Exhibit 12.1
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
====================================================================================================================================
Fiscal Years Ended August 31
====================================================================================================================================
Earnings: 1997 1996 1995 1994 1993
---- ---- ---- ---- ----
- ------------------------------------------------------------------------------------------------------------------------------------
Net Income $10,235,000 $11,044,000 $11,225,000 $20,687,000 $14,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Add:
Fixed charges less capitalized
interest 16,882,000 15,785,000 15,104,000 10,444,000 10,472,000
- ------------------------------------------------------------------------------------------------------------------------------------
Minority interest in income 198,000 275,000 285,000 221,000 92,000
- ------------------------------------------------------------------------------------------------------------------------------------
Less:
Minority interests in losses of
unconsolidated majority-owned
subsidiaries (60,000) (49,000) (48,000) (38,000) (34,000)
- ------------------------------------------------------------------------------------------------------------------------------------
Gains on sales of interests in real
estate (1,069,000) (865,000) (119,000) (12,362,000) (3,875,000)
------------ ------------ ------------ ------------- ------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total Earnings $26,186,000 $26,190,000 $26,447,000 $19,599,000 $20,655,000
=========== ============ ============ ============ ===========
====================================================================================================================================
Fiscal Years Ended August 31
====================================================================================================================================
Fixed Charges: 1997 1996 1995 1994 1993
---- ---- ---- ---- ----
- ------------------------------------------------------------------------------------------------------------------------------------
Interest expense - wholly owned
subsidiaries $ 9,086,000 $ 9,831,000 $ 8,908,000 $ 4,162,000 $ 2,222,000
- ------------------------------------------------------------------------------------------------------------------------------------
Capitalized interest - wholly-owned
and unconsolidated subsidiaries -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
(A)Fixed charges of
unconsolidated subsidiaries and
equity method investments 7,796,000 5,954,000 6,196,000 6,282,000 8,250,000
---------- --------- --------- --------- ---------
- ------------------------------------------------------------------------------------------------------------------------------------
Total Fixed Charges $16,882,000 $15,785,000 $15,104,000 $10,520,000 $10,472,000
=========== =========== =========== =========== ===========
- ------------------------------------------------------------------------------------------------------------------------------------
Ratio of Earnings to Fixed 1.55 1.66 1.75 1.80 1.97
Charges
====================================================================================================================================