Exhibit 12.1

Pennsylvania Real Estate Investment Trust

Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Dividends

	Nine Months Ended September 30, 2017			Year Ended December 30, 2016			Year Ended December 30, 2015			Year Ended December 30, 2014			Year Ended December 30, 2013			Year Ended December 30, 2012
(dollars in thousands)
Income (loss) before allocation to minority interests and income from investments in unconsolidated joint ventures		(56,307	)	$	(31,190	)	$	(139,107	)	$	(24,831	)	$	(30,227	)	$	(52,657	)
Plus fixed charges:
Interest expense (including amortization of finance charges)		44,098			70,724			81,096			82,165			98,731			122,118
Capitalized interest		5,358			3,191			604			1,883			874			1,549
Interest within rental expense		440			610			715			392			456			1,154
Total Fixed Charges		49,896			74,525			82,415			84,440			100,061			124,821
Preferred dividends		20,797			15,848			15,848			15,848			15,848			7,984
Total Fixed Charges and Preferred Dividends		70,963			90,373			98,263			100,288			115,909			132,805
Plus amortization of capitalized interest		998			1,346			1,626			2,087			2,291			2,169
Plus distributed income of investments in unconsolidated joint ventures		41,240			22,094			5,868			12,127			9,023			13,002
Less capitalized interest		(5,358	)		(3,191	)		(604	)		(1,883	)		(874	)		(1,549	)
Less preferred dividends		(20,797	)		(15,848	)		(15,848	)		(15,848	)		(15,848	)		(7,984	)
Total Earnings		30,469			63,584			(49,802	)		71,940			80,274			85,786
Interest expense (including amortization of finance charges)		44,098			70,724			81,096			82,165			98,731			122,118
Capitalized interest		5,358			3,191			604			1,883			874			1,549
Interest within rental expense		440			610			715			392			456			1,154
Preferred dividends		20,797			15,848			15,848			15,848			15,848			7,984
Fixed Charges		49,896			74,525			82,415			84,440			100,061			124,821
Combined Fixed Charges and Preferred Dividends		70,693			90,373			98,263			100,288			115,909			132,805
Total Earnings		30,469			63,584			(49,802	)		71,940			80,274			85,786
Ratio of Earnings to Fixed Charges		0.61			0.85			(0.60	)		0.85			0.80			0.69
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		0.43			0.70			(0.51	)		0.72			0.69			0.65