Centro Property Group (CNP) said the total decline in property valuations for the managed property portfolio for the six months to 30 June 2009 was $2.62 billion. The property conglomerate also reported capitalisation rates in both Australia and the US have increased from a year ago.

At 30 June 2009, the group reported a value of its US properties at US$10.07 billion, down US$12.4 billion a year ago. The capitalisation rate increased from 7.2% to 8.29% over the same period. Meanwhile the company’s Australian properties were valued at $7.69 billion, down from $9.08 billion. The capitalisation rate in Australia increased from 6.42% to 7.52%.

The capitalisation rate is the net operating income divided by the sales price or value of a property expressed as a percentage. 

Centro Retail Group (CER) reported a total write down for the six months to 30 June 2009 of $1.02 billion.

Centro Property Group said independent valuations were conducted for 57% and 29% of Centro’s Australian and US properties respectively.

At 1040 AEST, CNP shares were down 0.2c to 9.4c, while CER shares were down 0.4c to 9.4c.