EXHIBIT 21



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



|100% OWNED SUBSIDIARIES                  |  | Site of Incorporation |  | Date of Acquisition/ Formation |  | Current Principal Business Activity
|---------------------------------------- |  | --------------------- |  | ------------------------------ |  | -----------------------------------
|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                  

---

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



1



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EXHIBIT 21

B. F. SAUL REAL ESTATE INVESTMENT TRUST

LIST OF SUBSIDIARIES (Continued)



|Name                                                   |  | Note |  | Jurisdiction of Formation |  | Date of Acquisition/ Formation |  | Current Principal BusinessActivity
|------------------------------------------------------ |  | ---- |  | ------------------------- |  | ------------------------------ |  | ----------------------------------
|ASB Capital Management, Inc.                           |  | (A)  |  | Maryland                  |  | 2000                           |  | Investment Adviser                
|Ashburn Village Development Corporation                |  | (D)  |  | Maryland                  |  | 1991                           |  | Real Estate Owned (REO)           
|Baileys Corporation (sold property 11/95)             |  | (D)  |  | Maryland                  |  | 1993                           |  | Inactive                          
|Balmoral Golf Corporation                              |  | (E)  |  | Maryland                  |  | 1992                           |  | Inactive                          
|Bondy Way Development Corporation (sold property 3/02) |  | (D)  |  | Maryland                  |  | 1990                           |  | Inactive                          
|Brambleton Land Corporation (sold property 3/99)       |  | (D)  |  | Maryland                  |  | 1977                           |  | Inactive                          
|Brooke Manor Land Corporation (sold property 8/96)     |  | (D)  |  | Maryland                  |  | 1990                           |  | Inactive                          
|B.F. Saul Mortgage Company                             |  | (B)  |  | Maryland                  |  | 1984                           |  | Residential Loan Origination      
|CCB Auto Leasing LLC                                   |  | (B)  |  | Delaware                  |  | 2002                           |  | Inactive                          
|CCRE, Inc.                                             |  | (F)  |  | Maryland                  |  | 1984                           |  | Inactive                          
|Cherrytree Corporation (sold property 11/97)           |  | (D)  |  | Maryland                  |  | 1993                           |  | Inactive                          
|Chevy Chase Asset Management Company                   |  | (B)  |  | Virginia                  |  | 2000                           |  | Holding Company                   
|Chevy Chase Financial Services Corporation             |  | (B)  |  | Virginia                  |  | 1996                           |  | Holding Company                   
|Chevy Chase Insurance Agency, Inc.                     |  | (G)  |  | Maryland                  |  | 1985                           |  | Insurance Agency                  
|Chevy Chase LT                                         |  | (C)  |  | Delaware                  |  | 2002                           |  | Inactive                          
|Chevy Chase Mortgage Company                           |  | (H)  |  | Maryland                  |  | 1972                           |  | Inactive                          
|Chevy Chase Mortgage Company of Virginia               |  | (B)  |  | Virginia                  |  | 1996                           |  | Inactive                          
|Chevy Chase Preferred Capital Corporation              |  | (B)  |  | Maryland                  |  | 1996                           |  | Real Estate Investment Trust      
|Chevy Chase Real Estate LLC                            |  | (B)  |  | Virginia                  |  | 2001                           |  | Holding Company                   
|Chevy Chase Securities, Inc.                           |  | (G)  |  | Maryland                  |  | 1984                           |  | Securities                        
|Chevy Chase Trust Company                              |  | (B)  |  | Maryland                  |  | 1997                           |  | Fiduciary Services                
|CFC-Consumer Finance Corporation                       |  | (B)  |  | Virginia                  |  | 1994                           |  | Consumer Loan Origination         
|Duvall Village Corporation (sold property 12/97)       |  | (D)  |  | Maryland                  |  | 1992                           |  | Inactive                          
|First Balmoral Corporation                             |  | (D)  |  | Maryland                  |  | 1991                           |  | REO                               
|Great Seneca Development Corporation                   |  | (D)  |  | Maryland                  |  | 1991                           |  | REO                               



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|Hamlets at Brambleton, Inc.                           |  | (J) |  | Virginia |  | 1997 |  | REO                              
|----------------------------------------------------- |  | --- |  | -------- |  | ---- |  | ---------------------------------
|Inglewood Corporation (sold property 11/95)           |  | (D) |  | Maryland |  | 1990 |  | Inactive                         
|Manor Holding Corporation                             |  | (B) |  | Virginia |  | 1996 |  | Holding Company                  
|Manor Investment Company                              |  | (I) |  | Maryland |  | 1971 |  | Real Estate Ownership/Development
|Marbury I Corporation (sold property 1/00)            |  | (D) |  | Maryland |  | 1991 |  | Inactive                         
|Marbury II Corporation (sold property 9/99)           |  | (D) |  | Maryland |  | 1991 |  | Inactive                         
|NML Corporation (sold property, 3/02)                 |  | (D) |  | Maryland |  | 1992 |  | Inactive                         
|North Ode Street Development Corporation              |  | (F) |  | Maryland |  | 1981 |  | Real Estate Finance/Development  
|Oak Den, Inc. (sold remaining lots 10/94)             |  | (D) |  | Maryland |  | 1991 |  | Inactive                         
|Old Chapel Corporation                                |  | (D) |  | Maryland |  | 1992 |  | REO                              
|Presley Corporation (sold property 5/94)              |  | (D) |  | Maryland |  | 1993 |  | Inactive                         
|Primrose Development Corporation (sold property 8/02) |  | (D) |  | Maryland |  | 1990 |  | Inactive                         
|Ridgeview Centre Corporation (sold property 3/99)     |  | (D) |  | Maryland |  | 1992 |  | Inactive                         
|Ronam Corporation Inc. (sold property 12/00)          |  | (D) |  | Maryland |  | 1986 |  | Inactive                         
|Sully Park Corporation (sold property 6/96)           |  | (D) |  | Maryland |  | 1990 |  | Inactive                         
|Sully Station Corporation (sold property 9/97)        |  | (D) |  | Maryland |  | 1990 |  | Inactive                         
|Sycolin-Leesburg Corporation (sold property 5/00)     |  | (D) |  | Maryland |  | 1992 |  | Inactive                         
|Terminal Drive Properties, LLC                        |  | (D) |  | Maryland |  | 1991 |  | REO                              

---

|(A) |  | Subsidiary of Chevy Chase Asset Management Company
|--- |  | --------------------------------------------------

|(B) |  | Subsidiary of Chevy Chase Bank, F.S.B.
|--- |  | --------------------------------------

|(C) |  | A business trust formed by CCB Auto Leasing LLC
|--- |  | -----------------------------------------------

|(D) |  | Subsidiary of Chevy Chase Real Estate LLC
|--- |  | -----------------------------------------

|(E) |  | Subsidiary of First Balmoral Corporation
|--- |  | ----------------------------------------

|(F) |  | Subsidiary of Manor Investment Company
|--- |  | --------------------------------------

|(G) |  | Subsidiary of Chevy Chase Financial Services Corporation
|--- |  | --------------------------------------------------------

|(H) |  | Subsidiary of Chevy Chase Mortgage Company of Virginia
|--- |  | ------------------------------------------------------

|(I) |  | Subsidiary of Manor Holding Corporation
|--- |  | ---------------------------------------

|(J) |  | Subsidiary of Brambleton Land Corporation
|--- |  | -----------------------------------------



166