Note 1 . Organization and Offering Organization Corporate Property Associates 17   Global Incorporated (   CPA ® :17   Global   and, together with its consolidated subsidiaries and predecessors,  we ,  us  or  our ) is a publicly owned, non-listed real estate investment trust ( REIT ) that invests primarily in commercial properties leased to companies domestically and internationally. As a REIT, we are not subject to United States (  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 March 31, 2012 , our portfolio was comprised of our full or partial ownership interests in 303 fully-occupied properties, substantially all of which were triple-net leased to 46 tenants, and totaled approximately 28 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) . As opportunities arise, we also make other types of commercial real estate related investments. We were formed in 2007 and are managed by W. P. Carey &amp; Co. LLC ( WPC ) and its subsidiaries (collectively, the  advisor ). Public Offering Since inception through the termination of our initial public offering on April 7, 2011, we raised a total of more than $1.5 billion. In October 2010, we filed a registration statement on Form S-11 (File No. 333-170225) with the SEC for a continuous public offering of up to $1.0 billion of common stock, which was