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 $148m, or 38 cents a share, from $157m, 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.

Commercial property revenue was little changed in the second quarter at $338m and residential development sales slid 63% to $13m, the company said.