Since owning share of Whitestone Reit (WSR) I've been receiving their dividend every month. To date I have received four dividend payments. Since the beginning I own 50 shares of WSR. And, every month I have been receiving more dividend than the month before. This is not because of dividend reinvestment, but only because of the exchange rate between dollar and Euro.
When looking at the dividends received it increase from €3,59 to €3,83 after taxes. This is an increase of 6.7% without the company raising its dividend in dollars.
On the other hand my dividend income is vulnerable when the Euro gets stronger again. I don't think that will happen soon as the QE in Europe is still in full force while the Fed is raising interest rates again. Still I should think about that when I want to calculate how much dividend income I'll need to live off the dividends.