SCHEDULE OF SUBSIDIARIES OF VININGS INVESTMENT PROPERTIES TRUST Jurisdiction of Subsidiary Organization - ---------- ------------ Vinings Investment Properties, L.P. Delaware Thicket Apartments, L.P. Delaware Vinings Holdings, Inc. Delaware Thicket Holdings, Inc. Delaware PBC Acquisition, Inc. Delaware 2105 West El Segundo Blvd. Corp. * Delaware MP GP, Inc. * Delaware * In the process of being dissolved.