Saul B F Real Estate Investment Trust 10-K 2005 FY Annual report

Exhibit 21

B. F. SAUL REAL ESTATE INVESTMENT TRUST LIST OF SUBSIDIARIES

100% OWNED SUBSIDIARIES	Site of Incorporation	Date of Acquisition/ Formation	Current Principal Business 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 Development LLC	Delaware	2005	Development
Circle 75 East Hospitality Corp.	Georgia	2000	Inactive
Circle 75 Hospitality Corp.	Georgia	1999	Inactive
Circle 75 Towns LLC	Georgia	2005	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	Office Bldg Owner
Dulles South Hospitality LLC (a)	Delaware	2005	Hotel Owner
Dulles South Hospitality Member LLC	Delaware	2005	Hotel Owner
Dulles Sterling Hospitality LLC	Delaware	2005	Development
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
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	Inactive
Sharonville Hotel Corporation	Ohio	1986	Hotel Owner
Sterling Hotel Corp.	Virginia	1997	Hotel Owner
Sterling North Hospitality Corp.	Virginia	1999	Inactive
Sterling South 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
8001 Wisconsin LLC	Delaware	2005	Office Bldg Owner
8201 Greensboro LLC (c)	Delaware	2005	Inactive
8201 Greensboro Member LLC	Delaware	2005	Inactive

(a) Subsidiary of Dulles South Hospitality Member LLC

(b) Subsidiary of MHC Corporation

(c) Subsidiary of 8201 Greensboro Member LLC

SUBSIDIARIES

NAME	NOTE		JURISDICTION OF FORMATION	DATE OF ACQUISITION/ FORMATION	CURRENT PRINCIPAL BUSINESS ACTIVITY
ASB Capital Management LLC	(A	)	Maryland	2005	Investment Advisor
Ashburn Village Development Corporation	(C	)	Maryland	1991	Real Estate Owned (REO)
Bondy Way Development Corporation (sold property 3/02)	(C	)	Maryland	1990	Inactive
Brambleton Land Corporation (sold property 3/99)	(C	)	Maryland	1977	Inactive
Brooke Manor Land Corporation (sold property 8/96)	(C	)	Maryland	1990	Inactive
B. F. Saul Mortgage Company	(B	)	Maryland	1984	Residential Loan Origination
CCRE, Inc.	(D	)	Maryland	1984	Inactive
Chevy Chase Asset Management (Virginia) LLC	(B	)	Virginia	2005	Holding Company
Chevy Chase Financial Services Corporation	(B	)	Virginia	1996	Holding Company
Chevy Chase Funding LLC	(B	)	Delaware	2003	Special Purpose Entity
Chevy Chase Insurance Agency, Inc.	(E	)	Maryland	1971	Insurance Agency
Chevy Chase Mortgage Company	(F	)	Maryland	1972	Inactive
Chevy Chase Mortgage Company of Virginia	(B	)	Virginia	1996	Inactive
Chevy Chase Preferred Capital Corporation	(B	)	Maryland	1996	Real Estate Investment Trust
Chevy Chase Real Estate LLC	(B	)	Virginia	2001	Holding Company
Chevy Chase Securities, Inc.	(E	)	Maryland	1984	Securities
Chevy Chase Trust Company	(B	)	Maryland	1997	Fiduciary Services
CFC-Consumer Finance Corporation	(B	)	Virginia	1994	Consumer Loan Origination
First Balmoral Corporation	(C	)	Maryland	1991	REO

Great Seneca Development Corporation	(C	)	Maryland	1991	REO
Manor Holding (Virginia) LLC	(B	)	Virginia	2005	Holding Company
Manor Investment LLC	(G	)	Maryland	2005	Real Estate Ownership/ Development
NML Corporation (sold property, 3/02)	(C	)	Maryland	1992	Inactive
North Ode Street Development Corporation	(C	)	Maryland	1981	Real Estate Finance/ Development
Old Chapel Corporation	(C	)	Maryland	1992	REO
Primrose Development Corporation (sold property 8/02)	(C	)	Maryland	1990	Inactive
Ronam Corporation Inc. (sold property 12/00)	(B	)	Maryland	1986	Inactive

(A) Subsidiary of Chevy Chase Asset Management (Virginia) LLC

(B) Subsidiary of Chevy Chase Bank, F.S.B.

(C) Subsidiary of Chevy Chase Real Estate LLC

(D) Subsidiary of Manor Investment LLC

(E) Subsidiary of Chevy Chase Financial Services Corporation

(F) Subsidiary of Chevy Chase Mortgage Company of Virginia

(G) Subsidiary of Manor Holding (Virginia) LLC