EXHIBIT 21
B.F. SAUL REAL ESTATE INVESTMENT TRUST
LIST OF SUBSIDIARIES
Site of Date of Current
Incorporation Acquisition/ Principal Business
Formation Activity
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100% OWNED SUBSIDIARIES
Auburn Hills Hotel Corporation Michigan 1994 Hotel Owner
Avenel Executive Park Phase II, Inc. Maryland 1987 Real Estate Investor
Commerce Center Development Corp. Florida 1980 Office Park Owner
Crabtree Hotel Corp. North Carolina 1995 Inactive
Crystal City Hospitality Corp. Virginia 1986 Hotel Owner
Dallas San Simeon Incorporated Texas 1993 Apartment Project Owner
Dearborn Corporation Delaware 1992 Office Bldg. & Land Owner
Dulles Airport Hotel Corporation Virginia 1986 Inactive
Flagship Centre Corporation Maryland 1985 Land Owner
MHC Airport Inn, Inc. (a) New York 1980/1976 Hotel Operator
MHC Corporation Maryland 1980/1974 Hotel Operator
NVA Development Corporation Virginia 1984 Gen'l Part/Real Est. P./ship
Peachtree/Northeast Corp. Georgia 1979 Office Park Owner
Pueblo Hotel Corp. Colorado 1985 Hotel Owner
Rochester Airport Hotel Corporation New York 1986 Inactive
Scope Hospitality Corp. Virginia 1986 Hotel Owner
Sharonville Hotel Corporation Ohio 1986 Inactive
Timber Resources, Inc. Delaware 1988 Inactive
Tysons Corner Hospitality Corp. Virginia 1986 Inactive
University Avenue Hotel Corporation Arkansas 1995 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
EXHIBIT 21
B.F. SAUL REAL ESTATE INVESTMENT TRUST
LIST OF SUBSIDIARIES (Continued)
Date of Current
Site of Acquisition/ 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 (A) Maryland 1993 REO
Balmoral Golf Corporation (C) Maryland 1992 Inactive
B.F. Saul Mortgage Company (A) Maryland 1984 Residential Loan Origination
Bondy Way Development (A) Maryland 1990 REO
Brambleton Land Corporation (A) Maryland 1977 REO
Brooke Manor Land Corporation (A) Maryland 1990 REO
CCB Holding Corporation (A) Delaware 1994 Investments
CCRE, Inc. (B) Maryland 1984 Inactive
Cherrytree Corporation (A) Maryland 1993 REO
Chevy Chase Insurance Agency, Inc. (A) Maryland 1985/1971 Insurance Agency
Chevy Chase Mortgage Company (A) Maryland 1972 Inactive
Chevy Chase Bank, F.S.B. United States 1969 Savings Bank
Chevy Chase Securities, Inc. (A) Maryland 1984 Securities Broker/Dealer
Consumer Finance Corporation (A) Virginia 1994 Consumer Loan Origination
Duvall Village Corporation (A) Maryland 1992 REO
First Balmoral Corp. (A) Maryland 1991 REO
Goldsboro Heights Property Corp. (A) Maryland 1992 Inactive
Great Seneca Development Corporation (A) Maryland 1991 REO
Group Investment Corporation (formerly
C.I.G. International, Ltd.) (B) Maryland 1986 Inactive
Inglewood Corporation (A) Maryland 1990 REO
Manor Investment Company (A) Maryland 1971 Real Estate Ownership/Development
Marbury I Corporation (A) Maryland 1991 REO
Marbury II Corporation (A) Maryland 1991 REO
Marlboro Square, Inc. (A) Maryland 1992 Inactive
NML Corporation (formerly Glen Road
Property Corp.) (A) Maryland 1992 Inactive
North Ode Street Development
Corporation (B) Maryland 1981 Real Estate Finance/Development
Oak Den, Inc. (A) Maryland 1991 Inactive
Old Chapel Corporation (A) Maryland 1992 REO
PMC Corporation (A) Maryland 1991 Inactive
Presley Corporation (A) Maryland 1993 Real Estate Ownership
Primrose Development Corporation (A) Maryland 1990 REO
Ridgeview Centre Corp. (A) Maryland 1992 REO
Ronam Corporation, Inc. (B) Maryland 1986 Real Estate Finance/Development
Seven Lakes Development Corporation (A) Maryland 1991 Inactive
Shoppes of Jefferson, Ltd. (A) Virginia 1991 Inactive
Six Commerce Park Corp. (A) Virginia 1991 Inactive
Sully Park Corporation (A) Maryland 1990 REO
Sully Station Corporation (A) Maryland 1990 REO
Sycolin - Leesburg Corporation (A) Maryland 1992 REO
Terminal Drive Properties Corporation (A) Maryland 1991 REO
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(A) Subsidiary of Chevy Chase Bank, F.S.B.
(B) Subsidiary of Manor Investment Company
(C) Subsidiary of First Balmoral Corporation