Can you give a link to that 0.77 figure? Are you sure it wasn't price to book ratio?
The book value figure I have from E*Trade / Aspect Huntley for 2006/07 is $3.52.
Just in case it wasn't clear from my message. I think Centro has quality assets and income streams. This is a buy IMO, and I hold in my portfolio at average $1.25 or so.