Pennsylvania Real Estate Investment Trust (PRET) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Pennsylvania Real Estate Investment Trust

Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

	For the Six Months Ended June 30,			For the Year Ended December 31,
(dollars in thousands)	2012			2011			2010			2009			2008			2007
Income (loss) from continuing operations before allocation to noncontrolling interests and income from investments in unconsolidated joint ventures	$	(26,762	)	$	(100,570	)	$	(84,064	)	$	(113,969	)	$	(27,643	)	$	8,771
Plus fixed charges:
Interest expense (including amortization of finance charges)		63,464			132,256			142,730			131,236			114,228			100,188
Capitalized interest		1,105			2,087			2,584			5,613			15,968			16,259
Interest within rental expense		578			1,194			1,265			1,324			1,345			1,386
Total Fixed Charges		65,147			135,537			146,579			138,173			131,541			117,833
Preferred dividends		1,845			—			—			—			—			7,941
Total Fixed Charges and Preferred Dividends		66,992			135,537			146,579			138,173			131,541			125,774
Plus amortization of capitalized interest		1,075			1,956			1,787			1,528			724			315
Plus distributed income of investments in unconsolidated joint ventures		5,448			9,636			15,870			15,211			10,941			8,985
Less capitalized interest		(1,105	)		(2,087	)		(2,584	)		(5,613	)		(15,968	)		(16,259	)
Less preferred dividends		(1,845	)		—			—			—			—			(7,941	)
Total Earnings	$	43,803		$	44,472		$	77,588		$	35,330		$	99,595		$	119,645
Ratio of Earnings to Fixed Charges		0.67			0.33			0.53			0.26			0.76			1.02
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		0.65			0.33			0.53			0.26			0.76			0.95