Exhibit 21



B. F. SAUL REAL ESTATE INVESTMENT TRUST LIST OF SUBSIDIARIES



|100% OWNED SUBSIDIARIES                  |  | Site ofIncorporation |  | Date ofAcquisition/Formation |  | CurrentPrincipal BusinessActivity
|---------------------------------------- |  | -------------------- |  | ---------------------------- |  | ---------------------------------
|Arlington Hospitality Corp.              |  | Virginia             |  | 1997                         |  | Hotel Owner                      
|Auburn Hills Hotel Corporation           |  | Maryland             |  | 1994                         |  | Hotel Owner                      
|Auburn Hills Land Corp.                  |  | Maryland             |  | 1997                         |  | Land Owner                       
|Avenel Executive Park Phase II, LLC      |  | Maryland             |  | 2000                         |  | Real Estate Investor             
|Boca Raton East Hospitality Corp.        |  | Florida              |  | 1998                         |  | Hotel Owner                      
|Boca Raton West Hospitality Corp.        |  | Florida              |  | 1998                         |  | Hotel Owner                      
|Cascades Hospitality Corporation         |  | Virginia             |  | 1999                         |  | Hotel Owner                      
|Chain Bridge Hospitality Corporation     |  | Virginia             |  | 1999                         |  | Hotel Owner                      
|Circle 75 East Hospitality Corp.         |  | Georgia              |  | 2000                         |  | Inactive                         
|Circle 75 Hospitality Corp.              |  | Georgia              |  | 1999                         |  | Inactive                         
|Commerce Center Development Corp.        |  | Florida              |  | 1980                         |  | Office Bldg Owner                
|Commerce Center Holdings LLC             |  | Florida              |  | 2000                         |  | Land Owner                       
|Crystal City Hospitality Corp.           |  | Virginia             |  | 1989                         |  | Hotel Owner                      
|Dearborn, L.L.C.                         |  | Delaware             |  | 1992                         |  | Land Owner                       
|Dulles Hospitality Corp.                 |  | Virginia             |  | 1997                         |  | Hotel Owner                      
|Dulles North Holdings Corp.              |  | Virginia             |  | 2000                         |  | Land Owner                       
|Dulles North Four, Corp.                 |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|Dulles North Five, Corp.                 |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|Dulles North Six, Corp.                  |  | Virginia             |  | 2000                         |  | Office Bldg Owner                
|Dulles North Seven Corp.                 |  | Virginia             |  | 2000                         |  | Inactive                         
|Dulles North Office Park II Corporation  |  | Virginia             |  | 1998                         |  | Office Bldg Owner                
|Ft. Lauderdale Hotel Corp.               |  | Florida              |  | 1998                         |  | Hotel Owner                      
|Gaithersburg Hospitality Corp.           |  | Maryland             |  | 1998                         |  | Hotel Owner                      
|Herndon Hotel Corporation                |  | Virginia             |  | 1996                         |  | Hotel Owner                      
|I-95 Yamato Condominium Association, Inc |  | Florida              |  | 1998                         |  | Condominium                      
|LT One Corp.                             |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|LT Two LLC                               |  | Virginia             |  | 2001                         |  | Inactive                         
|Metairie Office Tower, L.L.C. (a)        |  | Louisiana            |  | 2002                         |  | Inactive                         
|MHC Airport Inn, Inc. (b)                |  | New York             |  | 1980/1976                    |  | Hotel Operator                   
|MHC Corporation                          |  | Maryland             |  | 1980/1974                    |  | Hotel Operator                   
|NVA Development Corporation              |  | Virginia             |  | 1984                         |  | Office Bldg Owner                
|Peachtree/Northeast Corp.                |  | Georgia              |  | 1979                         |  | Land Owner                       
|Pueblo Hotel Corp.                       |  | Colorado             |  | 1985                         |  | Hotel Owner                      
|Sharonville Hotel Corporation            |  | Ohio                 |  | 1986                         |  | Hotel Owner                      
|Sterling Hotel Corp.                     |  | Virginia             |  | 1997                         |  | Hotel Owner                      
|Sterling North Hospitality Corp.         |  | Virginia             |  | 1999                         |  | Inactive                         
|Sweitzer Lane LLC                        |  | Maryland             |  | 2000                         |  | Office Bldg Owner                
|Tysons Park, Inc.                        |  | Virginia             |  | 1999                         |  | Office Bldg Owner                
|Tysons Park II, Inc.                     |  | Virginia             |  | 2000                         |  | Inactive                         
|900 Corporation                          |  | Georgia              |  | 1981                         |  | Office Bldg Owner                
|1000 Corporation                         |  | Georgia              |  | 2000                         |  | Office Bldg Owner                
|1100 Corporation                         |  | Georgia              |  | 1979                         |  | Office Bldg Owner                

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|(a) | Subsidiary of Dearborn, L.L.C.
|--- | ------------------------------

|(b) | Subsidiary of MHC Corporation
|--- | -----------------------------