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, 2011			For the Year Ended December 31,
(dollars in thousands)				2010			2009			2008			2007			2006
Income (loss) from continuing operations before allocation to noncontrolling interest and income from investments in unconsolidated joint ventures	$	(97,969	)	$	(84,064	)	$	(113,969	)	$	(27,643	)	$	8,771		$	23,653
Plus fixed charges:
Interest expense (including amortization of finance charges)		100,400			142,730			131,236			114,228			100,188			95,546
Capitalized interest		1,442			2,584			5,613			15,968			16,259			9,640
Interest within rental expense		919			1,265			1,324			1,345			1,386			1,428
Total Fixed Charges		102,761			146,579			138,173			131,541			117,833			106,614
Preferred dividends		—			—			—			—			7,941			13,613
Total Fixed Charges and Preferred Dividends		102,761			146,579			138,173			131,541			125,774			120,227
Plus amortization of capitalized interest		1,431			1,787			1,528			724			315			182
Plus distributed income of investments in unconsolidated joint ventures		5,719			15,870			15,211			10,941			8,985			10,120
Less capitalized interest		(1,442	)		(2,584	)		(5,613	)		(15,968	)		(16,259	)		(9,640	)
Less preferred dividends		—			—			—			—			(7,941	)		(13,613	)
Total Earnings		10,500			77,588			35,330			99,595			119,645			130,929
Ratio of Earnings to Fixed Charges		0.10			0.53			0.26			0.76			1.02			1.23
Ratio of Earnings to Combined Fixed Charges and Preference Dividends		0.10			0.53			0.26			0.76			0.95			1.09