Financial Reports

CPA^®:15 2008 Third Quarter Report

THIRD QUARTER 2008 SHAREHOLDER LETTER

Dear Fellow Shareholders,

The Corporate Property Associates series of programs was founded thirty years ago based on an investment strategy intended to work in good times and in bad. We continue to follow this strategy in conjunction with a conservative risk management approach, which includes:

Diversification: We diversify our portfolio by tenant, tenant industry and geography so that we limit exposure to any one tenant, region or single industry, given our belief that the performance of companies in the same industry or the same area tends to correlate in a down time. CPA^®:15’s portfolio is broadly diversified, consisting of 84 separate corporate obligors from 24 industries with 369 properties in 38 states and eight countries. And the portfolio is more than 97% occupied.

Critical Operating Assets: We identify and purchase assets that we deem essential for companies to maintain their core operations and stay in business in down markets—assets such as flow-through warehouses and profitable retail properties. We also look to acquire properties that contribute significantly to the overall profitability of the tenant company.

Focus on Tenant Creditworthiness: Each acquisition we complete undergoes a thorough underwriting process. Generally, our independent investment committee, comprised of seasoned investment professionals with a combined 200 years of experience and expertise, must review and approve all transactions.

We are pleased that our disciplined and conservative approach to building the CPA^®:15 portfolio has resulted in solid, steady cash flows. In addition, while we have seen a small increase in rent delinquencies, so far in 2008 we have not experienced a significant increase in corporate defaults. This being said, in light of current economic conditions, we believe corporate defaults may increase in the next 12 to 24 months. We will monitor our tenants closely and continue to manage the portfolio aggressively to mitigate any effect this may have on the overall portfolio.

We have much to look forward to in 2009, and on behalf of the entire W. P. Carey family, we thank you for your ongoing confidence and support. We will continue to work diligently on your behalf to maintain our track record of excellence during these challenging times.

With best regards,

Please note that these highlights provide only a summary of the information contained in our quarterly report on Form 10-Q for the three and nine months ended September 30, 2008, which we have filed with the Securities and Exchange Commission. We encourage you to read the full report, which can be found at www.cpa15.com.

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