide attractive risk-adjusted returns for our stockholders;
    
    generate sufficient cash flow over time to provide investors with increasing distributions;
    
    seek investments with potential for capital appreciation; and
    
    use leverage to enhance the returns on our investments.
   
    
    equity investments in real properties that are not net leased to a single tenant under
long-term leases and may include partially leased properties, multi-tenanted properties,
vacant or undeveloped properties and properties subject to short-term net leases, among
others:
    
    mortgage loans secured by commercial real properties;
    
    subordinated interests in first mortgage real estate loans, or B Notes;
    
    mezzanine loans related to commercial real estate that are senior to the borrowers
equity position but subordinated to other third-party financing;
    
    commercial mortgage-backed securities, or CMBS; and
    
    equity and debt securities (including preferred equity and other higher-yielding
structured debt and equity investments) and other interests issued by entities that are
engaged in real-estate related businesses, including real estate funds and other REITs.
  CPA ® :17
2008 10-K 3




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Our Portfolio
  Geographic Diversification
  Consolidated Investments
    
    

Equity Investments in Real Estate (b)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualRegion
    

Revenue (a)
    
    
    Lease Revenue
    
    

Revenue (a)
    
    
    Lease RevenueUnited StatesEast
    
    $
    6,980
    
    
    
    29
    %
    
    $
    697
    
    
    
    21
    %Midwest
    
    
    2,629
    
    
    
    11
    
    
    
    2,623
    
    
    
    79South
    
    
    2,563
    
    
    
    11
    
    
    
    
    
    
    
    West
    
    
    3,013
    
    
    
    12
    
    
    
    
    
    
    
    Total U.S.
    
    
    15,185
    
    
    
    63
    
    
    
    3,320
    
    
    
    100InternationalEurope
(c)
    
    
    9,047
    
    
    
    37
    
    
    
    
    
    
    
    Total
    
    $
    24,232
    
    
    
    100
    %
    
    $
    3,320
    
    
    
    100
    %
 
 (a)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2008.(b)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2008 from equity investments in real estate.(c)
    
    Reflects investments in Germany. Property Diversification
  Consolidated Investments
    
    

Equity Investments in Real Estate (b)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualProperty Type
    

Revenue (a)
    
    
    Lease Revenue
    
    

Revenue (a)
    
    
    Lease RevenueIndustrial
    
    $
    11,630
    
    
    
    48
    %
    
    $
    3,320
    
    
    
    100
    %Retail
    
    
    5,658
    
    
    
    23
    
    
    
    
    
    
    
    Office
    
    
    2,570
    
    
    
    11
    
    
    
    
    
    
    
    Educational
    
    
    2,416
    
    
    
    10
    
    
    
    
    
    
    
    Warehouse
/Distribution
    
    
    1,958
    
    
    
    8
    
    
    
    
    
    
    
    Total
    
    $
    24,232
    
    
    
    100
    %
    
    $
    3,320
    
    
    
    100
    %
 
 (a)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2008.(b)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2008 from equity investments in real estate. CPA ® :17
2008 10-K 4




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Tenant Diversification
  Consolidated Investments
    
    

Equity Investments in Real Estate (b)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualTenant Industry (c)
    

Revenue (a)
    
    
    Lease Revenue
    
    

Revenue (a)
    
    
    Lease RevenueElectronics
    
    $
    6,792
    
    
    
    28
    %
    
    $
    
    
    
    
    
    %Leisure, Amusement, Entertainment
    
    
    5,658
    
    
    
    23
    
    
    
    
    
    
    
    Automobile
    
    
    4,818
    
    
    
    20
    
    
    
    
    
    
    
    Textiles, Leather and Apparel
    
    
    4,335
    
    
    
    18
    
    
    
    
    
    
    
    Healthcare, Education and Childcare
    
    
    2,394
    
    
    
    10
    
    
    
    
    
    
    
    Mining, Metals, and Primary Metal
Industries
    
    
    235
    
    
    
    1
    
    
    
    
    
    
    
    Chemicals, Plastics, Rubber, and Glass
    
    
    
    
    
    
    
    
    
    
    3,320
    
    
    
    100Total
    
    $
    24,232
    
    
    
    100
    %
    
    $
    3,320
    
    
    
    100
    %
 
 (a)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2008.(b)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2008 from equity investments in real estate.(c)
    
    Based on the Moodys classification system and information provided by the tenant. Lease Expirations
  Consolidated Investments
    
    

Equity Investments in Real Estate (b)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualYear of Lease Expiration
    

Revenue (a)
    
    
    Lease Revenue
    
    

Revenue (a)
    
    
    Lease Revenue2009 - 2022
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %2023
    
    
    4,818
    
    
    
    20
    
    
    
    
    
    
    
    2024
    
    
    4,229
    
    
    
    17
    
    
    
    
    
    
    
    2025 - 2027
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2028
    
    
    15,185
    
    
    
    63
    
    
    
    3,320
    
    
    
    100Total
    
    $
    24,232
    
    
    
    100
    %
    
    $
    3,320
    
    
    
    100
    %
 
 (a)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2008.(b)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2008 from equity investments in real estate. Asset Management
  CPA ® :17
2008 10-K 5




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Holding Period
  ® ® ®
 Financing Strategies
    Target Investments
  CPA®:17 2008 10-K 6




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Real Estate Properties
 Long Term Net Leased Assets
     Tenant/Borrower Evaluation
 Properties Important to Tenant/Borrower Operations
 Diversification
 Lease Terms
 Collateral Evaluation
 CPA®:17 2008 10-K 7




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Transaction Provisions that Enhance and Protect Value
 Other Equity Enhancements
 Real Estate Related Assets
 Opportunistic Investments
  Mortgage Loans Secured by Commercial Real Properties
  B Notes
   Mezzanine Loans
  CPA®:17 2008 10-K 8




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Commercial Mortgage-Backed Securities
  Equity and Debt Securities of Companies Engaged in Real Estate Activities, including other REITs.
  Investment Procedures
 ® ® ® ® ® ®
  
    
    Nathaniel S. Coolidge(Chairman)  Former senior vice president and head of the bond
and corporate finance department of John Hancock Mutual Life Insurance (currently known as
John Hancock Life Insurance Company). Mr. Coolidges responsibilities included overseeing
its entire portfolio of fixed income investments.
    
    Trevor P. Bond Co-founder of Credit Suisses real estate equity group. Currently
managing member of private investment vehicle, Maidstone Investment Co., LLC.
    
    Axel K. A. Hansing Currently serving as a senior partner at Coller Capital, Ltd., a
global leader in the private equity secondary market, and is responsible for investment
activity in parts of Europe, Turkey and South Africa.
    
    Frank J. Hoenemeyer Former vice chairman and chief investment officer of the
Prudential Insurance Company of America. As chief investment officer, he was responsible
for all of Prudential Insurance Company of Americas investments including stocks, bonds
and real estate.
    
    Dr. Lawrence R. Klein Currently serving as professor emeritus of economics and
finance at the University of Pennsylvania and its Wharton School. Recipient of the 1980
Nobel Prize in economic sciences and former consultant to both the Federal Reserve Board
and the Presidents Council of Economic Advisors.
    
    George E. Stoddard Former officer-in-charge of the direct placement department of The
Equitable Life Assurance Society of the United States and our former chief investment
officer.
    
    Nick J. M. van Ommen Former chief executive officer of the European Public Real
Estate Association promoting, developing and representing the European public real estate
sector.
    
    Dr. Karsten von Köller Currently chairman of Lone Star Germany. Former chairman and
member of the board of managing directors of Eurohypo AG, Frankfurt am Main, Germany.
  CPA®:17 2008 10-K 9




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Segments
  Competition
   Environmental Matters
     Transactions with Affiliates
 ® ®
 CPA®:17 2008 10-K 10




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®
 (d) Financial Information About Geographic Areas
  (e) Available Information
   
 Item 1A. Risk Factors.
   The current financial and economic crisis could adversely affect our business.
  Deterioration in the credit markets could adversely affect our ability to finance or refinance
investments and the ability of our tenants to meet their obligations, which could affect our
ability to meet our financial objectives.
   CPA®:17 2008 10-K 11




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Our distributions may exceed our cash flow from operations and our GAAP earnings.
  We were incorporated in February 2007 and have a limited operating history; therefore there is no
assurance that we will be able to achieve our investment objectives.
  The offering price for shares being offered in our offering and through our distribution
reinvestment plan was determined by our board of directors and may not be indicative of the price
at which the shares would trade if they were listed on an exchange or were actively traded by
brokers.
  A delay in investing funds may adversely affect or cause a delay in our ability to deliver expected
returns to investors and may adversely affect our performance.
 ®
 We may recognize substantial impairment charges on our properties.
  CPA®:17 2008 10-K 12




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Stockholders equity interests may be diluted.
  As a new investor, you will experience substantial dilution in the net tangible book value of your
shares equal to the offering costs associated with your shares.
  We may not be able to raise sufficient funds in our offering to make investments that will enable
us to achieve our portfolio diversification objectives.
  Our board of directors may change our investment policies without stockholder approval, which could
alter the nature of your investment.
  We are not required to meet any diversification standards; therefore, our investments may become
subject to concentration of risk.
  The past performance of programs sponsored by or affiliated with WPC is not an indicator of our
future performance.
 ® ®
 We may invest in assets outside our advisors core expertise and incur losses as a result.
  CPA®:17 2008 10-K 13




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WPC and Carey Financial have recently settled a previously disclosed SEC investigation. If other
actions are brought against WPC or Carey Financial, we could be adversely affected.
 ® ®
 ®
  Our advisor has limited experience managing a REIT that has a broad investment strategy.
 ®
 Exercising our right to repurchase all or a portion of Carey Holdings interests in our operating
partnership upon certain termination events could be prohibitively expensive and could deter us
from terminating the advisory agreement.
  The repurchase of Carey Holdings special general partner interest in our operating partnership
upon the termination of Carey Asset Management as our advisor may discourage a takeover attempt if
our advisory agreement would be terminated and Carey Asset Management not replaced by an affiliate
of WPC as our advisor in connection therewith.
  The termination or replacement of our advisor could trigger a default or repayment event under our
financing arrangements for some of our assets.
  CPA®:17 2008 10-K 14




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Payment of fees to our advisor, and distributions to our special general partner, will reduce cash
available for investment and distribution.
  Our advisor may be subject to conflicts of interest.
  
    
    the receipt of compensation by our advisor for acquisitions of investments, leases,
sales and financing for us, which may cause our advisor to engage in transactions that
generate higher fees, rather than transactions that are more appropriate or beneficial for
our business;
    
    agreements between us and our advisor, including agreements regarding compensation, will
not be negotiated on an arms-length basis as would occur if the agreements were with
unaffiliated third parties;
    
    acquisitions of single assets or portfolios of assets from affiliates, including the
other operating CPA® REITs, subject to our investment policies and procedures,
which may take the form of a direct purchase of assets, a merger or another type of
transaction;
    
    competition with certain affiliates for investment acquisitions, which may cause our
advisor and its affiliates to direct investments suitable for us to other related entities;
    
    a decision by our advisor (on our behalf) of whether to hold or sell an asset. This
decision could impact the timing and amount of fees payable to our advisor as well as
allocations and distributions payable to Carey Holdings pursuant to its special general
partner interests. On the one hand, our advisor receives asset management fees and may
decide not to sell an asset. On the other hand, Carey Holdings will be entitled to certain
profit allocations and cash distributions based upon sales of assets as a result of its
operating partnership profits interest;
    
    a recommendation by our advisor that we declare distributions at a particular rate
because our advisor and Carey Holdings may begin collecting subordinated fees and
subordinated distributions once the applicable preferred return rate has been met; and
    
    disposition fees based on the sale price of assets and interests in disposition proceeds
based on net cash proceeds from sale, exchange or other disposition of assets, may cause a
conflict between the advisors desire to sell an asset and our plans to hold or sell the
asset.
 We have limited independence from our advisor.
 ® ®
 We face competition from affiliates of our advisor in the purchase, sale, lease and operation of
properties.
 ® ® ® ® ®
 CPA®:17 2008 10-K 15




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The sales agents affiliation with our advisor may cause a conflict of interest and may hinder the
performance of its due diligence obligations.
  Our advisor may hire subadvisors in areas where our advisor is seeking additional expertise.
Stockholders will not be able to review these subadvisors and our advisor may not have sufficient
expertise to monitor the subadvisors.
  We do not fully control the management for our properties.
  We may incur material losses on some of our investments.
  Liability for uninsured losses could adversely affect our financial condition.
  A potential change in United States accounting standards regarding operating leases may make the
leasing of facilities less attractive to our potential domestic tenants, which could reduce overall
demand for our leasing services.
  CPA®:17 2008 10-K 16




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Our net tangible book value may be adversely affected if we are required to adopt the fair value
accounting provisions of SOP 07-1.
   Your investment return may be reduced if we are required to register as an investment company under
the Investment Company Act.
  
    
    limitations on capital structure;
    
    restrictions on specified investments;
    
    prohibitions on transactions with affiliates; and
    
    compliance with reporting, record keeping, voting, proxy disclosure and other rules and
regulations that would significantly increase our operating expenses.
   CPA®:17 2008 10-K 17




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Compliance with the Americans with Disabilities Act may require us to spend substantial amounts of
money which could adversely affect our operating results.
  We may use derivative financial instruments to hedge against interest rate and currency fluctuations, which
could reduce the overall returns on your investment.
  International investment risks, including currency fluctuation, adverse political or economic
developments, lack of uniform accounting standards (including availability of information in
accordance with U.S. generally accepted accounting principles), the tax treatment of transaction
structures, uncertainty of foreign laws and the difficulty of enforcing certain obligations in
other countries may adversely affect our operations and our ability to make distributions.
  We may invest in new geographic areas that have risks that are greater or less well known to us and
we may incur losses as a result.
  We will incur debt to finance our operations, which may subject us to an increased risk of loss.
   CPA®:17 2008 10-K 18




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The inability of a tenant in a single tenant property to pay rent will reduce our revenues.
  The bankruptcy or insolvency of tenants or borrowers may cause a reduction in revenue.
  
    
    the loss of lease or interest payments;
    
    an increase in the costs incurred to carry the asset;
    
    a reduction in the value of our shares; and
    
    a decrease in distributions to our stockholders.
    ® ®
   Our leases may permit tenants to purchase a property at a predetermined price, which could limit
our realization of any appreciation.
  CPA®:17 2008 10-K 19




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Highly leveraged tenants may have a higher possibility of filing for bankruptcy or insolvency.
  The credit profile of our tenants may create a higher risk of lease defaults and therefore lower
revenues.
  We may incur costs to finish build-to-suit properties.
  We are subject, in part, to the risks of real estate ownership which could reduce the value of our
properties.
  
    
    changes in the general economic climate;
    
    changes in local conditions such as an oversupply of space or reduction in demand for real estate;
    
    changes in interest rates and the availability of financing; and
    
    changes in laws and governmental regulations, including those governing real estate usage, zoning and taxes.
 We may have difficulty selling or re-leasing our properties.
  Potential liability for environmental matters could adversely affect our financial condition.
  
    
    Responsibility and liability for the cost of investigation, removal or remediation of
hazardous or toxic substances released on or from our property, generally without regard to
our knowledge of, or responsibility for, the presence of these contaminants.
 CPA®:17 2008 10-K 20




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
    
    Liability for claims by third parties based on damages to natural resources or property,
personal injuries, or costs of removal or remediation of hazardous or toxic substances in,
on, or migrating from our property.
    
    Responsibility for managing asbestos-containing building materials, and third-party
claims for exposure to those materials.
  We face active competition for the investments we make.
  Non-net lease investments may involve higher risks and less current income, which could adversely
affect distributions.
  Appraisals that we obtain may include leases in place on the property being appraised and if the
leases terminate, the value of the property may become significantly lower.
  The mortgage loans in which we may invest and the mortgage loans underlying the mortgage-backed
securities in which we may invest will be subject to delinquency, foreclosure and loss, which could
result in losses to us.
  
    
    tenant mix;
    
    success of tenant businesses;
    
    property management decisions;
    
    property location and condition;
    
    competition from comparable types of properties;
    
    changes in specific industry segments;
    
    declines in regional or local real estate values, or rental or occupancy rates; and
 CPA®:17
2008 10-K 21




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
    
    increases in interest rates, real estate tax rates and other operating expenses.
  The B notes, subordinate mortgage notes, mezzanine loans and participation interests in mortgage
and mezzanine loans in which we may invest may be subject to risks relating to the structure and
terms of the transactions, as well as subordination in bankruptcy, and there may not be sufficient
funds or assets remaining to satisfy the subordinate notes in which we may have invested, which may
result in losses to us.
  Interest rate fluctuations and changes in prepayment rates could reduce our ability to generate
income on our investments in mortgage loans.
  An increase in prepayment rates of the mortgages underlying any mortgage-backed securities in which
we may invest may adversely affect the profitability of our investment in these securities.
   CPA®:17
2008 10-K 22




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We may invest in subordinate mortgage-backed securities which are subject to a greater risk of loss
than more senior securities.
    The B Notes in which we invest may be subject to additional risks relating to the privately
negotiated structure and terms of the transaction, which may result in losses to us.
  Investment in non-conforming and non-investment grade loans may involve increased risk of loss.
  Investments in mezzanine loans involve greater risks of loss than senior loans secured by income
producing properties.
  CPA®:17
2008 10-K 23




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Our investments in debt securities are subject to specific risks relating to the particular issuer
of securities and to the general risks of investing in subordinated real estate securities.
  
    
    risks of delinquency and foreclosure, and risks of loss in the event thereof;
    
    the dependence upon the successful operation of and net income from real property;
    
    risks generally incident to interests in real property; and
    
    risk that may be presented by the type and use of a particular commercial property.
  
    
    limited liquidity in the secondary trading market;
    
    substantial market price volatility resulting from changes in prevailing interest rates;
    
    subordination to the prior claims of banks and other senior lenders to the issuer;
    
    the operation of mandatory sinking fund or call/redemption provisions during periods of
declining interest rates that could cause the issuer to reinvest premature redemption
proceeds in lower yielding assets;
    
    the possibility that earnings of the debt security issuer may be insufficient to meet
its debt service; and
    
    the declining creditworthiness and potential for insolvency of the issuer of such debt
securities during periods of rising interest rates and economic downturn.
  Investments in securities of REITs, real estate operating companies and companies with significant
real estate assets will expose us to many of the same general risks associated with direct real
property ownership.
  The value of the equity securities of companies engaged in real estate activities that we may
invest in may be volatile and may decline.
   We may invest in the equity securities of CDOs and such investments involve various significant
risks, including that CDO equity receives distributions from the CDO only if the CDO generates
enough income to first pay the holders of its debt securities and its expenses.
  CPA®:17
2008 10-K 24




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Equity investments involve a greater risk of loss than traditional debt financing.
  The lack of an active public trading market for our shares combined with the limit on the number of our shares a
person may own may discourage a takeover and make it difficult for shareholders to sell shares
quickly.
  Failing to qualify as a REIT would adversely affect our operations and ability to make
distributions.
  If our distributions exceed our available cash from operations, we will fund distributions from
other sources, which could reduce the funds we have available for investments and your overall
return.
  CPA®:17
2008 10-K 25




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The IRS may treat sale-leaseback transactions as loans, which could jeopardize our REIT
qualification.
  Dividends payable by REITs generally do not qualify for reduced U.S. federal income tax rates
because qualifying REITs do not pay U.S. federal income tax on their net income.
  The power of our board of directors to revoke our REIT election without stockholder approval may
cause adverse consequences to our stockholders.
  The limit on the number of our shares a person may own may discourage a takeover.
  Conflicts of interest may arise between holders of our common shares and holders of partnership
interests in our operating partnership.
    CPA®:17
2008 10-K 26




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Maryland law could restrict change in control.
  
    
    any person who beneficially owns 10% or more of the voting power of outstanding shares,
referred to as an interested stockholder;
    
    an affiliate who, at any time within the two-year period prior to the date in question,
was the beneficial owner of 10% or more of the voting power of our outstanding shares, also
referred to as an interested stockholder; or
    
    an affiliate of an interested stockholder.
  Our charter permits our board of directors to issue stock with terms that may subordinate the
rights of the holders of our current common stock or discourage a third party from acquiring us.
  There are special considerations for pension or profit-sharing trusts, Keoghs or IRAs.
  
    
    whether your investment is consistent with the applicable provisions of ERISA and the Internal Revenue Code;
    
    whether your investment will produce unrelated business taxable income, referred to as UBTI, to the benefit plan; and
    
    your need to value the assets of the benefit plan annually.
  CPA®:17
2008 10-K 27




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##### Table of Contents



Item 1B. Unresolved Staff Comments.
  
 Item 2. Properties.
   
 Item 3. Legal Proceedings.
  
 Item 4. Submission of Matters to a Vote of Security Holders.
  CPA®:17
2008 10-K 28




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##### Table of Contents



Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
  Distributions
  2008
    
    
    2007First quarter
    
    $
    0.1375
    
    
    $
    Second quarter
    
    
    0.1375
    
    
    
    Third quarter
    
    
    0.1390
    
    
    
    Fourth quarter
    
    
    0.1438
    
    
    
    0.0792$
    0.5578
    
    
    $
    0.0792
 Unregistered Sales of Equity Securities
 (a)
    
    For the three months ended December 31, 2008, we issued 37,429 restricted shares of our
common stock to the advisor as consideration for asset management fees. These shares were
issued at $10.00 per share, which represents our initial offering price. Since none of these
transactions were considered to have involved a public offering within the meaning of
Section 4(2) of the Securities Act, the shares issued were deemed to be exempt from
registration. In acquiring our shares, the advisor represented that such interests were being
acquired by it for the purposes of investment and not with a view to the distribution thereof.
We previously reported sales of unregistered shares during 2008 in our prior filings. There
were no such sales of unregistered shares in 2007.(b)
    
    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. 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 at December 31, 2008 (in thousands except share amounts):
 Shares registered
    
    
    200,000,000Aggregate price of offering amount registered
    
    $
    2,000,000Shares sold (a)
    
    
    34,264,848Aggregated offering price of amount sold
    
    $
    342,374Direct 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
    
    
    (34,114
    )Direct or indirect payments to others
    
    
    (4,358
    )Net offering proceeds to the issuer after deducting expenses
    
    
    303,902Purchases of real estate, equity investments in real estate and real estate related assets,
net of mortgage financing
    
    
    (150,718
    )Temporary investments in cash and cash equivalents
    
    $
    153,184
 
 (a)
    
    Excludes shares issued to affiliates, including our advisor, and excludes shares issued
pursuant to our distribution reinvestment and stock purchase plan. CPA®:17
2008 10-K 29




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##### Table of Contents



Item 6. Selected Financial Data.
   Period endedDecember 31, 2008
    
    December 31, 2007(a)Operating DataTotal revenues
    
    $
    9,684
    
    
    $
    Net loss
    
    
    (1,247
    )
    
    
    (106
    )Loss per share
    
    
    (0.07
    )
    
    
    (4.76
    )Cash distributions paid
    
    
    5,196
    
    
    
    Cash distributions declared per share
    
    
    0.5578
    
    
    
    0.0792Payment of mortgage principal (b)
    
    
    540
    
    
    
    Balance Sheet DataTotal assets
    
    $
    479,072
    
    
    $
    2,944Long-term obligations (c)
    
    
    137,181
    
    
    
    
 
 (a)
    
    For the period from inception (February 20, 2007) to December 31, 2007.(b)
    
    Represents scheduled mortgage principal paid.(c)
    
    Represents mortgage obligations and deferred acquisition fee installments. 
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Executive Overview
 Business Overview
  Highlights
 Highlights during 2008
 
    
    Raised $342 million in our public offering during 2008 (in total, more than $405 million
through March 23, 2009).
    
    Completed five domestic investments and two German investments at a total cost of $278.3
million, inclusive of minority interest of $52.3 million. In May 2008, we exercised a
purchase option to acquire an additional interest in a venture that leases certain domestic
properties for a total cost of $23.7 million, such that our total interest in the venture is
now 50%.
    
    Acquired CMBS investments for a total cost of $20 million.
    
    Obtained non-recourse mortgage financing of $139.7 million, inclusive of minority interest
of $20.6 million. In addition, our share of financing obtained by a venture which we account
for under the equity method of accounting totaled $19.7 million.
    
    One of our tenants, Wagon Automotive GmbH, filed for bankruptcy in Germany in December
2008. Wagon Automotive GmbH and its affiliate, Wagon Automotive Nagold GmbH, contributed $0.8
million and $0.9 million of lease revenues for 2008, respectively. We are closely monitoring
this situation.
    
    We recognized an other than temporary impairment charge of $2.1 million on our equity
investment in real estate to reduce the carrying value of our investment to its estimated
fair value.
    
    We recognized an unrealized loss of $1.4 million, inclusive of minority interest of $0.5
million, to write down the value of an embedded credit derivative.
 CPA®:17
2008 10-K 30




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##### Table of Contents




    
    Our daily distribution for the fourth quarter of 2008 increased to $0.0015625, or an
annualized yield of 5.75%. In December 2008, our board of directors approved the daily
distribution for the first quarter of 2009 of $0.001736, or an annualized yield of 6.25%.
 Financial Highlights
  Period from inception(February 20, 2007)Year Ended
    
    throughDecember 31, 2008
    
    December 31, 2007Total revenues
    
    $
    9,684
    
    
    $
    Net loss (a)
    
    
    (1,247
    )
    
    
    (106
    )Cash flow from (used in) operating activities
    
    
    4,443
    
    
    
    (17
    )
 
 (a)
    
    Net loss in 2008 reflects an other than temporary impairment charge of $2.1 million
recognized on our equity investment in real estate and an unrealized loss of $1.4 million,
inclusive of minority interest of $0.5 million, to write down the value of an embedded credit
derivative.  Current Developments and Trends
   Investment Opportunities
    CPA®:17
2008 10-K 31




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##### Table of Contents



Financing Conditions
  Fundraising
  Commercial Real Estate
  Corporate Defaults
     CPA®:17
2008 10-K 32




---



##### Table of Contents



Commercial Mortgage-Backed Securities
   Consumer Price Index (CPI)
  Exchange Rate Movements
  How Management Evaluates Results of Operations
     CPA®:17
2008 10-K 33




---



##### Table of Contents



Results of Operations
    2008Rental income
    
    $
    6,630Interest income from direct financing leases
    
    
    1,392$
    8,022
  2008Actebis Peacock GmbH (a)(b)
    
    $
    2,065Life Time Fitness, Inc.
    
    
    1,712Wagon Automotive GmbH and Wagon Automotive Nagold GmbH (a)(b)(c)
    
    
    1,695Laureate Education, Inc.
    
    
    1,325Sabre Communications Corporation and Cellxion, LLC
    
    
    1,083Flexmag Industries, Inc.
    
    
    130Frontier Spinning Mills, Inc. (a)(d)
    
    
    12$
    8,022
 
 (a)
    
    These revenues are generated in consolidated ventures with affiliates and include lease
revenues applicable to minority interests totaling $1.2 million.(b)
    
    Revenue amounts are subject to fluctuations in foreign currency exchange rates.(c)
    
    Wagon Automotive GmbH filed for bankruptcy in Germany in December 2008.(d)
    
    We acquired this investment in December 2008.  Lease Revenues
  CPA®:17
2008 10-K 34




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##### Table of Contents



Interest Income from Commercial Mortgage-Backed Securities
  Depreciation and Amortization
  General and Administrative
   Property Expenses
  Other Interest Income
  Loss from Equity Investment in Real Estate
   Minority Interest in (Income) Loss
   CPA®:17
2008 10-K 35




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##### Table of Contents



Loss on Foreign Currency Transactions and Derivative Instruments
   Interest Expense
  Provision for Income Taxes
  Net Loss
  Financial Condition
 Sources and Uses of Cash During the Year
   Operating Activities
  CPA®:17
2008 10-K 36




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##### Table of Contents



Investing Activities
  Financing Activities
    Cash Resources
   Cash Requirements
  CPA®:17
2008 10-K 37




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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
    
    $
    133,633
    
    
    $
    2,392
    
    
    $
    5,294
    
    
    $
    6,015
    
    
    $
    119,932Deferred acquisition fees  principal
    
    
    3,548
    
    
    
    1,696
    
    
    
    1,852
    
    
    
    
    
    
    
    Interest on borrowings and deferred acquisition fees
    
    
    84,980
    
    
    
    9,376
    
    
    
    17,988
    
    
    
    17,109
    
    
    
    40,507Purchase commitments (a)
    
    
    9,868
    
    
    
    
    
    
    
    9,868
    
    
    
    
    
    
    
    Due to the advisor (b)
    
    
    911
    
    
    
    911
    
    
    
    
    
    
    
    
    
    
    
    Operating and other lease commitments (c)
    
    
    94
    
    
    
    11
    
    
    
    23
    
    
    
    25
    
    
    
    35$
    233,034
    
    
    $
    14,386
    
    
    $
    35,025
    
    
    $
    23,149
    
    
    $
    160,474
 
 (a)
    
    Represents a commitment, inclusive of minority interest of $3 million, to purchase a
tenant-funded expansion project that is being completed by Actebis Peacock GmbH, one of our
German tenants. We have committed to purchase the expansion upon Actebis completion of the
project but no later than July 2011, at which time current and deferred acquisition fees will
be payable to the advisor. In addition, we had a second purchase commitment for $9.9 million,
inclusive of minority interest of $3.3 million, for which our obligation was relieved as a
result of the tenants bankruptcy filing (Notes 5, 7).(b)
    
    Represents costs payable to the advisor and its subsidiaries in connection with the offering
of our securities, consisting of organization and offering costs and commissions payable in
connection with our fundraising activity.(c)
    
    Operating 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. Amounts under the cost-sharing agreement
totaled $2.9 million for the year ended December 31, 2008 and were allocated among the
entities according to a formula that based on gross revenues and is adjusted quarterly. The
amounts allocated to us during the 2008 were de minimis because we had limited revenues;
however, we expect that the portion of these costs allocated to us will increase in the near
term as we continue to invest the proceeds of our offering.   Subsequent Events
    CPA®:17
2008 10-K 38




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##### Table of Contents



Critical Accounting Estimates
  Classification of Real Estate Assets
  Identification of Tangible and Intangible Assets in Connection with Real Estate Acquisitions
      CPA®:17
2008 10-K 39




---



##### Table of Contents



Basis of Consolidation
     Impairments
    CPA®:17
2008 10-K 40




---



##### Table of Contents



CPA®:17
2008 10-K 41




---



##### Table of Contents



Provision for Uncollected Amounts from Lessees
  Fair Value of Derivative Instruments and Marketable Securities
  Income Taxes
    Adoption of New Accounting Pronouncements
 SFAS 157
  CPA®:17 2008 10-K 42




---



##### Table of Contents



SFAS 159
  Recent Accounting Pronouncements
 SFAS 141R
  SFAS 160
  SFAS 161
  FSP 142-3
  EITF 03-6-1
  CPA®:17 2008 10-K 43




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##### Table of Contents



Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
 Market Risks
   Interest Rate Risk
     2009
    
    2010
    
    2011
    
    2012
    
    2013
    
    Thereafter
    
    Total
    
    Fair valueFixed rate debt
    
    $
    2,392
    
    
    $
    2,560
    
    
    $
    2,734
    
    
    $
    2,914
    
    
    $
    3,101
    
    
    $
    119,932
    
    
    $
    133,633
    
    
    $
    133,436
   CPA®:17 2008 10-K 44




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##### Table of Contents



Foreign Currency Exchange Rate Risk
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    Thereafter
    
    
    TotalLease revenues
    
    $
    9,047
    
    
    $
    9,047
    
    
    $
    9,047
    
    
    $
    9,047
    
    
    $
    9,047
    
    
    $
    90,946
    
    
    $
    136,181Debt service
    
    
    (5,146
    )
    
    
    (5,147
    )
    
    
    (5,142
    )
    
    
    (5,121
    )
    
    
    (5,098
    )
    
    
    (57,336
    )
    
    
    (82,990
    )$
    3,901
    
    
    $
    3,900
    
    
    $
    3,905
    
    
    $
    3,926
    
    
    $
    3,949
    
    
    $
    33,610
    
    
    $
    53,191
  CPA®:17 2008 10-K 45




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##### Table of Contents



Item 8. Financial Statements and Supplementary Data.
  Report of Independent Registered Public Accounting Firm
    
    
    47Consolidated Balance Sheets as of December 31, 2008 and 2007
    
    
    48Consolidated Statements of Operations for the year ended December 31, 2008 and for the period from
inception (February 20, 2007) to December 31, 2007
    
    
    49Consolidated Statements of Comprehensive Income for the year ended December 31, 2008 and for the
period from inception (February 20, 2007) to December 31, 2007
    
    
    49Consolidated Statements of Stockholders Equity for the year ended December 31, 2008 and for the
period from inception (February 20, 2007) to December 31, 2007
    
    
    50Consolidated Statements of Cash Flows for the year ended December 31, 2008 and for the period from
inception (February 20, 2007) to December 31, 2007
    
    
    51Notes to Consolidated Financial Statements
    
    
    52Schedule III  Real Estate and Accumulated Depreciation as of December 31, 2008
    
    
    79Notes to Schedule III
    
    
    80
  CPA®:17 2008 10-K 46




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
   
 CPA®:17 2008 10-K 47




---



##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
CONSOLIDATED BALANCE SHEETS  (in thousands, except share and per share amounts)
 December 31,2008
    
    
    2007AssetsReal estate, net
    
    $
    167,526
    
    
    $
    Net investment in direct financing leases
    
    
    83,924
    
    
    
    Equity investment in real estate
    
    
    21,864
    
    
    
    8Cash and cash equivalents
    
    
    161,569
    
    
    
    183Commercial mortgage-backed securities
    
    
    20,309
    
    
    
    Intangible assets, net
    
    
    18,291
    
    
    
    Deferred offering costs and other assets, net
    
    
    5,589
    
    
    
    2,753Total assets
    
    $
    479,072
    
    
    $
    2,944Liabilities and Shareholders EquityLiabilities:Non-recourse debt
    
    $
    133,633
    
    
    $
    Accounts payable, accrued expenses and other liabilities
    
    
    4,170
    
    
    
    82Prepaid and deferred rental income
    
    
    4,468
    
    
    
    Due to affiliates
    
    
    4,797
    
    
    
    2,768Distributions payable
    
    
    4,507
    
    
    
    Total liabilities
    
    
    151,575
    
    
    
    2,850Minority interest in consolidated entities
    
    
    30,074
    
    
    
    Commitments and contingencies (Note 13)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; 34,625,497 and 22,222
shares issued and outstanding, respectively
    
    
    35
    
    
    
    Additional paid-in capital
    
    
    310,732
    
    
    
    200Distributions in excess of accumulated earnings
    
    
    (11,056
    )
    
    
    (106
    )Accumulated other comprehensive loss
    
    
    (2,288
    )
    
    
    Total shareholders equity
    
    
    297,423
    
    
    
    94Total liabilities and shareholders equity
    
    $
    479,072
    
    
    $
    2,944
  CPA®:17 2008 10-K 48




---



##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS  (in thousands, except share and per share amounts)
 Period from inception(February 20, 2007)Year ended
    
    
    throughDecember 31, 2008
    
    
    December 31, 2007RevenuesRental income
    
    $
    6,630
    
    
    $
    Interest income from direct financing leases
    
    
    1,392
    
    
    
    Interest income from commercial mortgage-backed securities
    
    
    1,658
    
    
    
    Other real estate income
    
    
    4
    
    
    
    9,684
    
    
    
    ExpensesDepreciation and amortization
    
    
    (1,827
    )
    
    
    General and administrative
    
    
    (2,041
    )
    
    
    (108
    )Property expenses
    
    
    (807
    )
    
    
    (4,675
    )
    
    
    (108
    )Other Income and ExpensesOther interest income
    
    
    1,129
    
    
    
    2Loss from equity investment in real estate
    
    
    (1,793
    )
    
    
    Minority interest in loss
    
    
    370
    
    
    
    Loss on foreign currency transactions and derivative instrument
    
    
    (1,733
    )
    
    
    Interest expense
    
    
    (3,725
    )
    
    
    (5,752
    )
    
    
    2Loss before income taxes
    
    
    (743
    )
    
    
    (106
    )Provision for income taxes
    
    
    (504
    )
    
    
    Net Loss
    
    $
    (1,247
    )
    
    $
    (106
    )Loss Per Share
    
    $
    (0.07
    )
    
    $
    (4.76
    )Weighted Average Shares Outstanding
    
    
    17,273,533
    
    
    
    22,222
  
 CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)  (in thousands)
 Period from inception(February 20, 2007)Year ended
    
    
    throughDecember 31, 2008
    
    
    December 31, 2007Net Loss
    
    $
    (1,247
    )
    
    $
    (106
    )Other Comprehensive LossForeign currency translation adjustment
    
    
    (2,288
    )
    
    
    Comprehensive Loss
    
    $
    (3,535
    )
    
    $
    (106
    )
  CPA®:17 2008 10-K 49




---



##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY   (in thousands, except share and per share amounts)
 Distributions
    
    
    AccumulatedAdditional
    
    
    in Excess of
    
    
    OtherCommon
    
    
    Paid-In
    
    
    Accumulated
    
    
    ComprehensiveShares
    
    
    Stock
    
    
    Capital
    
    
    Earnings
    
    
    Loss
    
    
    TotalBalance at February 20, 2007
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Shares, $.001 par, issued to the advisor
at $9 per share
    
    
    22,222
    
    
    
    
    
    
    
    200
    
    
    
    
    
    
    
    
    
    
    
    200Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (106
    )
    
    
    
    
    
    
    (106
    )Balance at December 31, 2007
    
    
    22,222
    
    
    
    
    
    
    
    200
    
    
    
    (106
    )
    
    
    
    
    
    
    94Shares issued, net of offering costs
    
    
    34,544,270
    
    
    
    35
    
    
    
    309,942
    
    
    
    
    
    
    
    
    
    
    
    309,977Shares issued to the advisor
    
    
    59,005
    
    
    
    
    
    
    
    590
    
    
    
    
    
    
    
    
    
    
    
    590Distributions declared ($0.5578 per
share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,703
    )
    
    
    
    
    
    
    (9,703
    )Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,247
    )
    
    
    
    
    
    
    (1,247
    )Other comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,288
    )
    
    
    (2,288
    )Balance at December 31, 2008
    
    
    34,625,497
    
    
    $
    35
    
    
    $
    310,732
    
    
    $
    (11,056
    )
    
    $
    (2,288
    )
    
    $
    297,423
  CPA®:17 2008 10-K 50




---



##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS  (in thousands)
 Period from inception(February 20, 2007)throughDecember 31, 2008
    
    
    December 31, 2007Cash Flows  Operating ActivitiesNet loss
    
    $
    (1,247
    )
    
    $
    (106
    )Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:Depreciation and amortization, including intangible assets
    
    
    1,841
    
    
    
    Straight-line rent adjustments and amortization of rent-related intangibles
    
    
    (315
    )
    
    
    Loss from equity investment in real estate
    
    
    1,793
    
    
    
    Minority interest in loss
    
    
    (370
    )
    
    
    Issuance of shares to affiliate in satisfaction of fees due
    
    
    590
    
    
    
    Amortization of discount on commercial mortgage-backed securities
    
    
    (356
    )
    
    
    Realized loss on foreign currency transactions
    
    
    330
    
    
    
    Unrealized loss on derivative instrument
    
    
    1,403
    
    
    
    Increase in accounts receivable and prepaid expenses
    
    
    (414
    )
    
    
    (13
    )Increase in funds in escrow
    
    
    (282
    )
    
    
    Increase in prepaid and deferred rental income
    
    
    2,317
    
    
    
    Increase in accounts payable and accrued expenses
    
    
    2,453
    
    
    
    62Increase in due to affiliates
    
    
    (3,300
    )
    
    
    40Net cash provided by (used in) operating activities
    
    
    4,443
    
    
    
    (17
    )Cash Flows  Investing ActivitiesAcquisitions of real estate (a)
    
    
    (273,517
    )
    
    
    Contributions to equity investments in real estate (a)
    
    
    (23,074
    )
    
    
    Purchase of marketable securities
    
    
    (19,965
    )
    
    
    Payment of deferred acquisition fees to an affiliate
    
    
    (1,831
    )
    
    
    Net cash used in investing activities
    
    
    (318,387
    )
    
    
    Cash Flows  Financing ActivitiesDistributions paid
    
    
    (5,196
    )
    
    
    Distributions paid to minority interest partners
    
    
    (23
    )
    
    
    Contributions from minority interest partners
    
    
    31,527
    
    
    
    Proceeds from mortgages
    
    
    139,685
    
    
    
    Scheduled payments of mortgage principal
    
    
    (540
    )
    
    
    Proceeds from issuance of shares, net of offering costs
    
    
    310,232
    
    
    
    200Net cash provided by financing activities
    
    
    475,685
    
    
    
    200Change in Cash and Cash Equivalents During the YearEffect of exchange rate changes on cash
    
    
    (355
    )
    
    
    Net increase in cash and cash equivalents
    
    
    161,386
    
    
    
    183Cash and cash equivalents, beginning of year
    
    
    183
    
    
    
    Cash and cash equivalents, end of year
    
    $
    161,569
    
    
    $
    183
 Noncash investing and financing activities:
 
 (a)
    
    The cost basis of real estate investments acquired during 2008 also includes deferred
acquisition fees payable of $5.4 million. Supplemental cash flow information:
   CPA®:17 2008 10-K 51




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##### Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 Note 1. Organization and Offering
 Organization
   
 Public Offering
   Note 2. Summary of Significant Accounting Policies
 Basis of Consolidation
     CPA®:17 2008 10-K 52




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##### Table of Contents



Notes to Financial Statements
  Use of Estimates
  Purchase Price Allocation
      Cash and Cash Equivalents
  CPA®:17 2008 10-K 53




---



##### Table of Contents



Notes to Financial Statements
 Commercial Mortgage Backed Securities
  Other Assets and Other Liabilities
  Deferred Acquisition Fees Payable to Affiliate
  Organization and Offering Costs
  Real Estate Leased to Others
    Operating leases
 Direct financing method
  CPA®:17 2008 10-K 54




---



##### Table of Contents



Notes to Financial Statements
  Depreciation
  Impairments
      CPA®:17 2008 10-K 55




---



##### Table of Contents



Notes to Financial Statements
   Foreign Currency Translation
    Derivative Instruments
   CPA®:17 2008 10-K 56




---



##### Table of Contents



Notes to Financial Statements
  Income Taxes
    Loss Per Share
  Adoption of New Accounting Pronouncements
 SFAS 157
    CPA®:17 2008 10-K 57




---



##### Table of Contents



Notes to Financial Statements
  SFAS 159
  Recent Accounting Pronouncements
 SFAS 141R
  SFAS 160
  SFAS 161
  FSP 142-3
  CPA®:17 2008 10-K 58




---



##### Table of Contents



Notes to Financial Statements
  EITF 03-6-1
  Note 3. Agreements and Transactions with Related Parties
    CPA®:17 2008 10-K 59




---



##### Table of Contents



Notes to Financial Statements
     Note 4. Real Estate
  December 31, 2008Land
    
    $
    36,817Building
    
    
    132,164Less: Accumulated depreciation
    
    
    (1,455
    )$
    167,526
 CPA ® :17 2008 10-K 60




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##### Table of Contents



Notes to Financial Statements
  Year ending December 31,2009
    
    $
    16,3282010
    
    
    16,4902011
    
    
    16,6552012
    
    
    16,8232013
    
    
    16,994Thereafter through 2028
    
    
    198,037
  Note 5. Net Investment in Direct Financing Leases
  December 31, 2008Minimum lease payments receivable
    
    $
    148,636Unguaranteed residual value
    
    
    83,991232,627Less: unearned income
    
    
    (148,703
    )$
    83,924
   Year ending December 31,2009
    
    $
    8,4842010
    
    
    8,6462011
    
    
    8,6752012
    
    
    8,6752013
    
    
    8,675Thereafter through 2028
    
    
    105,481
  CPA ® :17 2008 10-K 61




---



##### Table of Contents



Notes to Financial Statements
 Note 6. Equity Investment in Real Estate
    December 31,2008
    
    
    2007Assets
    
    $
    85,177
    
    
    $
    87,732Liabilities
    
    
    (40,073
    )
    
    
    (1,355
    )Partners equity
    
    $
    45,104
    
    
    $
    86,377
 December 31,2008
    
    
    2007Revenue
    
    $
    6,660
    
    
    $
    218Expenses
    
    
    (5,383
    )
    
    
    (100
    )Net income
    
    $
    1,277
    
    
    $
    118
 Note 7. Acquisitions of Real Estate and Real-Estate Related Investments
  Real Estate Acquired
   CPA ® :17 2008 10-K 62




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##### Table of Contents



Notes to Financial Statements
 Equity Investments in Real Estate Acquired
  Commercial Mortgage Backed Securities Investments Acquired
  Note 8. Securities Held to Maturity
  Description
    
    Face Value
    
    Amortized Cost
    
    Unrealized Loss
    
    Estimated Fair ValueCMBS
    
    $
    33,284
    
    
    $
    20,309
    
    
    $
    (15,747
    )
    
    $
    4,562
   Rating
    
    Amortized CostA+
    
    $
    3,892A
    
    
    1,478A-
    
    
    10,380BBB+
    
    
    1,808BBB-
    
    
    2,751$
    20,309
  Note 9. Intangibles
  CPA ® :17 2008 10-K 63




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##### Table of Contents



Notes to Financial Statements
  December 31, 2008Lease intangibles:In-place lease
    
    $
    12,796Tenant relationship
    
    
    3,225Above-market rent
    
    
    2,707Less: Accumulated amortization
    
    
    (437
    )$
    18,291Below-market rent
    
    $
    (2,298
    )Less: accumulated amortization
    
    
    30$
    (2,268
    )
  Note 10. Disclosures About Fair Value of Financial Instruments
  Note 11. Risk Management and Use of Derivative Financial Instruments
 Risk Management
  Commercial Mortgage-Backed Securities
  Use of Derivative Financial Instruments
  Embedded Credit Derivative
  CPA ® :17 2008 10-K 64




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##### Table of Contents



Notes to Financial Statements
  Foreign Currency Exchange
  Concentration of Credit Risk
    Note 12. Debt
   Year ending December 31,
    
    Total2009
    
    $
    2,3922010
    
    
    2,5602011
    
    
    2,7342012
    
    
    2,9142013
    
    
    3,101Thereafter through 2028
    
    
    119,932Total
    
    $
    133,633
 Note 13. Commitments and Contingencies
  SEC Investigation
 ®
 CPA ® :17 2008 10-K 65




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##### Table of Contents



Notes to Financial Statements
  ® ® ® ®
 ® ® ®
  State
Securities Matters
 ®
 Note 14. Shareholders Equity
 Distributions
  2008Ordinary income
    
    $
    0.32Return of capital
    
    
    0.24Total distributions
    
    $
    0.56
   CPA ® :17 2008 10-K 66




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##### Table of Contents



Notes to Financial Statements
 Accumulated Other Comprehensive Loss
  2008Foreign currency translation adjustment
    
    $
    (2,288
    )Accumulated other comprehensive loss
    
    $
    (2,288
    )
 Note 15. Segment Information
   2008
    
    Domestic
    

Foreign (a)
    
    Total CompanyRevenues
    
    $
    5,923
    
    
    $
    3,761
    
    
    $
    9,684Total long-lived assets (b)
    
    
    174,942
    
    
    
    98,372
    
    
    
    273,314
 
 (a)
    
    Consists of operations in Germany.(b)
    
    Consists of real estate, net; net investment in direct financing leases and equity
investments in real estate. Note 16. Selected Quarterly Financial Data (unaudited)
  Three months endedMarch 31, 2008
    
    June 30, 2008
    
    September 30, 2008
    
    December 31, 2008Revenues
    
    $
    
    
    
    $
    322
    
    
    $
    3,590
    
    
    $
    5,772Operating expenses
    
    
    (306
    )
    
    
    (671
    )
    
    
    (1,592
    )
    
    
    (2,106
    )Net (loss) income (a)
    
    
    (159
    )
    
    
    165
    
    
    
    607
    
    
    
    (1,860
    )Income (loss) per share
    
    
    (0.05
    )
    
    
    0.01
    
    
    
    0.03
    
    
    
    (0.06
    )Distributions declared per share
    
    
    0.1375
    
    
    
    0.1375
    
    
    
    0.1390
    
    
    
    0.1438
 
 (a)
    
    Net income for the three months ended December 31, 2008 includes the recognition of an other
than temporary impairment charge of $2.1 million to reduce the carrying value of an equity
investment in real estate to the estimated fair value of the ventures underlying net assets
and an unrealized loss of $1.4 million, inclusive of minority interest of $0.5 million, to
write down the value of an embedded credit derivative. Three months endedJune 30, 2007 (a)
    
    September 30, 2007
    
    December 31, 2007Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating expenses
    
    
    (40
    )
    
    
    
    
    
    
    (68
    )Net loss
    
    
    (40
    )
    
    
    
    
    
    
    (66
    )Loss per share
    
    
    (1.81
    )
    
    
    
    
    
    
    (2.95
    )Distributions declared per share
    
    
    N/A
    
    
    
    N/A
    
    
    
    0.0792
 
 (a)
    
    We were formed on February 20, 2007 and had no operations for the period from inception to
March 31, 2007. Note 17. Pro Forma Financial Information (unaudited)
  CPA ® :17 2008 10-K 67




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##### Table of Contents



Notes to Financial Statements
   Period from InceptionYear ended
    
    (February 20, 2007) toDecember 31, 2008
    
    December 31, 2007Pro forma total revenues
    
    $
    28,854
    
    
    $
    24,365Pro forma
net income (a)
    
    
    5,671
    
    
    
    9,236Pro forma earnings per share (a):Basic and diluted
    
    
    0.16
    
    
    
    0.27
 
 (a)
    
    Pro forma net income and pro forma earnings per share for the year ended December 31, 2008
reflect the impact of an other than temporary impairment charge of $2.1 million to reduce the
carrying value of an equity investment in real estate to the estimated fair value of the underlying
ventures net assets and an unrealized loss of $1.4 million, inclusive of minority interest of $0.5
million, to write down the value of an embedded credit derivative. Included in Pro forma net income is actual interest
income generated from the proceeds of our public offering. A portion of these proceeds was used to fund the investments
included in the foregoing pro forma financial information.  Note 18. Subsequent Events
    CPA ® :17 2008 10-K 68




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 Report of Independent Registered Public Accounting Firm
    
    
    70Balance Sheets as of December 31, 2008 and 2007 (Unaudited)
    
    
    71Statements of Income for the year ended December 31, 2008 and the Period from Inception (November
9, 2007) through December 31, 2007 (Unaudited)
    
    
    72Statements of Members Equity for the year ended December 31, 2008 and the Period from Inception
(November 9, 2007) through December 31, 2007 (Unaudited)
    
    
    73Statements of Cash Flows for the year ended December 31, 2008 and the Period from Inception
(November 9, 2007) through December 31, 2007 (Unaudited)
    
    
    74Notes to Financial Statements
 CPA®:17
2008 10-K 69




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
   
 CPA®:17
2008 10-K 70




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 BALANCE SHEETS
 December 31,2008
    
    
    2007(UNAUDITED)Assets:Real estate, net
    
    $
    80,355,072
    
    
    $
    82,964,658Intangible assets, net
    
    
    4,409,169
    
    
    
    4,637,126Other assets, net
    
    
    412,729
    
    
    
    130,000Total assets
    
    $
    85,176,970
    
    
    $
    87,731,784Liabilities and Members Equity:Liabilities:Non-recourse debt
    
    $
    39,071,069
    
    
    $
    Deferred and prepaid rental income
    
    
    764,518
    
    
    
    1,354,858Accrued expenses
    
    
    222,003
    
    
    
    Total liabilities
    
    
    40,057,590
    
    
    
    1,354,858Members Equity:Members equity
    
    
    43,709,001
    
    
    
    86,258,748Accumulated earnings
    
    
    1,410,379
    
    
    
    118,178Total members equity
    
    
    45,119,380
    
    
    
    86,376,926Total liabilities and members equity
    
    $
    85,176,970
    
    
    $
    87,731,784
  CPA®:17
2008 10-K 71




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 STATEMENTS OF INCOME
 Period frominception(November 9, 2007)Year ended
    
    
    throughDecember 31, 2008
    
    
    December 31, 2007(UNAUDITED)RevenuesRental income
    
    $
    6,651,343
    
    
    $
    218,327Other operating income
    
    
    8,198
    
    
    
    6,659,541
    
    
    
    218,327Operating ExpensesDepreciation and amortization
    
    
    (2,811,881
    )
    
    
    (100,149
    )Property expense
    
    
    (19,753
    )
    
    
    General and administrative
    
    
    (300
    )
    
    
    (2,831,934
    )
    
    
    (100,149
    )Other Income and ExpensesInterest expense
    
    
    (2,535,406
    )
    
    
    (2,535,406
    )
    
    
    Net income
    
    $
    1,292,201
    
    
    $
    118,178
  CPA®:17
2008 10-K 72




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 STATEMENTS OF MEMBERS EQUITY
 Managing
    
    
    Non-ManagingMember
    
    
    Members
    
    
    TotalBalance, November 9, 2007
    
    $
    
    
    
    $
    
    
    
    $
    Contributions
    
    
    435,205
    
    
    
    86,605,789
    
    
    
    87,040,994Distributions
    
    
    (3,911
    )
    
    
    (778,335
    )
    
    
    (782,246
    )Net income
    
    
    591
    
    
    
    117,587
    
    
    
    118,178Balance, December 31, 2007
    
    
    431,885
    
    
    
    85,945,041
    
    
    
    86,376,926Contributions
    
    
    305
    
    
    
    60,773
    
    
    
    61,078Distributions
    
    
    (213,054
    )
    
    
    (42,397,771
    )
    
    
    (42,610,825
    )Net income
    
    
    6,461
    
    
    
    1,285,740
    
    
    
    1,292,201Balance, December 31, 2008
    
    $
    225,597
    
    
    $
    44,893,783
    
    
    $
    45,119,380
  CPA®:17
2008 10-K 73




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 STATEMENTS OF CASH FLOWS
 Period frominception(November 9, 2007)Year ended
    
    
    throughDecember 31, 2008
    
    
    December 31, 2007(UNAUDITED)Cash flows from operating activities:Net income
    
    $
    1,292,201
    
    
    $
    118,178Adjustments to reconcile net income to net cash provided by operating
activities:Depreciation and amortization, including intangible assets and
deferred financing costs
    
    
    2,829,963
    
    
    
    100,149Amortization of rent-related intangibles
    
    
    (731
    )
    
    
    (26
    )Increase in accounts receivable
    
    
    (197,548
    )
    
    
    (Decrease) increase in prepaid rental income
    
    
    (563,945
    )
    
    
    563,945Increase in accrued expenses
    
    
    222,003
    
    
    
    Net cash provided by operating activities
    
    
    3,581,943
    
    
    
    782,246Cash flows from investing activities:Acquisition of real estate
    
    
    
    
    
    
    (86,910,994
    )Funds placed in escrow for future improvements
    
    
    (36,000
    )
    
    
    Net cash used in investing activities
    
    
    (36,000
    )
    
    
    (86,910,994
    )Cash flows from financing activities:Distributions to members
    
    
    (42,610,825
    )
    
    
    (782,246
    )Contributions from members
    
    
    61,078
    
    
    
    87,040,994Proceeds from non-recourse mortgage
    
    
    39,400,000
    
    
    
  Payment of mortgage principal
    
    
    (328,931
    )
    
    
    Deferred financing costs and mortgage deposits, net of deposits refunded
    
    
    (67,265
    )
    
    
    (130,000
    )Net cash used in financing activities
    
    
    (3,545,943
    )
    
    
    86,128,748Net change in cash and cash equivalents
    
    
    
    
    
    
    Cash and cash equivalents, beginning of year
    
    
    
    
    
    
    Cash and cash equivalents, end of year
    
    $
    
    
    
    $
    Supplemental disclosures:Interest paid
    
    $
    2,295,320
    
    
    $
    
  CPA®:17
2008 10-K 74




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 
 NOTES TO FINANCIAL STATEMENTS
 Note 1. Organization and Business
   Note 2. Summary of Significant Accounting Policies
 Use of Estimates
  Real Estate Leased to Others
      CPA®:17
2008 10-K 75




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
    Cash and Cash Equivalents
  Other Assets
  Depreciation
  Impairments
    CPA®:17
2008 10-K 76




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
  Income Taxes
  Note 3. Real Estate
  2008
    
    
    2007(UNAUDITED)Land
    
    $
    4,770,000
    
    
    $
    4,770,000Buildings
    
    
    78,287,602
    
    
    
    78,287,60283,057,602
    
    
    
    83,057,602Less: Accumulated depreciation
    
    
    (2,702,530
    )
    
    
    (92,944
    )$
    80,355,072
    
    
    $
    82,964,658
 Scheduled Future Minimum Rents
  Note 4. Intangible Assets and Goodwill
   2008
    
    
    2007(UNAUDITED)Lease intangiblesIn-place lease
    
    $
    3,873,697
    
    
    $
    3,873,697Tenant relationship
    
    
    258,273
    
    
    
    258,273Above-market rent
    
    
    513,275
    
    
    
    513,275Less: accumulated amortization
    
    
    (236,076
    )
    
    
    (8,119
    )$
    4,409,169
    
    
    $
    4,637,126Below-market rent
    
    $
    (791,853
    )
    
    $
    (791,853
    )Less: accumulated amortization
    
    
    27,335
    
    
    
    940$
    (764,518
    )
    
    $
    (790,913
    )
  CPA®:17
2008 10-K 77




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##### Table of Contents



BPLAST LANDLORD (DE) LLC
 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 5. Non-Recourse Debt
   Years ended December 31,
    
    Total Debt2009
    
    $
    417,9822010
    
    
    446,8192011
    
    
    477,6462012
    
    
    503,3422013
    
    
    545,325Thereafter through 2018
    
    
    36,679,955Total
    
    $
    39,071,069
 Note 6. Disclosures about Fair Value of Financial Instruments
  Note 7. Subsequent Event
  CPA®:17
2008 10-K 78




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 SCHEDULE III  REAL ESTATE and ACCUMULATED DEPRECIATION
as of December 31, 2008  (in thousands)
 Life on whichDepreciation inCosts Capitalized
    
    
    Increase
    
    
    Gross Amount at which Carried
    
    
    
    
    
    
    
    
    
    
    Latest Statement ofInitial Cost to Company
    
    
    Subsequent to
    
    
    (Decrease) in Net
    
    
    at Close of Period (c)
    
    
    Accumulated
    
    
    Date
    
    
    Income isDescription
    
    Encumbrances
    
    
    Land
    
    
    Buildings
    
    
    Acquisition (a)
    
    
    Investments (b)
    
    
    Land
    
    
    Buildings
    
    
    Total
    
    
    Depreciation (d)
    
    
    Acquired
    
    
    ComputedReal Estate Under Operating Leases:Industrial facility in Norfolk, NE
    
    $
    1,930
    
    
    $
    625
    
    
    $
    1,713
    
    
    $
    
    
    
    $
    107
    
    
    $
    625
    
    
    $
    1,820
    
    
    $
    2,445
    
    
    $
    35
    
    
    Jun. 2008
    
    30 yrs.Residential and office facilities in Soest,
Germany and warehouse/distribution facility in
Bad Wünnenbeg, Germany
    
    
    32,017
    
    
    
    3,193
    
    
    
    45,932
    
    
    
    
    
    
    
    (5,087
    )
    
    
    2,844
    
    
    
    41,194
    
    
    
    44,038
    
    
    
    546
    
    
    Jul. 2008
    
    36 yrs.Educational facility in Chicago, IL
    
    
    16,868
    
    
    
    6,300
    
    
    
    20,509
    
    
    
    
    
    
    
    
    
    
    
    6,300
    
    
    
    20,509
    
    
    
    26,809
    
    
    
    342
    
    
    Jul. 2008
    
    30 yrs.Office/industrial facility in Alvarado, TX and
industrial facility in Bossier City, LA
    
    
    15,946
    
    
    
    2,725
    
    
    
    25,233
    
    
    
    
    
    
    
    (3,395
    )
    
    
    2,725
    
    
    
    21,838
    
    
    
    24,563
    
    
    
    239
    
    
    Aug. 2008
    
    25  40 yrs.Land in Waldaschaff, Germany
    
    
    6,067
    
    
    
    10,373
    
    
    
    
    
    
    
    
    
    
    
    (550
    )
    
    
    9,823
    
    
    
    
    
    
    
    9,823
    
    
    
    
    
    
    Aug. 2008
    
    
    N/ARetail facilities in Phoenis, AZ and Columbia, MD
    
    
    39,300
    
    
    
    14,500
    
    
    
    48,865
    
    
    
    
    
    
    
    (2,062
    )
    
    
    14,500
    
    
    
    46,803
    
    
    
    61,303
    
    
    
    293
    
    
    Sep. 2008
    
    40 yrs.$
    112,128
    
    
    $
    37,716
    
    
    $
    142,252
    
    
    $
    
    
    
    $
    (10,987
    )
    
    $
    36,817
    
    
    $
    132,164
    
    
    $
    168,981
    
    
    $
    1,455
 Gross Amount atCosts Capitalized
    
    
    Increase
    
    
    which CarriedInitial Cost to Company
    
    
    Subsequent to
    
    
    (Decrease) in Net
    
    
    at Close of
    
    
    DateDescription
    
    Encumbrances
    
    
    Land
    
    
    Buildings
    
    
    Acquisition (a)
    
    
    Investments (b)
    
    
    Period Total
    
    
    AcquiredDirect Financing Method:Office/industrial facility in Nagold, Germany and industrial facility in Waldaschaff, Germany
    
    $
    21,505
    
    
    $
    6,012
    
    
    $
    41,493
    
    
    $
    
    
    
    $
    (2,447
    )
    
    $
    45,058
    
    
    Aug. 2008Industrial facilities in Sanford, NC and Mayodan, NC
    
    
    
    
    
    
    3,100
    
    
    
    35,766
    
    
    
    
    
    
    
    
    
    
    
    38,866
    
    
    Dec. 2008$
    21,505
    
    
    $
    9,112
    
    
    $
    77,259
    
    
    $
    
    
    
    $
    (2,447
    )
    
    $
    83,924
 CPA®:17 2008 10-K  79




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 NOTES to SCHEDULE III  REAL ESTATE and ACCUMULATED DEPRECIATION
 
 (a)
    
    Consists of the costs of improvements subsequent to purchase and acquisition costs including
construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs and
other related professional fees. (b)
    
    The increase (decrease) in net investment is primarily due to (i) the amortization of
unearned income from net investment in direct financing leases, which produces a periodic rate
of return that at times may be greater or less than lease payments received, (ii) sales of
properties, (iii) impairment charges, and (iv) changes in foreign currency exchange rates.(c)
    
    Reconciliation of real estate and accumulated depreciation (in thousands):
 Reconciliation ofReal EstateSubject toOperating LeasesDecember 31,2008Balance at beginning of year
    
    $
    Additions
    
    
    180,076Foreign currency translation adjustment
    
    
    (5,638
    )Reclassification to intangible asset
    
    
    (5,457
    )Balance at close of year
    
    $
    168,981
 Reconciliationof AccumulatedDepreciationDecember 31,2008Balance at beginning of year
    
    $
    Depreciation expense
    
    
    1,455Balance at close of year
    
    $
    1,455
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A(T). Controls and Procedures.
 Disclosure Controls and Procedures
   Managements Report on Internal Control Over Financial Reporting
  CPA®:17 2008 10-K  80




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##### Table of Contents



Changes in Internal Control Over Financial Reporting
  
 Item 9B. Other Information.
  CPA®:17 2008 10-K  81




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##### Table of Contents



Item 10. Directors, Executive Officers and Corporate Governance.
  
 Item 11. Executive Compensation.
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence.
  
 Item 14. Principal Accountant Fees and Services.
  CPA®:17 2008 10-K  82




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##### Table of Contents



Item 15. Exhibits, Financial Statement Schedules.
 (1)
    
    and (2)  Financial statements and schedules  see index to financial statements
included in Item 8.Other Financial Statements  BPLAST LANDLORD LLC(3)
    
    Exhibits:
  Exhibit No.
    
    Description
    
    Method of Filing3.1
    
    Articles of Incorporation of Registrant
    
    Incorporated by reference to Registration
Statement on Form S-11 (No. 333-140842) filed
February 22, 20073.2
    
    Articles of Amendment and Restatement of Corporate Property
Associates 17  Global Incorporated
    
    Incorporated by reference to Quarterly Report
on Form 10-Q filed December 14, 20073.3
    
    Bylaws of Corporate Property Associates 17  Global
Incorporated
    
    Incorporated by reference to Quarterly Report
on Form 10-Q filed on December 14, 20074.1
    
    2007 Distribution Reinvestment and Stock Purchase Plan
    
    Incorporated by reference to Quarterly Report
on Form 10-Q filed on December 14, 200710.1
    
    Selected Dealer Agreement dated as of December 7, 2007 by
and among, Corporate Property Associates 17  Global
Incorporated, Carey Financial, LLC, Carey Asset Management
Corp., W. P. Carey & Co. LLC and Ameriprise Financial
Services, Inc.
    
    Incorporated by reference to Form 8-K filed
December 10, 200710.2
    
    Advisory Agreement dated November 12, 2007 between Corporate
Property Associates 17  Global Incorporated and Carey
Asset Management Corp.
    
    Incorporated by reference to Quarterly Report
on Form 10-Q filed December 14, 200710.3
    
    Agreement of Limited Partnership of CPA:17 Limited
Partnership dated November 12, 2007 by and among, Corporate
Property Associates 17  Global Incorporated and W. P.
Carey Holdings, LLC
    
    Incorporated by reference to Quarterly Report
on Form 10-Q filed December 14, 200710.4
    
    Sales Agency Agreement dated November 30, 2007 between
Corporate Property Associates 17  Global Incorporated and
Carey Financial, LLC
    
    Incorporated by reference to Quarterly Report
on Form 10-Q filed December 14, 200710.5
    
    Subscription Escrow Agreement
    
    Incorporated by reference to Registration
Statement on Form S-11 (No. 333-140842) filed
October 29, 200710.6
    
    Form of Amended Selected Dealer Agreement by and between
Carey Financial, LLC and the selected dealers named therein
from time to time
    
    Incorporated by reference to Registration
Statement on Form S-11 (File No. 333-140842)
filed August 1, 200810.7
    
    Amendment No. 1 to Advisory Agreement dated as of July 1,
2008 between Corporate Property Associates 17  Global
Incorporated and Carey Asset Management Corp.
    
    Incorporated by reference to Registration
Statement on Form S-11 (File No. 333-140842)
filed August 1, 200810.8
    
    Asset Management Agreement dated as of July 1, 2008 between
Corporate Property Associates 17  Global Incorporated and
W. P. Carey & Co. B.V.
    
    Incorporated by reference to Registration
Statement on Form S-11 (File No. 333-140842)
filed August 1, 200810.9
    
    Form of Indemnification Agreement with independent directors
    
    Incorporated by reference to Registration
Statement on Form S-11 (File No. 333-140842)
filed August 1, 200821.1
    
    Subsidiaries of Registrant
    
    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 2008 10-K  83




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##### Table of Contents



SIGNATURES
  Corporate Property Associates 17  Global IncorporatedDate 3/26/2009
    By:
    /s/ Mark J. DeCesarisMark J. DeCesarisManaging Director and Acting Chief Financial Officer  Signature
    
    Title
    
    Date/s/ Wm. Polk Carey

Wm. Polk Carey
    
    Chairman of the Board and Director
    
    3/26/2009/s/ Gordon F. DuGan

Gordon F. DuGan
    
    Chief Executive Officer and Director 
(Principal
Executive Officer)
    
    3/26/2009/s/ Mark J. DeCesaris

Mark J. DeCesaris
    
    Managing Director and Acting Chief Financial
Officer 
(Principal
Financial Officer)
    
    3/26/2009/s/ Thomas J. Ridings, Jr.

Thomas J. Ridings, Jr.
    
    Executive Director and Chief Accounting Officer 
(Principal
Accounting Officer)
    
    3/26/2009/s/ Marshall E. Blume

Marshall E. Blume
    
    Director
    
    3/26/2009/s/ Elizabeth P. Munson

Elizabeth P. Munson
    
    Director
    
    3/26/2009/s/ Richard J. Pinola

Richard J. Pinola
    
    Director
    
    3/26/2009/s/ James D. Price

James D. Price
    
    Director
    
    3/26/2009
 CPA®:17
2008 10-K  84