We own interests in single-tenant net leased properties leased to corporations through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly-owned with affiliates. We account for these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from other-than-temporary impairments). Under current authoritative accounting guidance for investments in unconsolidated ventures, we are required to periodically compare an investment's carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value.

The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying value of these ventures is affected by the timing and nature of distributions (dollars in thousands):

	Ownership Interest	Carrying Value at
Lessee	at September 30, 2011	September 30, 2011		December 31, 2010
C1000 B.V. ^{(a) (b)}	85%	$	91,653	$	-
U-Haul Moving Partners, Inc. and Mercury Partners, LP ^(c)	12%		29,174		-
Berry Plastics Corporation	50%		19,649		20,330
Tesco plc ^(a)	49%		19,354		19,903
Hellweg Die Profi-Baumarkte GmbH & Co. KG ^{(a) (c)}	33%		18,861		-
Eroski Sociedad Cooperativa - Mallorca ^{(a) (d)}	30%		9,616		10,620
Dick’s Sporting Goods, Inc. ^(c)	45%		5,491		-
		$	193,798	$	50,853

(a) The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the Euro.

(b) We acquired our tenancy-in-common interest, under which the venture is under common control by us and our venture partner, in this investment in January 2011 as described below.

(d) The decrease in carrying value was due to cash distributions made to us by the venture.

The following tables present combined summarized financial information of our venture properties. Amounts provided are the total amounts attributable to the venture properties and do not represent our proportionate share (in thousands):

	September 30, 2011		December 31, 2010
Assets	$	1,171,856	$	203,989
Liabilities		(777,519)		(79,786)
Partners’/members’ equity	$	394,337	$	124,203

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010

Revenues	$	27,032	$	4,435	$	55,456	$	11,717
Expenses		(20,238)		(2,849)		(42,707)		(9,382)
Net income	$	6,794	$	1,586	$	12,749	$	2,335

We recognized income from equity investments in real estate of $1.2 million and $0.8 million for the three months ended September 30, 2011 and 2010, respectively, and $3.9 million and $1.3 million for the nine months ended September 30, 2011 and 2010, respectively. Income from equity investments in real estate represents our proportionate share of the income or losses of these ventures as well as certain depreciation and amortization adjustments related to other-than-temporary impairment charges and basis differentials from acquisitions of certain investments.

In January 2011, we and our affiliate, Corporate Property Associates 15 Incorporated (“CPA®:15”), acquired a venture as a tenancy-in-common in which we and CPA®:15 hold interests of 85% and 15%, respectively, and that we account for under the equity method of accounting. The venture purchased properties from C1000, a Dutch supermarket chain, for $207.6 million. Our share of the purchase price was $176.5 million, which was funded in part with a $90.0 million short-term loan from the advisor that has since been repaid (Note 3). In connection with this transaction, the venture capitalized acquisition-related costs and fees totaling $12.5 million, of which our share was $10.6 million. In March 2011, the venture obtained non-recourse financing totaling $98.3 million and distributed the net proceeds to the venture partners, of which our share was $82.3 million. This mortgage loan bears interest at a variable rate equal to the three-month Euro inter-bank offered rate (“Euribor”) plus 2% and matures in March 2013. Amounts above are based upon the exchange rate of the Euro at the dates of acquisition and financing.

In May 2011, we acquired interests of 33%, 12% and 45% in the Hellweg 2, U-Haul and Dick's ventures, respectively, from CPA®:14 for an aggregate purchase price of a $55.7 million (Note 3). These ventures are jointly-owned with other affiliates. Because we do not control these ventures but we exercise significant influence over them, we account for our interests in these ventures as equity investments. The properties that the ventures own and the mortgages encumbering the properties had a total fair value of $947.3 million and $581.6 million, respectively, at the date of acquisition. Amounts provided are the total amounts attributable to the venture properties and do not represent the proportionate share that we purchased. In connection with this acquisition, we recorded basis differences totaling $27.4 million, which represents our share of the excess of the fair value of the underlying venture properties and mortgage loans over their respective carrying values, to be amortized into equity earnings over the remaining lives of the properties and mortgage loans. Amounts are based on the exchange rate of the Euro at the date of acquisition, as applicable.