EXHIBIT 21
B. F. SAUL REAL ESTATE INVESTMENT TRUST LIST OF SUBSIDIARIES
Date of Current
Site of Acquisition/ Principal Business
100% OWNED SUBSIDIARIES Incorporation Formation Activity
- - ------------------------------------- -------------- ----------- ------------------------------
Arlington Hospitality Corp. Virginia 1997 Hotel Owner
Auburn Hills Hotel Corporation Maryland 1994 Hotel Owner
Auburn Hills Land Corp. Maryland 1997 Land Owner
Avenel Executive Park Phase II, LLC Maryland 2000 Real Estate Investor
Boca Raton East Hospitality Corp. Florida 1998 Hotel Owner
Boca Raton West Hospitality Corp. Florida 1998 Hotel Owner
Cascades Hospitality Corporation Virginia 1999 Hotel Owner
Chain Bridge Hospitality Corporation Virginia 1999 Hotel Owner
Circle 75 East Hospitality Corp. Georgia 2000 Inactive
Circle 75 Hospitality Corp. Georgia 1999 Inactive
Commerce Center Development Corp. Florida 1980 Office Bldg Owner
Commerce Center Holdings LLC Florida 2000 Land Owner
Crystal City Hospitality Corp. Virginia 1989 Hotel Owner
Dearborn, L.L.C. Delaware 1992 Land Owner
Dulles Hospitality Corp. Virginia 1997 Hotel Owner
Dulles North Holdings Corp. Virginia 2000 Land Owner
Dulles North Four, Corp. Virginia 1999 Office Bldg Owner
Dulles North Five, Corp. Virginia 1999 Office Bldg Owner
Dulles North Six, Corp. Virginia 2000 Office Bldg Owner
Dulles North Seven Corp. Virginia 2000 Inactive
Dulles North Office Park II
Corporation Virginia 1998 Offie Bldg Owner
Ft. Lauderdale Hotel Corp. Florida 1998 Hotel Owner
Gaithersburg Hospitality Corp. Maryland 1998 Hotel Owner
Herndon Hotel Corporation Virginia 1996 Hotel Owner
I-95 Yamato Condominium
Association, Inc Florida 1998 Condominium
LT One Corp. Virginia 1999 Office Bldg Owner
LT Two LLC Virginia 2001 Inactive
Metairie Office Tower, L.L.C. (a) Louisiana 2002 Inactive
MHC Airport Inn, Inc. (b) New York 1980/1976 Hotel Operator
MHC Corporation Maryland 1980/1974 Hotel Operator
NVA Development Corporation Virginia 1984 Office Bldg Owner
Peachtree/Northeast Corp. Georgia 1979 Land Owner
Pueblo Hotel Corp. Colorado 1985 Hotel Owner
Sharonville Hotel Corporation Ohio 1986 Hotel Owner
Sterling Hotel Corp. Virginia 1997 Hotel Owner
Sterling North Hospitality Corp. Virginia 1999 Inactive
Sweitzer Lane LLC Maryland 2000 Office Bldg Owner
Tysons Park, Inc. Virginia 1999 Office Bldg Owner
Tysons Park II, Inc. Virginia 2000 Inactive
900 Corporation Georgia 1981 Office Bldg Owner
1000 Corporation Georgia 2000 Office Bldg Owner
1100 Corporation Georgia 1979 Office Bldg Owner
(a) Subsidiary of Dearborn, L.L.C. (b) Subsidiary of MHC Corporation
EXHIBIT 21
B. F. SAUL REAL ESTATE INVESTMENT TRUST
LIST OF SUBSIDIARIES (Continued)
CURRENT
DATE OF PRINCIPAL
JURISDICTION OF ACQUISITION/ BUSINESS
NAME NOTE FORMATION FORMATION ACTIVITY
- ---- ---- --------- --------- --------
ASB Capital Management, Inc. (A) Maryland 2000 Investment
Adviser
Ashburn Village Development (D) Maryland 1991 Real Estate
Corporation Owned (REO)
Bailey's Corporation (D) Maryland 1993 Inactive
(sold property 11/95)
Balmoral Golf Corporation (E) Maryland 1992 Inactive
Bondy Way Development (D) Maryland 1990 Inactive
Corporation (sold property 3/02)
Brambleton Land Corporation (D) Maryland 1977 Inactive
(sold property 3/99)
Brooke Manor Land Corporation (D) Maryland 1990 Inactive
(sold property 8/96)
B.F. Saul Mortgage Company (B) Maryland 1984 Residential
Loan
Origination
CCB Auto Leasing LLC (B) Delaware 2002 Inactive
CCRE, Inc. (F) Maryland 1984 Inactive
Cherrytree Corporation (D) Maryland 1993 Inactive
(sold property 11/97)
Chevy Chase Asset Management (B) Virginia 2000 Holding
Company Company
Chevy Chase Financial (B) Virginia 1996 Holding
Services Corporation Company
Chevy Chase Insurance Agency, (G) Maryland 1985 Insurance
Inc. Agency
Chevy Chase LT (C) Delaware 2002 Inactive
Chevy Chase Mortgage Company (H) Maryland 1972 Inactive
Chevy Chase Mortgage Company (B) Virginia 1996 Inactive
of Virginia
Chevy Chase Preferred Capital (B) Maryland 1996 Real Estate
Corporation Investment
Trust
Chevy Chase Real Estate (B) Virginia 2001 Holding
LLC Company
Chevy Chase Securities, Inc. (G) Maryland 1984 Securities
Chevy Chase Trust Company (B) Maryland 1997 Fiduciary
Services
CFC-Consumer Finance Corporation (B) Virginia 1994 Consumer Loan
Origination
Duvall Village Corporation (D) Maryland 1992 Inactive
(sold property 12/97)
First Balmoral Corporation (D) Maryland 1991 REO
Great Seneca Development (D) Maryland 1991 REO
Corporation
Hamlets at Brambleton, Inc. (J) Virginia 1997 REO
Inglewood Corporation (D) Maryland 1990 Inactive
(sold property 11/95)
Manor Holding Corporation (B) Virginia 1996 Holding
Company
Manor Investment Company (I) Maryland 1971 Real Estate
Ownership/
Development
Marbury I Corporation (D) Maryland 1991 Inactive
(sold property 1/00)
Marbury II Corporation (D) Maryland 1991 Inactive
(sold property 9/99)
NML Corporation (D) Maryland 1992 Inactive
(sold property, 3/02)
North Ode Street Development (F) Maryland 1981 Real Estate
Corporation Finance/
Development
Oak Den, Inc. (sold remaining (D) Maryland 1991 Inactive
lots 10/94)
Old Chapel Corporation (D) Maryland 1992 REO
Presley Corporation (D) Maryland 1993 Inactive
(sold property 5/94)
Primrose Development (D) Maryland 1990 Inactive
Corporation (sold property 8/02)
Ridgeview Centre Corporation (D) Maryland 1992 Inactive
(sold property 3/99)
Ronam Corporation Inc. (D) Maryland 1986 Inactive
(sold property 12/00)
Sully Park Corporation (D) Maryland 1990 Inactive
(sold property 6/96)
Sully Station Corporation (D) Maryland 1990 Inactive
(sold property 9/97)
Sycolin-Leesburg Corporation (D) Maryland 1992 Inactive
(sold property 5/00)
Terminal Drive Properties, LLC (D) Maryland 1991 REO
- ------------------
(A) Subsidiary of Chevy Chase Asset Management Company
(B) Subsidiary of Chevy Chase Bank, F.S.B.
(C) A business trust formed by CCB Auto Leasing LLC
(D) Subsidiary of Chevy Chase Real Estate LLC
(E) Subsidiary of First Balmoral Corporation
(F) Subsidiary of Manor Investment Company
(G) Subsidiary of Chevy Chase Financial Services Corporation
(H) Subsidiary of Chevy Chase Mortgage Company of Virginia
(I) Subsidiary of Manor Holding Corporation
(J) Subsidiary of Brambleton Land Corporation
