Real estate investment trust Archstone-Smith reported that its net income and funds from operations in the second quarter were down compared to the same period a year ago. The company earned 27 cents a share in the second quarter, down from 77 cents a share a year ago; it posted funds from operations of 45 cents a share, down from 59 cents a share the previous year. Archstone said the drop was caused by higher taxes and expenses. According to an analyst, the results “weren’t so bad to jeopardize the merger” with Tishman Speyer Properties and Lehman Brothers, which has been postponed to October. more [CNN Money]