Brookfield Earnings Drop as Office, Home Revenue Fell

Brookfield Properties Corp., owner of 74 million square feet of real estate in North America, said second-quarter earnings excluding items fell on a decline in office and Canadian residential revenue.

Funds from operations dropped to $148 million, or 38 cents a share, from $157 million, or 40 cents, a year earlier, the New York-based company said today in a statement. Brookfield was projected to have FFO of 35 cents, according to the median estimate of 14 analysts surveyed by Bloomberg.