UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February ~~December 9~~27, ~~2021~~2022

CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
Maryland
(State or Other Jurisdiction of Incorporation)
000-54970		90-0885534
(Commission File Number)		(IRS Employer Identification No.)
One Manhattan West, 395 9th Avenue, 58th Floor
New York,	New York	10001
(Address of Principal Executive Offices)		(Zip Code)

CORPORATE PROPERTY ASSOCIATES 18 - GLOBAL INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

000-54970	90-0885534
(Commission File Number)	(IRS Employer Identification No.)

One Manhattan West, 395 9th Avenue, 58th Floor New York, New York	10001
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 492-1100

(Former Name or Former Address, if Changed Since Last Report)

~~___________________~~Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

~~Check~~x ~~the~~Written ~~appropriate~~communications ~~box~~pursuant ~~below~~to ifRule 425 under the ~~Form~~Securities ~~8-K~~Act ~~filing~~(17 isCFR ~~intended~~230.425) x Soliciting material pursuant to ~~simultaneously~~Rule ~~satisfy~~14a-12 under the ~~filing~~Exchange ~~obligation~~Act of(17 ~~the~~CFR ~~registrant~~240.14a-12) ~~under~~¨ ~~any~~Pre-commencement ofcommunications ~~the~~pursuant ~~following~~to ~~provisions~~Rule 14d-2(~~see~~b) ~~General~~under ~~Instruction~~the AExchange Act (17 CFR 240.14d-2.(b)) ~~below~~¨ Pre-commencement communications pursuant to Rule 13e-4(c): under the Exchange Act (17 CFR 240.13e-4(c))

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 81.01 ~~Other~~Entry ~~Events~~into a Material Definitive Agreement.

~~Updated~~Merger ~~NAV~~Agreement

On February 27, 2022, Corporate Property Associates 18 – Global Incorporated (“~~we,” “our” and “~~CPA®:18 ~~– Global~~”) ~~announced~~entered ~~today~~into ~~that~~an ~~our~~Agreement and ~~estimated~~Plan ~~net~~of ~~asset~~Merger ~~value per share~~ (the “~~NAV~~Merger Agreement”) aswith ofW. ~~September 30,~~P. ~~2021~~Carey ~~was $9~~Inc.07, ~~per~~a ~~share~~Maryland ~~for~~corporation ~~our~~and ~~Class~~the Aultimate ~~common~~parent ~~stock~~of ~~and~~the external ~~$9.07~~advisor ~~per~~of ~~share~~CPA®:18 ~~for~~(“W. ~~our~~P. ~~Class~~Carey”), CCPA18 ~~common~~Merger ~~stock~~Sub LLC, ~~which~~a Maryland ~~were~~limited ~~1.8%~~liability ~~higher~~company ~~than~~and ~~our~~indirect ~~NAVs~~subsidiary atof ~~June~~W. ~~30, 2021~~P. ~~The~~Carey ~~increase~~(“Merger isSub”) ~~primarily~~and, ~~driven~~for bythe ~~higher~~limited purposes ~~real~~set ~~estate~~forth ~~valuations~~therein, ofCarey ~~certain~~Asset ~~self-storage~~Management ~~assets~~Corp. ~~and recently completed student housing developments~~(“CAM”), ~~which~~W. ~~was~~P. ~~partially~~Carey & ~~offset~~Co. ~~by a stronger U~~B.SV. ~~dollar~~(“Foreign Subsidiary”) asand ~~compared~~WPC-CPA:18 toHoldings, ~~the~~LLC ~~euro~~(“Special atGeneral ~~September 30~~Partner”), ~~2021.~~each ~~Further,~~an ~~all~~indirect ~~stockholders~~subsidiary of ~~record~~W. P. Carey, asand ofCPA®: ~~December~~18 9Limited Partnership, ~~2021~~a ~~will~~Delaware ~~receive~~limited anpartnership ~~all-cash~~(“CPA18 ~~special~~LP”). ~~distribution~~Upon asthe ~~declared~~terms byand subject ~~our~~to ~~board~~the ofconditions ~~directors~~set ~~(our~~forth ~~“Board”)~~in tothe beMerger ~~paid~~Agreement, onCPA®:18 ~~December~~will ~~16,~~merge with ~~2021~~and ~~(the~~into ~~“Special~~Merger ~~Distribution”).~~Sub, Wewith ~~have~~Merger ~~reduced~~Sub ~~our~~surviving ~~NAV~~the ~~for~~merger ~~the~~as ~~pending~~an ~~all-cash~~indirect ~~Special~~subsidiary ~~Distribution~~of ~~accordingly~~W. P. Carey (the “Merger”).

~~The~~Subject ~~NAV~~to the terms and conditions of ~~$9.07~~the Merger Agreement, each CPA®:18 stockholder (the “CPA18 Stockholders”) of record as of the Effective Time (as defined in the Merger Agreement) will receive, for ~~both~~each ~~Class~~share of CPA®:18 Class A common stock, $0.001 par value per share, and ~~Class~~each share of CPA®:18 Class C common stock, ~~will~~$0.001 bepar ~~used~~value ~~for~~per ~~purposes~~share, of(A) 0.0978 ~~effectuating~~shares ~~permitted~~(the ~~redemptions~~“Exchange Ratio”) of ~~our~~W. P. ~~common~~Carey common stock, ~~issuing~~$0.001 ~~shares~~par ~~pursuant~~value per share, and (B) $3.00 in cash, without interest, subject to ~~our~~an ~~distribution~~upward ~~reinvestment~~adjustment, ~~plan~~on a dollar-for-dollar basis, for the amount (if any) by which the Total Accrued Daily Amount (as defined in the Merger Agreement) exceeds the Dividend Adjustment Amount (as defined in the Merger Agreement) and subject to reduction by the ~~payment~~amount of ~~asset~~certain ~~management~~dividends ~~fees~~or distributions, if any, declared by CPA®:18 prior to ~~our~~the ~~advisor~~closing of the Merger. All CPA18 Stockholders entitled to receive fractional shares will receive cash in lieu of fractional shares.

The ~~September 30,~~Exchange ~~2021~~Ratio ~~NAVs~~and ~~were~~the ~~calculated~~cash byconsideration ~~our~~were ~~advisor~~determined inas ~~accordance~~a result ~~with~~of ~~our~~negotiations ~~current~~between ~~valuation policies, in which we obtain an independent rolling appraisal of~~ the ~~fair~~board ~~market value~~ of ~~approximately~~directors ~~25%~~ of ~~our~~W. ~~real~~P. ~~estate~~Carey ~~portfolio~~and ~~based~~a onspecial ~~asset~~committee ~~value once every quarter. The portfolio~~ of ~~assets~~independent todirectors ~~be appraised each quarter will be representative~~ of the ~~composition,~~board byof directors ~~both geography and property type,~~ of ~~our~~CPA®:18 ~~entire~~(the ~~portfolio.~~“CPA18 ~~For~~Special ~~each quarterly NAV calculation~~Committee”), wewith ~~also update~~ the ~~latest~~assistance of ~~independent~~separate ~~real~~financial ~~estate~~and ~~portfolio~~legal ~~valuations for the following:~~advisors.

~~•adding~~The ~~new~~Merger ~~acquisitions~~Agreement ~~not~~contains ~~included~~customary inrepresentations, ~~the~~warranties and ~~independent~~covenants ~~real~~of ~~estate~~CPA®:18 ~~portfolio~~and ~~value~~W. P. atCarey, including, among others, covenants (i) to conduct their ~~appraised~~respective ~~values~~businesses atin ~~acquisition,~~the ~~using~~ordinary ~~independent~~course ~~third-party~~during ~~appraisal~~the ~~firms~~period ~~approved~~between inthe ~~advance~~execution byof the ~~independent~~Merger ~~members~~Agreement and consummation of ~~our~~the ~~Board;~~Merger and (ii) not to engage in certain kinds of transactions during such period.

~~•adding~~During ~~development~~the ~~projects~~period ~~not~~beginning ~~included~~on inFebruary 28, 2022 and continuing until 11:59 p.m. (New York City time) on March 30, 2022 (the ~~independent~~“Solicitation ~~real~~Period ~~estate~~End ~~portfolio~~Date”), ~~value~~CPA®:18 may ~~for~~initiate, ~~either~~solicit ~~their~~and ~~latest~~encourage ~~quarterly~~competing ~~carrying~~transactions ~~values~~from ~~for~~third inparties, including by furnishing non-~~process~~public ~~projects~~information, orand participate in discussions with athird parties with respect to competing transactions. From and after the Solicitation Period End Date, CPA®:18 will be subject to customary “no-shop” restrictions on its ability to solicit competing transactions from third parties and to provide non-~~party~~public ~~appraised~~information ~~value~~to ~~for~~and ~~any~~engage ~~completed~~in ~~project~~discussions (with third parties regarding competing transactions, except that in certain circumstances CPA®:18 may continue to engage in the ~~extent~~aforementioned activities with certain third parties that made a proposal for a competing transaction before the ~~completed~~Solicitation ~~project~~Period ~~value~~End Date or with third parties that made an unsolicited proposal thereafter if the CPA18 Special Committee determines in good faith that such proposal would result in, or is ~~not~~reasonably ~~already~~likely ~~captured~~to result in, ~~the~~a ~~quarterly~~Superior ~~update~~Competing ~~appraisal~~Transaction (as defined in the Merger Agreement);.

~~•updating~~The consummation of the ~~value~~Merger is subject to customary conditions, including, among others, (a) approval of the Merger by the CPA18 Stockholders, (b) absence of any ~~property~~law ~~that~~or ~~our~~order ~~advisor~~prohibiting ~~deems~~the consummation toof ~~have~~the ~~had~~Merger, (c) effectiveness of a ~~significant~~registration ~~event~~statement ~~during~~on Form S-4 (the ~~quarter~~“Form S-4”) relating to the shares of W. P. Carey common stock to be issued to the CPA18 Stockholders in connection with the Merger, ~~utilizing~~(d) approval for ~~either~~the anlisting ~~independent~~on ~~third-party~~the ~~appraisal~~NYSE of the shares of W. P. Carey common stock to be issued to the CPA18 Stockholders in connection with the Merger, (e) obtaining certain consents, approvals, permits and authorizations and (f) other customary closing conditions. In addition, W. P. Carey’s and CPA®:18’s respective obligations to consummate the ~~extent~~Merger ~~not~~are ~~already~~subject ~~captured~~to certain other conditions, including, among others, (1) subject to the standards set forth in the ~~quarterly~~Merger ~~update~~Agreement, ~~appraisal~~accuracy of the other party’s representations and warranties, (2) performance orof the ~~contractual~~other ~~net~~party’s ~~sale~~covenants ~~price~~in the Merger Agreement in all material respects, (~~for~~3) delivery of ~~pending~~opinions ~~dispositions~~from ~~with~~counsel arelating ~~high~~to ~~certainty~~the U.S. federal income tax code treatment of ~~closing~~the Merger and the tax status of certain of the parties to the Merger Agreement and (4); no occurrence of a change, event or circumstance individually or in the aggregate constituting a material adverse effect on the other party and its subsidiaries.

~~•removing~~The ~~assets~~Merger Agreement contains certain termination rights for CPA®:18 and W. P. Carey. Each of CPA®:18 and W. P. Carey has agreed that ~~were~~if ~~disposed~~the Merger Agreement is terminated because it breaches any of ~~during~~its representations, warranties, covenants or agreements, it will pay the ~~quarter~~other party’s out-of-pocket expenses. CPA®:18 has agreed that if its board of directors withdraws or adversely modifies its recommendation of the Merger or the Merger Agreement, or approves or recommends a Superior Competing Transaction, or if CPA®:18 enters into an agreement for a Superior Competing Transaction, CPA®:18 will pay W. P. Carey a termination fee of $47 million (the “CPA18 Termination Fee”), which will be reduced to $15.7 million in the event CPA®:18 enters into a Superior Competing Transaction in connection and in compliance with the “go-shop” provisions of the Merger Agreement. The Merger Agreement also provides a closing extension right to W. P. Carey under certain circumstances, subject to terms and conditions and an outside closing date of August 31, 2022.

InCAM, ~~calculating~~Foreign Subsidiary, Special General Partner and certain of their affiliates provide advisory services and serve as special general partner to CPA®:18 and its operating partnership subsidiary, CPA18 LP, pursuant to certain advisory agreements and special general partner arrangements. If the ~~quarterly~~Merger ~~NAVs~~is consummated, ~~our~~W. ~~current~~P. ~~valuation~~Carey ~~policies~~has ~~also~~agreed ~~provide~~that no disposition fees shall be payable to it under the advisory agreements, and W. P. Carey has further agreed to waive all rights under the CPA18 LP's limited partnership agreement to receive (i) distributions of capital proceeds upon a change of control event and related allocation of profits and losses and (ii) rights to amounts in respect of the Special General Partner's interest in the CPA18 LP (the “Special GP Amount”), that weare payable to W. P. Carey and its affiliates in respect of the Merger or any competing transaction ((i) and (ii) collectively, the “Advisor Closing Amounts”). W. P. Carey retains the rights to such fees and Advisor Closing Amounts if the Merger is not consummated; provided, however, that if (x) the Merger Agreement is terminated by CPA®:18 or W. P. Carey in certain circumstances described in the Merger Agreement relating to a withdrawal or change in CPA®:18's recommendation of the Merger or CPA®:18's approval of a Superior Competing Transaction, (y) the required CPA18 Termination Fee is paid by CPA®:18 and (z) the Advisor Closing Amounts become payable as a result thereof, an amount equal to the lesser of the CPA18 Termination Fee and the Special GP Amount will be credited against the Advisor Closing Amounts and no disposition fees shall be payable to W. P. Carey.

~~•obtain~~The anparties ~~updated~~to ~~independent~~the ~~valuation~~Merger ofAgreement ~~our~~intend ~~debt~~that the Merger satisfy applicable requirements to qualify as ofa ~~quarter~~tax-~~end;~~deferred reorganization.

~~•make~~The ~~adjustments~~foregoing ~~for~~descriptions ~~other~~of ~~tangible~~the ~~balance~~Merger ~~sheet~~Agreement ~~assets~~and the transactions contemplated thereby are not complete and ~~liabilities~~are assubject to and qualified in their entirety by reference to the Merger Agreement, a copy of ~~quarter~~which is filed as Exhibit 2.1 to this Current Report on Form 8-~~end;~~K and is incorporated herein by reference.

~~•evaluate material events that occur subsequent to quarter-end and make adjustments if necessary (such as the Special Distribution);~~General

~~•use~~The ~~total~~Merger ~~shares~~Agreement, ~~outstanding~~the ~~for~~Merger ~~each~~and ~~class~~the other transactions contemplated in the Merger Agreement have been recommended by the CPA18 Special Committee and unanimously approved by the independent directors of CPA®:18 ~~shares~~and asthe Board of ~~quarter-end;~~Directors ~~and~~of W. P. Carey.

~~•use~~The ~~foreign~~Merger ~~exchange~~Agreement ~~rates~~has asbeen included to provide investors with information regarding the terms of ~~quarter-end~~the Merger and the other transactions contemplated by the Merger Agreement. The Merger Agreement is not intended to provide any other factual information about CPA®:18, W. P. Carey or their respective subsidiaries or affiliates. The Merger Agreement contains representations and warranties of CPA®:18 and W. P. Carey. The assertions embodied in ~~converting~~those representations and warranties were made for purposes of the ~~local~~Merger ~~currency~~Agreement ~~fair~~and ~~market~~are qualified ~~value~~by information in disclosure schedules that the parties have exchanged in connection with the execution of ~~our~~the ~~international~~Merger ~~assets~~Agreement. The disclosure schedules contain information that modifies, qualifies and ~~liabilities~~creates exceptions to Uthe representations and warranties set forth in the Merger Agreement.S In addition, certain representations and warranties being made as of a specific date may be subject to a contractual standard of materiality that differs from what an investor might view as material or may have been used for purposes of allocating risk between the respective parties rather than establishing matters as facts. ~~dollars~~Accordingly, you should read the representations and warranties in the Merger Agreement not in isolation but only in conjunction with the other information about CPA®:18, W. P. Carey and their respective subsidiaries or affiliates that are included in reports, statements and other filings made with the Securities and Exchange Commission (the “SEC”).

~~If the amounts calculated in accordance with our quarterly valuation policies would result in a change within +/~~Forward-1%Looking ~~of the most recently published NAVs, we do not change the NAVs from those most recently published.~~Statements

~~Independent~~Certain ~~rolling~~of ~~update~~the ~~appraisals~~matters ~~covering~~discussed ~~approximately~~in ~~25%~~this ofcommunication ~~our~~constitute ~~real~~forward-looking statements ~~estate~~within ~~portfolio~~the ~~each~~meaning ~~quarter~~of ~~were~~the ~~conducted~~federal assecurities oflaws. ~~December~~These 31forward-looking statements include, ~~2020~~among ~~(which~~other ~~included~~things, ~~the~~statements regarding ~~estimated~~intent, ~~fair~~belief ~~market~~or ~~value~~expectations of ~~our~~CPA®:18 ~~outstanding~~and ~~note~~generally ~~receivable),~~are ~~March~~identified ~~31,~~by the ~~2021~~words ~~and~~“believe,” ~~June 30~~“project,” ~~2021~~“expect,” ~~(the~~“anticipate,” “~~Update~~estimate,” ~~Appraisals~~“intend,”); “strategy,” ~~which~~“plan,” ~~together~~“may,” ~~with~~“should,” ~~the~~“will,” ~~independent~~“would,” ~~rolling~~“will be,” ~~update~~“will ~~appraisal~~continue,” ~~conducted~~“will aslikely ofresult,” ~~September 30~~“assume,” ~~2021 (the~~ “~~September~~outlook,” ~~Update Appraisal~~“seek,”); “forecast,” ~~the~~and ~~adjustments~~similar ~~made~~expressions. byThese ~~our~~forward-looking ~~advisor~~statements ~~for foreign exchange rates as of September 30~~include, ~~2021;~~but ~~the~~are ~~development~~not ~~projects,~~limited ~~and other significant events discussed herein~~to, ~~collectively~~statements ~~formed~~ regarding: the ~~appraisal~~benefits of the ~~fair~~proposed ~~market~~Merger, ~~value~~annualized ofdividends, ~~our~~funds ~~real~~from ~~estate~~operations ~~portfolio as of September 30~~coverage, ~~2021~~integration ~~(the~~plans ~~“Appraisal”).~~and Atexpected ~~September 30~~synergies, ~~2021,~~ the expected ~~Appraisal~~benefits ~~determined~~of ~~that~~ the ~~fair~~proposed ~~market~~Merger, ~~value~~anticipated offuture ~~our~~financial ~~real~~and ~~estate~~operating ~~portfolio~~performance ~~was~~and ~~approximately $2.5 billion. In calculating the NAVs~~results, ~~our~~including ~~advisor~~estimates ~~relied~~of ~~in part on the Update Appraisals~~ growth, and the ~~September~~expected ~~Update~~timing ~~Appraisal,~~of ascompletion ~~well as the updated estimates~~ of the ~~fair~~proposed Merger.

2These statements are based on current expectations. It is important to note that actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to the effects of pandemics and global outbreaks of contagious diseases (such as the current COVID-19 pandemic) or the fear of such outbreaks, could also have material adverse effects on our business, financial condition, liquidity, results of operations, and prospects. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties, and other factors that may materially affect our future results, performance, achievements, or transactions. Information on some of these factors are contained in CPA®:18’s and W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including, but not limited to, Part I, Item 1A. Risk Factors in each company’s Annual Report on Form 10-K for the year ended December 31, 2021. These risks, as well as other risks associated with the proposed Merger, will be more fully discussed in the Proxy Statement/Prospectus that will be included in the Registration Statement on Form S-4 that CPA®:18 will file with the SEC in connection with the proposed Merger. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this communication may not occur. Moreover, because we operate in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, CPA®:18 does not undertake to revise or update any forward-looking statements.

~~market~~Additional ~~value~~Information ~~of our property-level debt as of September 30, 2021, all provided by Robert A. Stanger & Co., Inc. (“Stanger”), an independent consultant~~ and ~~service~~Where ~~provider~~ to ~~the~~Find real estate industry. Utilizing the Appraisal and the fair market value of our property-level debt our advisor then adjusted the resulting net equity of our real estate portfolio for other net assets and liabilities of tangible or monetary value as of September 30, 2021, the estimated disposition costs and fees associated with any pending property dispositions, the amount of the Special Distribution to be paid to investors not recognized on the September 30, 2021 balance sheet, and an estimate of the advisor’s interest in disposition proceeds (if any), which may be paid in the future to our advisor subject to the approval of the independent members of our Board. The estimate produced by this calculation was then divided by the total shares outstanding for each class of shares as of September 30, 2021 and rounded to the nearest penny. It

~~For~~This ~~the~~communication ~~quarter~~does ~~ended~~not ~~September 30,~~constitute ~~2021, we: (i) obtained~~ an ~~appraisal~~offer byto ~~Stanger~~sell ~~for~~or ~~approximately~~the ~~one quarter~~ solicitation of ~~our~~an ~~real~~offer ~~estate~~to ~~portfolio;~~buy ~~(ii)~~any ~~obtained~~securities, ~~updated~~nor ~~valuations~~shall ~~for~~there ~~three~~be ~~student~~any ~~housing~~sale ~~properties that were completed during the quarter; (iii) bifurcated a multi-tenant Dutch asset into two separate properties and obtained an appraisal for one~~ of ~~the~~securities ~~properties~~in ~~(while~~any wejurisdiction ~~currently~~in ~~own~~which ~~both~~such ~~properties~~offer, asolicitation ~~portion~~or sale iswould ~~under contract to~~ be ~~disposed~~unlawful ~~imminently~~prior ~~for~~to ~~which~~registration ~~the~~or ~~pending~~qualification ~~sale~~under ~~price was utilized in~~ the ~~NAV);~~securities ~~(iv)~~laws ~~utilized the net sale price~~ of aany ~~Croatian~~such ~~asset~~jurisdiction. ~~that~~No ~~was~~offering ~~disposed~~ of ~~subsequent~~securities shall tobe ~~quarter-end;~~made ~~(v)~~except ~~removed~~by ~~two~~means ~~U.K.-based~~of ~~student~~a ~~housing~~prospectus ~~properties~~meeting ~~sold during~~ the ~~quarter~~requirements ~~from~~of ~~the~~Section 10 ~~Appraisal; (vi) included the latest carrying value~~ of ~~in-process development projects; (vii) adjusted~~ the ~~Update~~Securities ~~Appraisal~~Act ~~for foreign exchange rates as~~ of ~~September 30~~1933, ~~2021;~~as ~~(viii)~~amended. ~~adjusted for the Special Distribution of $0~~W.20 P. ~~per~~Carey ~~share~~intends ~~for~~to ~~both~~file ~~Class~~with Athe ~~and~~SEC ~~Class~~a Cregistration ~~common~~statement ~~stock,~~on ~~which~~Form S-4 ~~reduced~~that ~~the~~will ~~NAVs~~include bya ~~the~~Proxy ~~same~~Statement ~~amount; and (ix) reviewed the remainder~~ of ~~the portfolio~~ CPA®:18/Prospectus and ~~deemed that there were no~~ other ~~material~~relevant ~~developments~~documents orto ~~significant~~be ~~events.~~mailed ~~Stanger~~by ~~also~~CPA®:18 ~~provided~~to aits ~~fair~~security ~~market~~holders ~~valuation of our debt at September 30, 2021, as discussed~~ in ~~more~~connection with ~~detail~~the ~~below~~proposed transactions.

~~The~~WE ~~determination~~URGE ofINVESTORS ~~NAV~~TO ~~involves~~READ aTHE ~~number~~PROXY ofSTATEMENT ~~assumptions~~/ ~~and~~PROSPECTUS ~~judgments,~~AND ~~including~~ANY OTHER ~~estimates~~RELEVANT ofDOCUMENTS ~~the~~FILED ~~advisor’s~~BY ~~interest~~CPA®:18 AND inW. ~~disposition proceeds (if any)~~P. ~~These~~Carey ~~assumptions~~WHEN ~~and~~THEY ~~judgments~~BECOME ~~may~~AVAILABLE, ~~prove~~BECAUSE toTHEY beWILL ~~inaccurate.~~CONTAIN ~~There~~IMPORTANT ~~can~~INFORMATION about beCPA®:18, noW. ~~assurance that a stockholder would realize $9~~P.07 ~~per~~Carey ~~share~~and ofthe ~~Class~~proposed ~~A or Class C common stock if we were to liquidate or engage in another type of liquidity event today~~Transactions. InInvestors ~~particular, our September 30, 2021 NAVs~~ are ~~not~~urged ~~based~~to onread these adocuments ~~full~~carefully ~~appraisal~~and ofin ~~the~~their ~~fair market value of our real estate portfolio at that date~~entirety.

~~The~~Investors ~~methodology~~will ofbe ~~determining~~able ~~our~~to ~~quarterly~~obtain ~~NAVs~~these ~~conforms~~materials to(when they become available) and other documents filed with the ~~Institute~~SEC ~~for~~free ~~Portfolio~~of ~~Alternatives~~charge at the SEC’s ~~Practice~~website ~~Guideline~~(http://www.sec.gov). ~~for~~In ~~Valuations~~addition, these materials (when they become available) will also be available free of ~~Publicly~~charge ~~Registered~~by ~~Non-Listed~~accessing ~~REITs~~CPA®:18’s website (~~April~~http://www.cpa18global.com) ~~2013~~or by accessing W. P. Carey’s website (http://www.wpcarey.com). Investors may also read and ~~fair~~copy ~~value~~any ~~accounting~~reports, ~~standards~~statements ~~under~~and ~~generally~~other ~~accepted~~information ~~accounting~~filed ~~principles~~by inCPA®:18 or W.P. Carey with the ~~United~~SEC, ~~States.~~at Inthe ~~addition~~SEC public reference room at 100 F Street, ~~our~~N.E., ~~Board~~Washington, ~~periodically~~D.C. ~~reviews~~20549. ~~our~~Please ~~quarterly~~call ~~NAV~~the ~~policies~~SEC ~~and~~at ~~processes~~1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

~~Valuation~~Participants ~~Methodology~~in ~~for~~ the ~~September~~Proxy ~~Update Appraisal~~Solicitation

~~Summary~~Information regarding W. P. Carey's directors and executive officers is available in its proxy statement filed with the SEC by W. P. Carey on March 31, 2021 in connection with its 2021 annual meeting of ~~Methodology~~stockholders, and information regarding CPA®:18’s directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC by CPA®:18 on February 25, 2022. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC when they become available.

~~The~~Item September Update Appraisal was based on the income method of valuation by applying a discounted cash flow analysis to the properties (excluding the self-storage properties): (i) the estimated net cash flow for each property in the portfolio during the remaining anticipated lease term unencumbered by debt; and (ii) the estimated residual value of each property from a hypothetical sale of the property upon the assumed expiration of the lease8.01 ~~The~~Other hypothetical sale amount was derived by capitalizing the estimated stabilized net operating income of each property for the year following the lease expiration in which stabilization is projected to occur at a selected capitalization rate and deducting estimated costs of saleEvents. The discounted cash flow analysis also included re-tenanting costs at the end of the assumed lease term, as appropriate, including downtime costs, tenant improvement allowances, rental concessions and leasing commissions. In cases where a tenant had a purchase option deemed to be materially favorable to the tenant, or the tenant had long-term renewal options at rental rates materially below estimated market rental rates, the September Update Appraisal assumed the exercise of such purchase option or long-term renewal options in its determination of residual value. Where a property was deemed to have excess or surplus land of contributory value, the discounted cash flow analysis included the estimated excess or surplus land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the assumed year of lease expiration.

~~The~~Press discount rates and residual capitalization rates used in the discounted cash flow analysis to value the properties in the September Update Appraisal were selected based on several factors, including the creditworthiness of the lessees; industry surveys; discussions with industry professionals; property type, location and age; current lease rates Release

3On February 28, 2022, CPA®:18 issued a press release announcing, among other things, CPA®:18’s entry into the Merger Agreement. A copy of that press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

~~relative~~The topress ~~estimated~~release ~~market~~shall ~~lease~~not ~~rates;~~be ~~anticipated~~deemed ~~lease~~"filed" ~~duration;~~for ~~and~~any ~~other~~purpose, including ~~factors~~for ~~deemed~~the ~~appropriate,~~purposes ~~including~~of Section 18 of the ~~estimated~~Exchange ~~impact~~Act, onor ~~discount~~otherwise ~~rates~~subject ~~from~~to the ~~COVID-19~~liabilities ~~pandemic~~of ~~(which~~that ~~were~~Section. ~~based~~The information in ~~part~~this onItem ~~discussions~~8.01, byincluding ~~Stanger~~Exhibit 99.1, ~~with~~shall ~~our~~not ~~asset~~be ~~management~~deemed ~~personnel~~incorporated ~~regarding~~by ~~the~~reference ~~known~~into ~~and~~any ~~reasonable~~filing ~~likely~~under ~~effects~~the ~~and~~Securities ~~risks~~Act or tothe ~~our~~Exchange ~~tenants’~~Act ~~continued~~regardless ~~performance~~of ~~under~~any ~~their~~general ~~leases~~incorporation ~~due~~language toin the ~~COVID-19 pandemic)~~filing.

September Update Appraisal	Low	High	Weighted Average(1)
Discount rates applied to the estimated net cash flow of each property	5.3%	8.8%	7.0%
Discount rates applied to the estimated residual value of each property	6.5%	8.0%	7.3%
Residual capitalization rates applied to the properties	5.5%	7.3%	6.3%

Investor Presentation

~~__________~~The investor presentation to be used during calls with CPA®:18's investors, stockholders, analysts, brokers, and other parties interested in the proposed Merger, is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein. The investor presentation will also be posted on CPA®:18’s website (http://www.cpa18global.com).

~~(1)~~The ~~Based~~investor onpresentation ~~net~~shall ~~operating~~not ~~income~~be ~~adjusted~~deemed "filed" for any ~~our~~purpose, ~~ownership~~including ~~interest~~for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Item 8.01, including Exhibit 99.2, shall not be deemed incorporated by reference into any filing under the Securities ~~properties~~Act or the Exchange Act regardless of any general incorporation language in the filing.

~~For~~Distribution ~~the~~Reinvestment self-storage properties owned by us, a direct capitalization analysis was performed. The capitalization rates applied in the direct capitalization analysis were based upon several factors, including industry surveysPlan; ~~discussions~~Redemption ~~with industry professionals~~Plan; ~~information~~Quarterly onNAV ~~capitalization rates from sale transactions; property type, location~~ and Advisor age; and other factors deemed appropriate. The capitalization rates were applied to estimated stabilized net operating income for the year following the valuation date in which stabilization was projected to occur. The capitalized value was then adjusted for any deferred maintenance, excess or surplus land, and lease-up costs, as appropriate. For the September Update Appraisal the capitalization rates applied to the self-storage properties ranged from approximately 4.8% to 6.3%, with a weighted average of approximately 5.5%.Fees

~~Conclusion~~Effective asimmediately, toCPA®:18 has suspended permitted distribution reinvestments under its Amended and Restated Distribution Reinvestment Plan and redemptions under its Redemption Plan (except for Special Circumstances Redemptions in accordance with the ~~September~~Redemption ~~Update~~Plan) ~~Appraisal~~because of the proposed Merger described above.

~~The~~During ~~result~~the ofperiod between the ~~analysis~~execution ~~outlined~~of ~~above~~the ~~was~~Merger ~~then~~Agreement ~~adjusted~~and consummation ~~where~~of ~~appropriate~~the toproposed ~~reflect~~Merger, ~~our~~CPA®:18 ~~economic~~does ~~ownership~~not ~~interest~~intend into ~~each~~make ~~property~~or ~~and~~report toany ~~convert~~updated ~~the~~determination ~~property~~of ~~value~~its ofestimated net ~~each~~asset ~~property~~value ~~located~~per ~~outside~~share. ~~the~~In ~~United~~addition, ~~States~~fees payable to UW.S P. ~~dollars~~Carey ~~based~~under ~~upon~~the ~~foreign~~advisory ~~exchange~~agreement ~~rates~~will asbe paid in cash, rather than shares of ~~the~~CPA®:18 ~~valuation~~common ~~date~~stock.

~~Assumptions~~Item 9.01 Financial Statements and ~~Limitations~~Exhibits.

~~The September Update Appraisal is subject to certain assumptions and limiting conditions, including:~~ (id) Stanger assumes no responsibility for matters of a legal nature affecting any of the properties in the September Update Appraisal and assumes that title to each property is good and marketable and that each property is free and clear of all liens unless otherwise stated; (ii) the September Update Appraisal assumes (A) responsible ownership and competent management of each property, (B) no hidden or unapparent conditions of any property's subsoil or structure that would render such property more or less valuable, (C) full compliance with all applicable federal, state and local zoning, access and environmental regulations and laws and (D) all required licenses, certificates of occupancy and other governmental consents have been, or can be, obtained and renewed; (iii) the information upon which Stanger based the September Update Appraisal has been provided by, or gathered from, sources assumed to be reliable and accurate, including information that has been provided to Stanger by our advisor, and Stanger is not responsible for the accuracy or completeness of such information, including the correctness of estimates, opinions, dimensions, exhibits and other factual matters; (iv) any necessary repairs or alterations to any property are assumed to be completed in a workmanlike manner; (v) the physical attributes and condition of the property improvements, including identification of, and estimated cost to cure, any deferred maintenance, are based on representations by us, and Stanger assumes no responsibility for the soundness of structural members or for the condition of mechanical equipment, plumbing or electrical components; (vi) Stanger has made no survey of the properties and has assumed that there are no soil, drainage or environmental issues that would impair its opinion of value; (vii) any projections of income and expenses included in the September Update Appraisal and the valuation parameters utilized are not predictions of the future, rather, they are Stanger's best estimate of current market thinking as of the valuation date relating to future income and expenses, and Stanger makes no warranty or representation that any such projections will materialize; (viii) Stanger's opinion of value represents normal consideration for the properties sold unaffected by special terms, services, fees, costs or credits incurred in a transaction; (ix) Stanger has no knowledge of the existence of hazardous materials on or in any property, nor is Stanger qualified to detect such hazardous substances, and Stanger assumes no responsibility for the detection or existence of such conditions; (x) Stanger has assumed that each property is free of any negative impact with regard to the Environmental Cleanup Responsibility Act or any other environmental problems, or with respect to non-compliance with the Americans with Disabilities Act Exhibits

Exhibit No.		Description of Exhibit
2.1		Agreement and Plan of Merger, dated as of February 27, 2022, by and between Corporate Property Associates 18 – Global Incorporated, W. P. Carey Inc., CPA18 Merger Sub LLC, and, for the limited purposes set forth therein, Carey Asset Management Corp., W. P. Carey & Co. B.V., WPC-CPA:18 Holdings, LLC and CPA^®:18 Limited Partnership.^†
99.1		Press release issued on February 28, 2022.
99.2		Presentation by Corporate Property Associates 18 – Global Incorporated to analysts and investors.
99.3		Letter from Corporate Property Associates 18 – Global Incorporated to stockholders.
99.4		Letter from Corporate Property Associates 18 – Global Incorporated to stockholders (re: request to redeem).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

~~(“ADA”),~~† ~~and~~Schedules ~~no investigation has been made by Stanger with respect to any potential environmental~~ (or ~~ADA~~similar ~~problems; (xi~~attachments) ~~Stanger’s~~have ~~opinions~~been ofomitted ~~value~~pursuant ~~do not reflect any potential premium or discount that a potential buyer may assign~~ to anItem ~~assembled portfolio of properties or to a group of properties in a particular local market;~~ 601(~~xii~~b) Stanger’s opinion of our real estate valued in the September Update Appraisal was based upon Stanger's engagement agreement with us, which called for the sole use of the income approach to value, and the assumption that the highest and best use of each property was as currently improved; and (~~xiii~~2) ~~while~~of ~~Stanger~~Regulation ~~conducted discussions with us regarding actual and reasonably likely effects on the continued performance under the tenants’ leases due to COVID~~S-19K. ~~and~~The ~~gathered~~registrant ~~information~~will onfurnish ~~macro~~copies ~~conditions in the real estate market in general due to COVID-19, the effects~~ of ~~COVID-19~~any onsuch ~~our~~schedules ~~tenants’~~or ~~continuing~~similar ~~ability~~attachments to ~~perform under their leases and~~ the ~~effect~~SEC onupon ~~operating property performance remains subject to uncertainty as of the September Update Appraisal valuation date~~request.

~~Fair Market Value of Debt~~SIGNATURES

~~Summary~~Pursuant to the requirements of ~~Methodology~~the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

Stanger performed a valuation of our property-level debt by reviewing available market data for comparable liabilities and debt investments and applying selected discount rates to the stream of future debt payments. The discount rates were selected based on several factors including, where applicable, U.S. Treasury, Euro-Swap, U.K. Gilt, London Interbank Offered Rate and Euro Interbank Offered Rate yields as of the valuation date, as well as loan-specific items such as payment priority, loan-to-value ratios, debt service coverage ratios, collateral property location, age and type, prepayment terms, and maturity and loan origination date. This methodology is consistent with the methodology used to value our debt at June 30, 2021.

	Corporate Property Associates 18 – Global Incorporated

Date: February 28, 2022	By:	/s/ Susan C. Hyde
		Susan C. Hyde
		Chief Administrative Officer and Corporate Secretary

The discount rates applied to the future property-level debt payments ranged from approximately 1.1% to 6.6%. The weighted-average contractual interest rate was approximately 3.76% and the estimated market weighted-average interest rate was approximately 3.75%.

Assumptions and Limitations

Stanger’s valuation of the property-level debt is based in part on the “as is” market value of our real estate portfolio as of the most recent date available as of the debt market value determination adjusted, as described above, for the new acquisitions, development projects or material events in each quarter. In addition, Stanger’s valuation of the property-level debt is subject to certain other assumptions and limiting conditions, including: (i) Stanger has been provided with loan documents and/or loan summaries, loan payment schedules and other factual loan information by W. P. Carey Inc. (the ultimate parent company of our advisor) and has relied upon and assumed that such information is correct in all material respects and no warranty is given by Stanger as to the accuracy of such information; (ii) each collateral property is assumed to be free and clear of liens other than the property-level debt being valued and in the case where such property-level debt represents a junior payment priority, the associated senior property-level debt; (iii) information furnished by others, upon which all or portions of Stanger’s value opinion is based, is believed to be reliable but has not been verified, and no warranty is given as to the accuracy of such information; (iv) there has been no material change in the collateral value estimate from the date such market value estimate was determined and the date of the property-level debt valuation; (v) all property-level debt is assumed to be salable, transferable or assumable between parties and is further assumed not to be in default. Stanger’s opinion of the property-level debt value was predicated on the above assumptions; and (vi) the COVID-19 pandemic caused disruptions in certain property-level debt markets and, while Stanger made market inquiries to gauge the current market for property-level debt, the effects on these property-level debt market from the COVID-19 pandemic remain uncertain.

Update to Redemption Program

We maintain a quarterly redemption program pursuant to which we may, at the discretion of our Board, redeem shares of our common stock from stockholders seeking liquidity (our “Redemption Program”). The total number of shares redeemed pursuant to our Redemption Program in any quarter, together with the aggregate number of shares redeemed in the preceding three fiscal quarters, may not exceed 5% of the total number of shares outstanding as of the last day of the immediately preceding fiscal quarter.

Since September 2020, we have generally limited the amount of cash available for the Redemption Program to the amount reinvested by stockholders in shares of our common stock pursuant to our distribution reinvestment plan. If cash available for the Redemption Program was insufficient to satisfy all redemption requests, we prioritized qualifying special circumstance redemption requests (i.e., death, disability, receipt of long-term care) and redeemed the remaining redemption requests on a pro rata basis. Requests not fulfilled in one quarter were automatically carried forward to the next quarter (unless revoked) and processed in accordance with the above.

On December 9, 2021, our Board approved the processing of all outstanding redemption requests, including any unfulfilled amounts carried over from prior quarters, in full.

Our Board retains the discretion to modify the Redemption Program at any time.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.						Description of Exhibit
99.1						Consent of Robert A. Stanger & Co., Inc.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

		Corporate Property Associates 18 – Global Incorporated
Date:	December 9, 2021	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

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