First Industrial Realty Trust Inc.'s board declared a first-quarter common dividend of 21.75 cents per share and unit, up 3.6% from the previous quarterly payout of 21 cents per share.

The industrial real estate investment trust said it will pay the dividend April 16 to stockholders of record March 29.

Also, the company said it expects to record a severance charge of about 1 cent per share in 2018 as a result of the restructuring of its staffing in the first quarter. The restructuring was aimed at aligning its personnel with changes in its portfolio as part of its capital allocation strategy.