* 2008 funds from ops down about 4 percent from 2007
* 2009 prospects "not worse" than H2, 2008
* Will propose dividend if 2009 begins well
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FRANKFURT, Feb 5 (Reuters) - Austrian real estate company Conwert Immobilien Invest SE achieved funds from operations (FFO) of about 60 million euros ($78.2 million) in 2008, down 4 percent on 2007, its chief executive said.
"FFO in 2008 was about 60 million euros," CEO Johann Kowar told reporters in Frankfurt on Thursday. In 2007, the company's FFO -- a key indicator of profitability -- was 62.4 million euros.
Conwert's management was still considering whether to pay a dividend for 2008.
"If 2009 begins well, we will propose a dividend to the annual general meeting (AGM) in May. But if this year's business outlook turns negative, we must consider if it's intelligent (to propose a dividend)," he said.
Asked about this year's prospects, he said: "We don't expect 2009 to be worse than the second half of 2008."
"Prices will hold up, I don't see any significant erosion," he said, adding: "For quality properties in good locations there's very little pressure on prices."
Conwert has around 3 billion euros in assets and 1.6 billion euros in debts, on which the company pays interest of on average 4.6 percent, Kowar said. The company has bought back 5 percent of its shares, which fell 73.4 percent last year, underperforming the FTSE EPRA/NAREIT European real estate sector index, which dropped 50.9 percent in the same period.
"We are considering more share buy-backs but we are at the moment prevented by law to do so, we don't have the required AGM authorisation," Kowar said.
Under Austrian rules, buy-backs can only be carried out within a price band authorised by the AGM. Conwert's existing buy-back authorisation has a lower limit of 8 euros per share, almost double the current market price.
At 1335 GMT, Conwert's shares were up 7.9 percent on the day at 4.37 euros. ($1=.7672 Euro) (Reporting by Peter Starck; Editing by Jon Loades-Carter)