Subsidiaries of Registrant                                         Exhibit 21 


         Trust or its subsidiaries have an interest in 23 partnerships and 5
joint ventures as follows: a 50% partnership interest in 17 partnerships; a 40%
partnership interest in two partnerships; a 60% partnership interest in one
partnership, a 65% partnership interest in one partnership, a 75% partnership
interest in two partnerships and a 87.5% partnership interest in one other
partnership. In addition, Trust has a 50% interest in 3 joint ventures and a 25%
interest in 2 joint ventures.

         Trust accounts for its investments in partnerships and joint ventures
which it does not "control" using the equity method of accounting. These
investments, which represent 25% to 87.5% ownership interests, are recorded at
Trust's cost adjusted for Trust's net equity in the income and cash
contributions and distributions.



 
Names of Partnership                                          State of Organization               Percentage Owned 
- --------------------                                          ---------------------               ---------------- 
                                                                                            
Bailey Associates                                                       PA                               50% 
 
Cambridge Apartments                                                    PA                               50 
 
Chippewa Associates                                                     PA                               50 
 
Countrywood Apartments Limited                                          FL                               50 
Partnership 
 
Eagles Nest Associates                                                  FL                               50 
 
East Lampeter Associates                                                PA                               50 
 
Elizabethtown Associates                                                PA                               50 
 
Forestville Plaza Shopping Center                                       MD                               75 
Associates 
 
Fox Run Apartments                                                      PA                               50 
 
Fox Run Del Associates                                                  DE                               50 
 
Gateway Mall Associates                                                 FL                               60 
 
Laurel Mall Associates                                                  PA                               40 
 
Lehigh Valley Associates                                                PA                               50 
 
New Regency Hilltop Associates                                          VA                               65 
 
Palmer Park Mall Venture                                                PA                               50 
 
Rancocas Limited Partnership                                            NJ                               75 
 
Regency Associates                                                      NE                               50 
 
Rio Grande Venture                                                      PA                               50 
 
Turren Associates                                                       FL                               50 
 
Waynesburg Associates                                                   PA                               50 
 
Windsong Apartments Limited                                             FL                               40 
Partnership 
 
VLRC Associates                                                         FL                              87.5 

Will-O-Hill Apartments                                                  PA                               50 




         Trust owns 100% of twelve corporations which hold partnership interests
as follows: two incorporated in Delaware, one which holds a 50% interest, one
with a 40% interest; eight incorporated in Florida, four which hold a 50%
interest, one a 60% interest and two a 1% interest; one incorporated in Nebraska
which holds a 50% interest and one in Virginia which holds a 65% interest.



 
Names of Subsidiaries                                        State of Organization                Percentage Owned 
- ---------------------                                        ---------------------                ----------------
                                                                                            
 
Berdel, Inc.                                                          DE                                100% 
 
Berfla, Inc.                                                          FL                                100 
 
Blanding, Inc.                                                        FL                                100 
 
Burren, Inc.                                                          FL                                100 
 
Larmes, Inc.                                                          DE                                100 
 
PR Countrywood Inc.                                                   FL                                100 
 
PR Shenandoah Inc.                                                    FL                                100 
 
PR VA Regency Inc.                                                    VA                                100 
 
PR Windsong Inc.                                                      FL                                100 
 
RA Inc.                                                               NE                                100 
 
Stones Inc.                                                           FL                                100 
 
PR Mandarin, Inc.                                                     FL                                100