Subsidiaries of Registrant Exhibit 21 Exhibit 21
Trust or its subsidiaries have an interest in 22 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 one partnership 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
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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
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 thirteen 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 and one incorporated in Maryland which holds a 1% interest.
Names of Subsidiaries State of Organization Percentage Owned
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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 West Palm 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
PR Forestville Inc. MD 100
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