EXHIBIT 21

Subsidiaries of Registrant

|Name (2)                                                      |  | Place of Incorporation or Formation |  | Percentage of Voting
Securities of
Subsidiaries Owned
by Registrant as of
December 31, 2004 |    
|------------------------------------------------------------- |  | ----------------------------------- |  | ------------------------------------------------------------------------------------------- | ---
|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                |  | 49%                                                                                         |    
|EGAP Corporation                                              |  | Maryland                            |  | 100%                                                                                        |    
|Redwood Commercial Management, LLC                            |  | Virginia                            |  | 50%                                                                                         | (1)
|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                        |  | 66.7%                                                                                       |    
|B&R Fountains Owner, LLC                                      |  | Delaware                            |  | 100%                                                                                        |    
|Victoria Place Apartments, LLC                                |  | Florida                             |  | 85%                                                                                         |    
|699 North Broad Street Associates, LP                         |  | Pennsylvania                        |  | 95%                                                                                         |    
|Baltimore portfolio (Eight Limited Liability Companies)       |  | Maryland                            |  | 51%                                                                                         |    
|B&R PA Holdings, Inc.                                         |  | Pennsylvania                        |  | 96.5%                                                                                       |    
|B.R. Properties Owner, LP                                     |  | Pennsylvania                        |  | 96.5%                                                                                       |    
|One Northbrook Owner, LLP                                     |  | Pennsylvania                        |  | 100%                                                                                        |    
|West Germantown Pike Owner, LP                                |  | Pennsylvania                        |  | 97.5%                                                                                       |    
|Seaside Investor, LLC                                         |  | Maryland                            |  | 51%                                                                                         |    
|400 South Philadelphia Developers, LLC                        |  | Maryland                            |  | 51%                                                                                         |    
|14th Street Developers, LLC                                   |  | Maryland                            |  | 51%                                                                                         |    
|B&R Investment Properties FL, Inc.                            |  | Florida                             |  | 50%                                                                                         |    
|B-R Penn Realty Owner, LP                                     |  | Pennsylvania                        |  | 80%                                                                                         |    

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