Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Management's discussion and analysis of financial condition and results of operations ("MD&A") is intended to provide a reader of our financial statements with management's perspective on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2008.
Business Overview
We provide long-term sale-leaseback and build-to-suit transactions for companies worldwide and manage a global investment portfolio. We operate two business segments, investment management and real estate ownership, as described below. As of March 31, 2009, we own and manage over 880 commercial properties domestically and internationally, including our own portfolio. Our own portfolio is comprised of our full or partial ownership interest in 175 commercial properties, substantially all of which are net leased to 84 tenants, with a total of approximately 17 million square feet (on a pro rata basis) and an occupancy rate of approximately 94%.
Within our investment management segment, we are currently the advisor to the following affiliated publicly-owned, non-traded real estate investment trusts:
CPA®:14, CPA®:15, CPA®:16 - Global and CPA®:17 - Global (collectively, the "CPA®REITs").
Our primary business segments are:
Investment Management - We provide services to the CPA® REITs in connection with structuring and negotiating investment and debt placement transactions (structuring revenue) and provide on-going management of their portfolios (asset-based management and performance revenues). Asset-based management and performance revenues for the CPA® REITs are determined based on real estate related assets under management. As funds available to the CPA® REITs are invested, the asset base for which we earn revenue increases. In addition, we also receive a percentage of distributions of available cash from CPA®:17 - Global's operating partnership. We may also earn incentive and disposition revenue and receive other compensation in connection with providing liquidity alternatives to CPA® REIT shareholders.
Real Estate Ownership - We own and invest in commercial properties globally that are then leased to companies, primarily on a triple-net leased basis. We may also invest in other properties on an opportunistic basis. Highlights
• Completed investments totaling $231 million on behalf of the CPA® REITs in the first quarter of 2009, as compared to $57 million in the first quarter of 2008. In addition, we contributed $40 million to an equity investment in real estate in our owned real estate portfolio, which represents our share of The New York Times Company transaction.

• Raised $71.6 million for CPA®:17 - Global's initial public offering in the first quarter of 2009 (for a total of more than $440 million from inception through April 30, 2009).

• In January 2009, Carey Storage, our self storage subsidiary, completed a transaction with a third party whereby it received cash proceeds of $21.9 million plus a commitment to invest up to a further $8.1 million of equity to fund the purchase of self-storage assets in the future in exchange for a 60% interest in its self storage portfolio. In connection with this transaction, Carey Storage refinanced and reduced its debt obligations by repaying its secured credit facility in full at a discount and obtaining non-recourse debt on each of its self storage properties (see "Carey Storage Transaction" below).

• Repurchased $10.5 million of our shares through our share repurchase programs in the first quarter of 2009. Our most recent share repurchase program ended on March 27, 2009.

• Our quarterly cash distribution increased to $0.496 per share for the first quarter of 2009, or $1.98 per share on an annualized basis.