You are using an incorrect interest rate.
Have a look at www.markit.com to see the cost of lending in the CMBS market. Centro is probably around the BBB level - but wouldn't be surprised to see it borrowing at the B level.
Was LIBOR + 200bp 6 months ago - now about LIBOR + 800bp/1000bp thats for BBB rating. B is even worse.
This is why the market is dumping this stock with the only people buying it failing to understand corporate financing.