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 | ||||||||||||||||||
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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 | ||||||||||||||||||
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Total Fixed Charges and Preferred Dividends | 70,963 | 90,373 | 98,263 | 100,288 | 115,909 | 132,805 | ||||||||||||||||||
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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 | ) | ||||||||||||
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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 |