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