BRESLER & REINER, INC.

(Unaudited)



EXHIBIT 21



Subsidiaries of Registrant (1)



|                                                              |  |                                     |  |                                                                                             |      
|------------------------------------------------------------- |  | ----------------------------------- |  | ------------------------------------------------------------------------------------------- | -----
|Name (2)                                                      |  | Place of Incorporation or Formation |  | Percentage of Voting Securities of Subsidiaries Owned by Registrant as of December 31, 2003 |      
|B-R Holdings, Inc.                                            |  | Virginia                            |  | 100                                                                                         | %    
|Investment Company of B&R, Inc.                               |  | Delaware                            |  | 100                                                                                         | %    
|Sudley Corporation                                            |  | Virginia                            |  | 100                                                                                         | %    
|WMC Management Co., Inc.                                      |  | District of Columbia                |  | 100                                                                                         | %    
|B&R Waterfront Properties, LLC                                |  | District of Columbia                |  | 54                                                                                          | %    
|Washington Business Park (Twelve Limited Liability Companies) |  | Delaware                            |  | 80                                                                                          | %    
|Ft. Hill Office Associates, LLC                               |  | Virginia                            |  | 80                                                                                          | %    
|Springfield Realty Investors, LLC                             |  | Virginia                            |  | 100                                                                                         | %    
|1925 K Street Associates, LLC                                 |  | District of Columbia                |  | 85                                                                                          | % (1)
|Waterside Associates, LLC                                     |  | District of Columbia                |  | 100                                                                                         | %    
|EGAP Corporation                                              |  | Maryland                            |  | 100                                                                                         | %    
|Redwood Commercial Management, LLC                            |  | Virginia                            |  | 50                                                                                          | %    
|Charlestown North Owner, LLC                                  |  | Delaware                            |  | 100                                                                                         | %    
|900 Northbrook Owner, LP                                      |  | Pennsylvania                        |  | 87.5                                                                                        | %    
|Northbrook Development Parcel Owner, LP                       |  | Pennsylvania                        |  | 100                                                                                         | %    
|Cigar Factory Apartments, LP                                  |  | Pennsylvania                        |  | 66.6                                                                                        | %    
|B&R Fountains Owner, LLC                                      |  | Delaware                            |  | 100                                                                                         | %    
|Victoria Place Apartments, Ltd.                               |  | Florida                             |  | 85                                                                                          | %    
|699 North Broad Street Associates, LP                         |  | Pennsylvania                        |  | 95                                                                                          | %    

---

(1) Not included in the consolidated financial
statements as a subsidiary.

(2) The names of certain subsidiaries have been omitted because, considered in the aggregate as a single entity, they do not
constitute a significant subsidiary.



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