EXHIBIT 21



Subsidiaries of Registrant (1)



|Name (2)                                                      |  | Place of Incorporation |  | Percentage of Voting Securities of Subsidiaries Owned
by Registrant as of December 31, 2002
|------------------------------------------------------------- |  | ---------------------- |  | -------------------------------------------------------------------------------------------
|B-R Holdings, Inc.                                            |  | Virginia               |  | 100%                                                                                       
|Charles Burton Builders, Inc.                                 |  | Maryland               |  | 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%                                                                                        
|Madison Building, Inc.                                        |  | Delaware               |  | 24.875%                                                                                    
|Waterside Associates, LLC                                     |  | District of Columbia   |  | 100%                                                                                       
|EGAP Corporation                                              |  | Maryland               |  | 100%                                                                                       
|Maplewood Manor Convalescent Center                           |  | Pennsylvania           |  | 100%                                                                                       
|Redwood Commercial Management, LLC                            |  | Virginia               |  | 50%                                                                                        
|Charlestown North Owner, LLC                                  |  | Delaware               |  | 100%                                                                                       



|(1) |  | Included in the consolidated financial statements as significant subsidiaries.
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|(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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