CORPORATE PROPERTY ASSOCIATES 17   GLOBAL INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 . Organization and Offering Organization CPA ® :17   Global is a publicly owned, non-listed REIT that invests primarily in commercial properties leased to companies domestically and internationally. As a REIT, we are not subject to U.S . federal income taxation as long as we satisfy certain requirements, principally relating to the nature of our income, the level of our distributions and other factors. We earn revenue principally by leasing the properties we own to single corporate tenants, primarily on a triple-net lease d basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. Revenue is subject to fluctuation because of the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults and sales of properties. At December 31, 2011 , our portfolio was comprised of our full or partial ownership interests in 307 fully-occupied properties, substantially all of which were triple-net leased to 46 tenants, and totaled approximately 26 million square feet (on a pro rata basis). In addition, we own 44 self-storage properties and retain a fee interest in a hotel property for a n aggregate of approximately 3 million square feet (on a pro rata basis) . We were formed in 2007 and are managed by the advisor. We conduct substantially all of our investment activities and own all of our assets through our operating partnership, CPA ® :17 Limited Partnership. We are a general partner and a limited partner and own approximately a 99.985 % capital interest in our operating partnership. Carey Holdings, a subsidiary of WPC, holds a special general partner interest in the operating partnership. Public Offering In November 2007, our registration statement on Form S-11 (File No. 333-140842), covering an initial public offering of up to 200,000,000 shares of common stock at $10.00 per share, was declared eff