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

Exhibit 12.1

Pennsylvania Real Estate Investment Trust

Statement of Combined Fixed Charges and Preference Dividends to Earnings

(dollars in thousands)		9 Months Ended September 30, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Income (loss) before allocation to minority interests and income from investments in unconsolidated joint ventures		$	1,296		$	(139,107	)	$	(24,831	)	$	(30,227	)	$	(52,657	)	$	(74,511	)
Plus fixed charges:
Interest expense (including amortization of finance charges)			53,611			81,096			82,165			98,731			122,118			127,148
Capitalized interest			2,221			604			1,883			874			1,549			2,087
Interest within rental expense			400			715			392			456			1,154			1,194
Total Fixed Charges			56,232			82,415			84,440			100,061			124,821			130,429
Preferred dividends			11,886			15,848			15,848			15,848			7,984			—
Total Fixed Charges and Preferred Dividends			68,118			98,263			100,288			115,909			132,805			130,429
Plus amortization of capitalized interest			1,042			1,626			2,087			2,291			2,169			1,956
Plus distributed income of investments in unconsolidated joint ventures			13,663			5,868			12,127			9,023			13,002			9,636
Less capitalized interest			(2,221	)		(604	)		(1,883	)		(874	)		(1,549	)		(2,087	)
Less preferred dividends			(11,886	)		(15,848	)		(15,848	)		(15,848	)		(7,984	)		—
Total Earnings			70,012			(49,802	)		71,940			80,274			85,786			65,423
Interest expense (Incl. Amortization of Deferred Financing Costs)			53,611			81,096			82,165			98,731			122,118			127,148
Capitalized interest			2,221			604			1,883			874			1,549			2,087
Interest within rental expense			400			715			392			456			1,154			1,194
Preferred dividends			11,886			15,848			15,848			15,848			7,984			—
	Fixed Charges		68,118			98,263			100,288			115,909			132,805			130,429
	Combined Fixed Charges and Preference Dividends		68,118			98,263			100,288			115,909			132,805			130,429
	Total Earnings		70,012			(49,802	)		71,940			80,274			85,786			65,423
	Ratio of Earnings to Fixed Charges		1.25			(0.60	)		0.85			0.80			0.69			0.50
	Ratio of Combined Earnings to Fixed Charges and Preference Dividends		1.03			(0.51	)		0.72			0.69			0.65			0.50