##### Table of Contents



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, 2007
 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
(State or other jurisdiction of incorporation or organization)
    
    20-8429087
(I.R.S. Employer Identification No.)
 50 Rockefeller Plaza 
New York, New York
(Address of principal executive offices)
    
    10020
(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
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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TABLE OF CONTENTS
 Page No.PART IItem 1. Business.
    
    2Item 1A. Risk Factors.
    
    9Item 1B. Unresolved Staff Comments.
    
    25Item 2. Properties.
    
    25Item 3. Legal Proceedings.
    
    25Item 4. Submission of Matters to a Vote of Security Holders.
    
    26PART IIItem 5. Market for
Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
    
    26Item 6. Selected Financial Data.
    
    26Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
    
    27Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
    
    33Item 8. Financial Statements and Supplementary Data.
    
    34Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
    
    48Item 9A. Controls and Procedures.
    
    48Item 9B. Other Information.
    
    48PART IIIItem 10. Directors, Executive Officers and Corporate Governance.
    
    48Item 11. Executive Compensation.
    
    48Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters.
    
    48Item 13. Certain Relationships and Related Transactions, and Director Independence.
    
    48Item 14. Principal Accounting Fees and Services.
    
    48PART IVItem 15. Exhibits, Financial Statement Schedules.
    
    49SIGNATURES
    
    50EX-21.1: SUBSIDIARIES OF THE REGISTRANTEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32: CERTIFICATIONS
 Forward-Looking Statements
   CPA®:17 2007 10-K 1




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Item 1. Business.
 (a) General Development of Business
 Overview:
   ® ® ® ®
     Significant Developments:
 Public Offering
 Investment Activity ®
 CPA®:17 2007 10-K  2




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Financing Activity
 Distribution
 SEC Investigation ® ® ® ® ® ®
 (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 2007 10-K  3




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Our Portfolio
  Asset Management
   Holding Period
  ® ® ®
 Financing Strategies
  CPA®:17 2007 10-K  4




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Target Investments
  Real Estate Properties
 Long Term Net Leased Assets
     Tenant/Borrower Evaluation
 Properties Important to Tenant/Borrower Operations
 CPA®:17 2007 10-K  5




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Diversification
 Lease Terms
 Collateral Evaluation
 Transaction Provisions that Enhance and Protect Value
 Other Equity Enhancements
 Real Estate Related Assets
 Opportunistic Investments
  Mortgage Loans Secured by Commercial Real Properties
  CPA®:17 2007 10-K  6




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B Notes
   Mezzanine Loans
  Commercial Mortgage-Backed Securities
  Equity and Debt Securities of Companies Engaged in Real Estate Activities, including other REITs.
  Investment Procedures
 ® ® ® ® ® ®
  
    
    Nathaniel S. Coolidge  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.
 CPA®:17 2007 10-K  7




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
    
    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.
    
    Dr. Karsten von Köller  Currently chairman of Lone Star Germany GmbH and deputy
chairman of the supervisory board of Corealcredit Bank AG.
  Competition
   Environmental Matters
     CPA®:17 2007 10-K  8




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Transactions with Affiliates
 ® ®
 ®
 (d) Financial Information About Geographic Areas
  (e) Available Information
  
 Item 1A. Risk Factors.
   We were incorporated in February 2007 and have no operating history.
 ® ®
 The offering price for shares being offered in this 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.
 ®
 CPA®:17 2007 10-K  9




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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 this 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.
  Our success will be dependent on the performance of our advisor.
 ®
 CPA®:17 2007 10-K  10




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We may invest in assets outside our advisors core expertise and incur losses as a result.
  WPC and Carey Financial have recently settled the 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.
  CPA®:17 2007 10-K  11




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The termination or replacement of our advisor could trigger a default or repayment event under our
financing arrangements for some of our assets.
  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.
 ® ®
 CPA®:17 2007 10-K  12




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We face competition from affiliates of our advisor in the purchase, sale, lease and operation of
properties.
 ® ® ® ® ®
 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 U.S. 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 2007 10-K  13




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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.
   Our participation in joint ventures creates additional risk.
 ®
 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 2007 10-K  14




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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.
  Our derivative financial instruments used to hedge against interest rate and currency fluctuations
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.
  CPA®:17 2007 10-K  15




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We will incur debt to finance our operations, which may subject us to an increased risk of loss.
   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.
    ® ®
 CPA®:17 2007 10-K  16




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Our leases may permit tenants to purchase a property at a predetermined price, which could limit
our realization of any appreciation.
  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.
  CPA®:17 2007 10-K  17




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
    
    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.
    
    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.
  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 make distributions.
  CPA®:17 2007 10-K  18




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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
    
    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.
  CPA®:17 2007 10-K  19




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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.
   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.
  CPA®:17 2007 10-K 20




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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.
  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.
  CPA®:17 2007 10-K 21




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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.
  Equity investments involve a greater risk of loss than traditional debt financing.
  There is not, and may never be a public market for our shares, so it will be difficult for
stockholders to sell shares quickly.
  Failing to qualify as a REIT would adversely affect our operations and ability to make
distributions.
  CPA®:17 2007 10-K 22




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Our distributions may exceed our earnings.
  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.
  Possible legislative or other actions affecting REITs could adversely affect our stockholders and
us.
  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 2007 10-K 23




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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 2007 10-K 24




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Item 1B. Unresolved Staff Comments.
  
 Item 2. Properties.
   
 Item 3. Legal Proceedings.
 SEC Investigation
 ® ®
 ® ® ®
 ® ® ® ®
  CPA®:17 2007 10-K 25




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Other
   
 Item 4. Submission of Matters to a Vote of Security Holders.
  
  
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
  Distributions
  Unregistered Sales of Equity Securities
  
 Item 6. Selected Financial Data.
  Period endedDecember 31, 2007 (a)Operating DataRevenues
    
    $
    Net loss
    
    
    (105,799
    )Loss per share
    
    
    (4.76
    )Cash distributions paid
    
    
    Cash distributions declared per share
    
    
    0.0792Balance Sheet DataTotal assets
    
    $
    2,944,287Long-term obligations
    
    
    174
 
 (a)
    
    For the period from inception (February 20, 2007) to December 31, 2007. CPA®:17 2007 10-K 26




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Executive Overview
 Business Overview
   Current Developments and Trends
        CPA®:17 2007 10-K 27




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Results of Operations
    Financial Condition
     Cash Resources
  Cash Requirements
  CPA®:17 2007 10-K 28




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Off-Balance Sheet Arrangements and Contractual Obligations
 Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 yearsOrganization and offering costs payable to the advisor (a)
    
    $
    2,767,832
    
    
    $
    2,767,832
    
    
    $
    
    
    
    $
    
    
    
    $
    Deferred acquisition fees
    
    
    174
    
    
    
    58
    
    
    
    116
    
    
    
    
    
    
    
    $
    2,768,006
    
    
    $
    2,767,890
    
    
    $
    116
    
    
    $
    
    
    
    $
    
 
 (a)
    
    Represents costs paid by the advisor and its subsidiaries in connection with the offering of
our securities.  Subsequent Event
  Critical Accounting Estimates
  Classification of Real Estate Assets
  Identification of Tangible and Intangible Assets in Connection with Real Estate Acquisitions
   CPA®:17 2007 10-K 29




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Basis of Consolidation
    Impairments
   CPA®:17 2007 10-K 30




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Provision for Uncollected Amounts from Lessees
  Income Taxes
    CPA®:17 2007 10-K 31




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Recent Accounting Pronouncements
 SFAS 157
  SFAS 159
  SOP 07-1
  FIN 46R-7
  SFAS 141R
  CPA®:17 2007 10-K 32




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SFAS 160
  
 Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
  CPA®:17 2007 10-K 33




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Item 8. Financial Statements and Supplementary Data.
  Report of Independent Registered Public Accounting FirmConsolidated Balance Sheets as of December 31, 2007 and February 20, 2007Consolidated Statement of Operations for the period from inception (February 20, 2007) to December 31, 2007Consolidated Statement of Stockholders Equity for the period from inception (February 20, 2007) to December 31, 2007Consolidated Statement of Cash Flows for the period from inception (February 20, 2007) to December 31, 2007Notes to Consolidated Financial Statements
  CPA®:17 2007 10-K 34




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
   
 CPA®:17 2007 10-K 35




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED BALANCE SHEETS
 December 31, 2007
    
    
    February 20, 2007AssetsCash and cash equivalents
    
    $
    182,919
    
    
    $
    200,000Equity investments in real estate
    
    
    8,626
    
    
    
    Deferred offering costs
    
    
    2,719,096
    
    
    
    Other assets
    
    
    33,646
    
    
    
    Total assets
    
    $
    2,944,287
    
    
    $
    200,000Liabilities and Stockholders EquityLiabilities:Due to affiliates
    
    $
    2,768,006
    
    
    $
    Accounts payable and accrued expenses
    
    
    82,080
    
    
    
    Total liabilities
    
    
    2,850,086
    
    
    
    Commitments and contingencies (Note 5)Stockholders 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; 22,222 shares
issued and outstanding, respectively
    
    
    22
    
    
    
    22Additional paid-in capital
    
    
    199,978
    
    
    
    199,978Accumulated deficit during the development stage
    
    
    (105,799
    )
    
    
    Total stockholders equity
    
    
    94,201
    
    
    
    200,000Total liabilities and stockholders equity
    
    $
    2,944,287
    
    
    $
    200,000
  CPA®:17 2007 10-K 36




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENT OF OPERATIONS
 Period from Inception(February 20, 2007) toDecember 31, 2007ExpensesGeneral and administrative
    
    $
    (107,623
    )(107,623
    )Other IncomeInterest income
    
    
    1,8241,824Net Loss
    
    $
    (105,799
    )Loss Per Share
    
    $
    (4.76
    )Weighted Average Shares Outstanding
    
    
    22,222Distributions Declared Per Share
    
    $
    0.0792
  CPA®:17 2007 10-K 37




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENT OF STOCKOLDERS EQUITY
 AccumulatedShares
    
    
    CommonStock
    
    
    AdditionalPaid-In Capital
    
    
    Deficit During theDevelopmentStage
    
    
    TotalBalance at February 20, 2007
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Shares, $.001 par, issued to the advisor at $9 per share
    
    
    22,222
    
    
    
    22
    
    
    
    199,978
    
    
    
    
    
    
    
    200,000Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (105,799
    )
    
    
    (105,799
    )Balance at December 31, 2007
    
    
    22,222
    
    
    $
    22
    
    
    $
    199,978
    
    
    $
    (105,799
    )
    
    $
    94,201
  CPA®:17 2007 10-K 38




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CORPORATE PROPERTY ASSOCIATES 17  GLOBAL INCORPORATED
 
 CONSOLIDATED STATEMENT OF CASH FLOWS
 Cash Flows  Operating ActivitiesNet loss
    
    $
    (105,799
    )Adjustments to reconcile net loss to net cash used in operating activities:Increase in other assets
    
    
    (13,407
    )Increase in due to affiliates (a) (b) (c)
    
    
    40,284Increase in accounts payable and accrued expenses (d)
    
    
    61,841Net cash used in operating activities
    
    
    (17,081
    )Cash Flows  Financing ActivitiesProceeds from stock issuance
    
    
    200,000Net cash provided by financing activities
    
    
    200,000Change in Cash and Cash Equivalents During the YearNet increase
in cash and cash equivalents
    
    
    182,919Cash and cash equivalents, beginning of year
    
    
    Cash and cash equivalents, end of year
    
    $
    182,919
 
 Noncash investing and financing activities(a)
    
    Offering costs deferred to date total $2,719,096 as of December 31, 2007.(b)
    
    Amounts due to affiliate for offering and organization costs total $2,767,832 as of December
31, 2007.(c)
    
    Excludes $8,452 payable to an affiliate and $174 in deferred acquisition fees payable to the
advisor in connection with the Berry Plastics investment (Notes 3 and 4).(d)
    
    Excludes amounts payable totaling $20,239 in connection with potential investment
opportunities.  CPA®:17 2007 10-K 39




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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 Note 1. Organization and Offering
 Organization
    Public Offering
   Note 2. Summary of Significant Accounting Policies
 Basis of Consolidation
   
 Use of Estimates
  CPA ® :17 2007 10-K 40




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Notes to Financial Statements
 Cash and Cash Equivalents
  Purchase Price Allocation
      Depreciation
  Other Assets
  Impairments
  CPA ® :17 2007 10-K 41




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Notes to Financial Statements
      Provision for Uncollected Amounts from Lessees
  CPA ® :17 2007 10-K 42




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Notes to Financial Statements
 Income Taxes
    Organization and Offering Costs
  Loss Per Share
  Recent Accounting Pronouncements
 SFAS 157
  SFAS 159
  CPA ® :17 2007 10-K 43




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Notes to Financial Statements
 SOP 07-1
  FIN 46R-7
  SFAS 141R
  SFAS 160
  Note 3. Agreements and Transactions with Related Parties
   CPA ® :17 2007 10-K 44




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Notes to Financial Statements
     ®
 Note 4. Equity Investment in Real Estate
 ®
 Note 5. Commitments and Contingencies
 SEC Investigation
 ® ®
 ® ®
 CPA ® :17 2007 10-K 45




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Notes to Financial Statements
 ®
 ® ® ® ®
  Other
    Note 6. Stockholders Equity
 Distributions
  CPA ® :17 2007 10-K 46




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##### Table of Contents



Notes to Financial Statements
 Note 7. Selected Quarterly Financial Data (unaudited)
 For the three months endedJune 30, 2007 (a)
    
    September 30, 2007
    
    December 31, 2007Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating expenses
    
    
    (40,284
    )
    
    
    
    
    
    
    (67,339
    )Net loss
    
    
    (40,284
    )
    
    
    
    
    
    
    (65,515
    )Loss per share
    
    
    (1.81
    )
    
    
    
    
    
    
    (2.95
    )Distributions declared per share
    
    
    N/A
    
    
    
    N/A
    
    
    
    0.0792
    (b)
 
 (a)
    
    For the period from inception (February 20, 2007) through June 30, 2007.(b)
    
    On November 9, 2007 our board of directors approved a distribution of $.001495 per share for
each day during the period an investor was a stockholder of record from and including November
9, 2007 through December 31, 2007. This distribution is taxable to the stockholder as return
of capital. Note 8. Subsequent Event
  CPA®:17 2007 10-K 47




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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A. Controls and Procedures.
 Disclosure Controls And Procedures
    Changes in Internal Control Over Financial Reporting
  
 Item 9B. Other Information.
  
  
 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 2007 10-K 48




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Item 15. Exhibits, Financial Statement Schedules.
 (1)
    
    and (2)  Financial statements and schedules  see index to financial statements
included in Item 8. Financial statement schedules are omitted because the required
information is given in the consolidated financial statements, including the notes thereto,
or because the conditions requiring their filing do not exist.(3)
    
    Exhibits:
  Exhibit No.
    
    Description
    
    Method of Filing3.1
    
    Articles of Incorporation of Registrant
    
    Exhibit 3.1 to
Registration
Statement Form
S-11 (No.
333-140842) filed
on February 22,
20073.2
    
    Articles of Amendment and Restatement of Corporate Property
Associates 17  Global Incorporated
    
    Exhibit 3.1 to Form
10-Q filed on
December 14, 20073.3
    
    Bylaws of Corporate Property Associates 17  Global Incorporated
    
    Exhibit 3.2 to Form
10-Q filed on
December 14, 20074.1
    
    2007 Distribution Reinvestment and Stock Purchase Plan
    
    Exhibit 4.1 to 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. LLCand Ameriprise Financial Services, Inc.
    
    Exhibit 1.1 to Form
8-K filed on
December 10, 200710.2
    
    Advisory Agreement dated November 12, 2007 between Corporate
Property Associates 17  Global Incorporated and Carey Asset
Management Corp.
    
    Exhibit 10.1 to
Form 10-Q filed on
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
    
    Exhibit 10.2 to
Form 10-Q filed on
December 14, 200710.4
    
    Sales Agency Agreement dated November 30, 2007 between Corporate
Property Associates 17  Global Incorporated and Carey
Financial, LLC
    
    Exhibit 10.3 to
Form 10-Q filed on
December 14, 200710.5
    
    Subscription Escrow Agreement
    
    Exhibit 10.2 to
Registration
Statement Form
S-11 (No.
333-140842) filed
on October 29, 200721.1
    
    Subsidiaries of Registrant
    
    Filed herewith31.1
    
    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 2007 10-K 49




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SIGNATURES
  Corporate Property Associates 17  Global IncorporatedDate 3/31/2008
    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
    
    3/31/2008/s/ Gordon F. DuGan

Gordon F. DuGan
    
    Chief Executive Officer and
Director (Principal
Executive Officer)
    
    3/31/2008/s/ Mark J. DeCesaris

Mark J. DeCesaris
    
    Managing Director and acting Chief
Financial Officer 
(acting Principal Financial Officer)
    
    3/31/2008/s/ Thomas J. Ridings

Thomas J. Ridings
    
    Executive Director and Chief
Accounting Officer (Principal
Accounting Officer)
    
    3/31/2008/s/ Richard J. Pinola

Richard J. Pinola
    
    Chairman of the Audit Committee and Director
    
    3/31/2008/s/ Elizabeth P. Munson

Elizabeth P. Munson
    
    Director
    
    3/31/2008/s/ James D. Price

James D. Price
    
    Director
    
    3/31/2008
 Report on Form 10-K
  CPA®:17 2007 10-K 50