1138301--3/26/2009--CORPORATE_PROPERTY_ASSOCIATES_15

related topics

{investment, property, distribution}

{tax, income, asset}

{loan, real, estate}

{loss, insurance, financial}

{financial, litigation, operation}

{interest, director, officer}

{provision, law, control}

{stock, price, share}

{condition, economic, financial}

{personnel, key, retain}

{operation, international, foreign}

{cost, regulation, environmental}

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 make distributions. We are subject to the risks of real estate ownership which could reduce the value of our properties. International investments involve additional risks. We may have difficulty selling or re-leasing our properties. We may recognize substantial impairment charges on our properties. The inability of a tenant in a single tenant property to pay rent will reduce our revenues. The bankruptcy or insolvency of tenants may cause a reduction in revenue. We do not fully control the management for our properties. Our leases may permit tenants to purchase a property at a predetermined price, which could limit our realization of any appreciation or result in a loss. Liability for uninsured losses could adversely affect our financial condition. Our success is dependent on the performance of the advisor. The advisor may be subject to conflicts of interest. We have limited independence from the advisor. The termination or replacement of the advisor could trigger a default or repayment event under our financing arrangements for some of our assets. WPC and Carey Financial, LLC ( Carey Financial ) have settled a previously disclosed SEC investigation. If other actions are brought against WPC or Carey Financial, we could be adversely affected. Our net asset value is based in part on information that the advisor provides to a third party. 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. We are not required to meet any diversification standards; therefore, our investments may become subject to concentration of risk. Our use of debt to finance investments could adversely affect our cash flow and distributions to shareholders. Failure to qualify as a REIT would adversely affect our operations and ability to make distributions. 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. Our distributions may exceed our earnings. The ability of our board of directors to change our investment policies or revoke our REIT election without shareholder approval may cause adverse consequences to our shareholders. Potential liability for environmental matters could adversely affect our financial condition. The returns on our investments in net leased properties may not be as great as returns on equity investments in real properties during strong real estate markets. 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. 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. There is not, and may never be, an active public trading market for our shares, so it will be difficult for shareholders to sell shares quickly. Maryland law could restrict change in control.

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1138301--3/26/2009--CORPORATE_PROPERTY_ASSOCIATES_15_INC