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 nine months ended September 30, 2014			For the Year Ended December 31,
(dollars in thousands)				2013			2012			2011			2010			2009
Income (loss) from continuing operations before allocation to noncontrolling interest and income from investments in unconsolidated joint ventures	$	(41,684	)	$	(30,227	)	$	(52,657	)	$	(74,511	)	$	(84,580	)	$	(51,545	)
Plus fixed charges:
Interest expense (including amortization of finance charges)		61,792			98,731			122,118			127,148			136,412			124,929
Capitalized interest		494			874			1,549			2,087			2,584			5,613
Interest within rental expense		252			456			1,154			1,194			1,265			1,324
Total Fixed Charges		62,538			100,061			124,821			130,429			140,261			131,866
Preferred dividends		11,886			15,848			7,984			—			—			—
Total Fixed Charges and Preferred Dividends		74,424			115,909			132,805			130,429			140,261			131,866
Plus amortization of capitalized interest		1,677			2,291			2,169			1,956			1,787			1,528
Plus distributed income of investments in unconsolidated joint ventures		8,323			9,023			13,002			9,636			15,870			15,211
Less capitalized interest		(494	)		(874	)		(1,549	)		(2,087	)		(2,584	)		(5,613	)
Less preferred dividends		(11,886	)		(15,848	)		(7,984	)		—			—			—
Total Earnings		30,360			80,274			85,786			65,423			70,754			91,447
Ratio of Earnings to Fixed Charges		0.49			0.80			0.69			0.50			0.50			0.69
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		0.41			0.69			0.65			0.50			0.50			0.69