EXHIBIT 21
B. F. SAUL REAL ESTATE INVESTMENT TRUST
LIST OF SUBSIDIARIES
Current
Site of Date of Principal
Incorporation Acquisition/ Business
Formation Activity
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100% OWNED SUBSIDIARIES
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, Inc. Maryland 1987 Real Estate
Investor
Commerce Center Development Corp. Florida 1980 Office Park
Owner
Crystal City Hospitality Corp. Virginia 1989 Hotel Owner
Dallas San Simeon Incorporated Texas 1993 Apartment
Project
Owner
Dearborn Corporation Delaware 1992 Land Owner
Dulles Airport Hotel Corporation Virginia 1989 Inactive
Dulles Hospitality Corp. Virginia 1997 Hotel Owner
Flagship Centre Corporation Maryland 1985 Land Owner
Herndon Hotel Corporation Virginia 1996 Hotel Owner
MHC Airport Inn. Inc. (a) New York 1980/1976 Hotel
Operator
MHC Corporation Maryland 1980/1974 Hotel
Operator
Metairie Office Towers, Inc. (b) Louisiana 1995 Office Bldg
Owner
NVA Development Corporation Virginia 1984 Gen'l Part/
Real Est.
P/ship
Peachtree / Northeast Corp. Georgia 1979 Land Owner
Pueblo Hotel Corp. Colorado 1985 Hotel Owner
Rochester Airport Hotel Corporation New York 1986 Inactive
Scope Hospitality Corp. Virginia 1989 Inactive
Sharonville Hotel Corporation Ohio 1986 Inactive
Sterling Hotel Corporation Virginia 1997 Hotel Owner
Tysons Corner Hospitality Corp. Virginia 1989 Inactive
Wheeler Road, Inc. Maryland 1992 Inactive
900 Corporation Georgia 1981 Office Bldg
Owner
1100 Corporation Georgia 1979 Office Bldg
Owner
1113 Corporation Florida 1984 Gen'l Part/
Real Est.
P/ship
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(a) Subsidiary of MHC Corporation
(b) Subsidiary of Dearborn Corporation
EXHIBIT 21 (Continued)
B. F. SAUL REAL ESTATE INVESTMENT TRUST
LIST OF SUBSIDIARIES (Continued)
Date of Current
Site of Acquistion Principal Business
Note Corporation Formation/ Activity
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80% OWNED SUBSIDIARIES
Ashburn Village Development Corporation (A) Maryland 1991 Real Estate Owned (REO)
Bailey's Corporation (sold property 11/95) (A) Maryland 1993 Inactive
Balmoral Golf Corporation (B) Maryland 1992 Inactive
B. F. Saul Mortgage Company (C) Maryland 1984 Residential Loan Origination
Bondy Way Development Corporation (A) Maryland 1990 REO
Brambleton Land Corporation (A) Maryland 1977 REO
Brooke Manor Land Corporation (sold
property 8/96) (A) Maryland 1990 Inactive
CCB Holding Corporation (C) Delaware 1994 Investments
CCRE, Inc. (D) Maryland 1984 Inactive
Cherrytree Corporation (A) Maryland 1993 REO
Chevy Chase Bank, F.S.B. United States 1969 Savings Bank
Chevy Chase Financial Services Corporation (C) Virginia 1996 Stock Ownership of CCIA and CCS
Chevy Chase Insurance Agency, Inc. ("CCIA") (E) Maryland 1985/1971 Insurance Agency
Chevy Chase Mortgage Company (F) Maryland 1972 Inactive
Chevy Chase Mortgage Company of Virginia (C) Virginia 1996 Inactive
Chevy Chase Preferred Capital Corporation (C) Maryland 1996 Real Estate Investment Trust (REIT)
Chevy Chase Real Estate Corporation (C) Virginia 1996 Holding Company
Chevy Chase Securities, Inc. ("CCS") (E) Maryland 1984 Securities
Consumer Finance Corporation (C) Virginia 1994 Consumer Loan Origination
Duvall Village Corporation (A) Maryland 1992 REO
First Balmoral Corporation (A) Maryland 1991 REO
Great Seneca Development Corporation (A) Maryland 1991 REO
Hamlets at Brambleton, Inc. (A) Virginia 1997 REO
Inglewood Corporation (sold property 11/95) (A) Maryland 1990 Inactive
Manor Holding Corporation (C) Virginia 1996 Inactive
Manor Investment Company (G) Maryland 1971 Real Estate Ownership / Development
Marbury I Corporation (A) Maryland 1991 REO
Marbury II Corporation (A) Maryland 1991 REO
NML Corporation (A) Maryland 1992 REO
North Ode Street Development Corporation (D) Maryland 1981 Real Estate Finance / Development
Oak Den, Inc. (sold remaining lots 10/94) (A) Maryland 1991 Inactive
Old Chapel Corporation (A) Maryland 1992 REO
Presley Corporation (C) Maryland 1993 Real Estate Ownership
Primrose Development Corporation (A) Maryland 1990 REO
Ridgeview Centre Corp. (A) Maryland 1992 REO
Ronam Corporation, Inc. (C) Maryland 1986 Real Estate Finance/Development
Sully Park Corporation (sold property 6/96) (A) Maryland 1990 Inactive
Sully Station Corporation (sold property 9/97) (A) Maryland 1990 Inactive
Sycolin - Leesburg Corporation (A) Maryland 1992 REO
Terminal Drive Properties Corporation (A) Maryland 1991 REO
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(A) Subsidiary of Chevy Chase Real Estate Corporation
(B) Subsidiary of First Balmoral Corporation
(C) Subsidiary of Chevy Chase Bank, F.S.B.
(D) Subsidiary of Manor Investment Company
(E) Subsidiary of Chevy Chase Financial Services Corporation
(F) Subsidiary of Chevy Chase Mortgage Company of Virginia
(G) Subsidiary of Manor Holding Company