1138301--3/30/2006--CORPORATE_PROPERTY_ASSOCIATES_15

related topics

{investment, property, distribution}

{tax, income, asset}

{provision, law, control}

{debt, indebtedness, cash}

{loss, insurance, financial}

{property, intellectual, protect}

{stock, price, share}

{interest, director, officer}

{regulation, change, law}

{personnel, key, retain}

{cost, regulation, environmental}

We may have difficulty selling or re-leasing our properties. Our success is dependent on the performance of our advisor. Our advisor may be subject to conflicts of interest. We have limited independence from our advisor. Potential liability for environmental matters could adversely affect our financial condition. Failure to qualify as a REIT would adversely affect our operations and ability to make distributions. We may face competition for acquisition of properties. We may face competition from affiliates of our advisor in the purchase, sale, lease and operation of properties. The inability of a tenant in a single tenant property to pay rent will reduce our revenues. Our highly leveraged tenants may have a higher possibility of filing for bankruptcy or insolvency. The bankruptcy or insolvency of tenants may cause a reduction in revenue. Our tenants generally may not have a recognized credit rating, and may have a higher risk of lease defaults than if our tenants had a recognized credit rating. We may recognize substantial impairment charges on properties we own. Our sale-leaseback agreements 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 use of debt to finance investments could adversely affect our cash flow. Balloon payment obligations may adversely affect our financial condition. Payment of fees to our advisor will reduce cash available for investment and distribution. Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act. We may need to use leverage to make distributions. 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 shareholders and us. The ability of our board of directors to revoke our REIT election without shareholder approval may cause adverse consequences to our shareholders. The limit on the number of our shares a person may own may discourage a takeover. Maryland law could restrict change in control. Our articles of incorporation permit 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 is not, and may never be, a public market for our shares, so it will be difficult for shareholders to sell shares quickly. There are special considerations for pension or profit-sharing trusts, Keoghs or IRAs Our participation in joint ventures creates additional risk. We do not fully control the management for our properties. Shareholders equity interests may be diluted. Our net asset value will be based on information that our advisor provides to a third party. Our board of directors may change our investment policies without shareholder approval, which could alter the nature of your investment. We may incur costs to finish build-to-suit properties. The termination or replacement of our advisor could trigger a default or repayment event under our mortgage loans for some of our properties. 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 Requirements to obtain U.S. GAAP financial statements from tenants in certain cases may cause us to have to forego an investment opportunity. Compliance with the Americans with Disabilities Act may require us to spend substantial amounts of money which could adversely affect our operating results.

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1138301--3/30/2006--CORPORATE_PROPERTY_ASSOCIATES_15_INC