PS Business Parks reported lower revenue but beat Wall Street expectations for funds from operations in the second quarter. The Glendale real estate investment trust, which specializes in commercial properties, reported funds from operations $41.2 million ($1.20 a share) for the quarter ending June 30, compared to $40.8 million ($1.19) for the same period a year ago. Analysts on average expected funds from operations of $1.18. Revenue dropped 1.1 percent year over year to $93.1 million. The company attributed the lower revenue to lost rents from business parks it has sold, even though same park net operating income increased 4.2 percent. Funds from operation, which takes net income and adds back items such as depreciation and amortization, is a key metric in the REIT industry. The company reported net income of $11.1 million (41 cents a share). Concurrent with its second-quarter earnings release, the company announced a quarterly dividend of 60 cents a share, payable on Sept. 30 to shareholders of record on Sept. 15. The divided is an increase of 20 percent from the REIT’s prior dividend payment. The company announced results after market close on Tuesday. Shares closed Wednesday up $1.74 or 2.3 percent to $76.58 on the New York Stock Exchange.