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 Development LLC                |  | Delaware             |  | 2005                         |  | Development                      
|Circle 75 East Hospitality Corp.         |  | Georgia              |  | 2000                         |  | Inactive                         
|Circle 75 Hospitality Corp.              |  | Georgia              |  | 1999                         |  | Inactive                         
|Circle 75 Towns LLC                      |  | Georgia              |  | 2005                         |  | 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                
|Dulles South Hospitality LLC (a)         |  | Delaware             |  | 2005                         |  | Hotel Owner                      
|Dulles South Hospitality Member LLC      |  | Delaware             |  | 2005                         |  | Hotel Owner                      
|Dulles Sterling Hospitality LLC          |  | Delaware             |  | 2005                         |  | Development                      
|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                         
|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                         |  | Inactive                         
|Sharonville Hotel Corporation            |  | Ohio                 |  | 1986                         |  | Hotel Owner                      
|Sterling Hotel Corp.                     |  | Virginia             |  | 1997                         |  | Hotel Owner                      
|Sterling North Hospitality Corp.         |  | Virginia             |  | 1999                         |  | Inactive                         
|Sterling South 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                
|8001 Wisconsin LLC                       |  | Delaware             |  | 2005                         |  | Office Bldg Owner                
|8201 Greensboro LLC (c)                  |  | Delaware             |  | 2005                         |  | Inactive                         
|8201 Greensboro Member LLC               |  | Delaware             |  | 2005                         |  | Inactive                         

---

|(a) | Subsidiary of Dulles South Hospitality Member LLC
|--- | -------------------------------------------------

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

|(c) | Subsidiary of 8201 Greensboro Member LLC
|--- | ----------------------------------------



---

SUBSIDIARIES



|                                                       |  |      |   |  |                          |  |                              |  |                                 
|------------------------------------------------------ |  | ---- | - |  | ------------------------ |  | ---------------------------- |  | --------------------------------
|NAME                                                   |  | NOTE |   |  | JURISDICTIONOF FORMATION |  | DATE OFACQUISITION/FORMATION |  | CURRENTPRINCIPALBUSINESSACTIVITY
|ASB Capital Management LLC                             |  | (A   | ) |  | Maryland                 |  | 2005                         |  | InvestmentAdvisor               
|                                                       |  |      |   | 
|Ashburn Village Development Corporation                |  | (C   | ) |  | Maryland                 |  | 1991                         |  | Real EstateOwned (REO)          
|                                                       |  |      |   | 
|Bondy Way Development Corporation (sold property 3/02) |  | (C   | ) |  | Maryland                 |  | 1990                         |  | Inactive                        
|                                                       |  |      |   | 
|Brambleton Land Corporation (sold property 3/99)       |  | (C   | ) |  | Maryland                 |  | 1977                         |  | Inactive                        
|                                                       |  |      |   | 
|Brooke Manor Land Corporation (sold property 8/96)     |  | (C   | ) |  | Maryland                 |  | 1990                         |  | Inactive                        
|                                                       |  |      |   | 
|B. F. Saul Mortgage Company                            |  | (B   | ) |  | Maryland                 |  | 1984                         |  | Residential LoanOrigination     
|                                                       |  |      |   | 
|CCRE, Inc.                                             |  | (D   | ) |  | Maryland                 |  | 1984                         |  | Inactive                        
|                                                       |  |      |   | 
|Chevy Chase Asset Management (Virginia) LLC            |  | (B   | ) |  | Virginia                 |  | 2005                         |  | HoldingCompany                  
|                                                       |  |      |   | 
|Chevy Chase Financial Services Corporation             |  | (B   | ) |  | Virginia                 |  | 1996                         |  | HoldingCompany                  
|                                                       |  |      |   | 
|Chevy Chase Funding LLC                                |  | (B   | ) |  | Delaware                 |  | 2003                         |  | Special PurposeEntity           
|                                                       |  |      |   | 
|Chevy Chase Insurance Agency, Inc.                     |  | (E   | ) |  | Maryland                 |  | 1971                         |  | InsuranceAgency                 
|                                                       |  |      |   | 
|Chevy Chase Mortgage Company                           |  | (F   | ) |  | Maryland                 |  | 1972                         |  | Inactive                        
|                                                       |  |      |   | 
|Chevy Chase Mortgage Company of Virginia               |  | (B   | ) |  | Virginia                 |  | 1996                         |  | Inactive                        
|                                                       |  |      |   | 
|Chevy Chase Preferred Capital Corporation              |  | (B   | ) |  | Maryland                 |  | 1996                         |  | Real EstateInvestmentTrust      
|                                                       |  |      |   | 
|Chevy Chase Real Estate LLC                            |  | (B   | ) |  | Virginia                 |  | 2001                         |  | HoldingCompany                  
|                                                       |  |      |   | 
|Chevy Chase Securities, Inc.                           |  | (E   | ) |  | Maryland                 |  | 1984                         |  | Securities                      
|                                                       |  |      |   | 
|Chevy Chase Trust Company                              |  | (B   | ) |  | Maryland                 |  | 1997                         |  | FiduciaryServices               
|                                                       |  |      |   | 
|CFC-Consumer Finance Corporation                       |  | (B   | ) |  | Virginia                 |  | 1994                         |  | Consumer LoanOrigination        
|                                                       |  |      |   | 
|First Balmoral Corporation                             |  | (C   | ) |  | Maryland                 |  | 1991                         |  | REO                             



---

|                                                      |  |    |   |  |          |  |      |  |                                 
|----------------------------------------------------- |  | -- | - |  | -------- |  | ---- |  | --------------------------------
|Great Seneca Development Corporation                  |  | (C | ) |  | Maryland |  | 1991 |  | REO                             
|                                                      |  |    |   | 
|Manor Holding (Virginia) LLC                          |  | (B | ) |  | Virginia |  | 2005 |  | HoldingCompany                  
|                                                      |  |    |   | 
|Manor Investment LLC                                  |  | (G | ) |  | Maryland |  | 2005 |  | Real EstateOwnership/Development
|                                                      |  |    |   | 
|NML Corporation (sold property, 3/02)                 |  | (C | ) |  | Maryland |  | 1992 |  | Inactive                        
|                                                      |  |    |   | 
|North Ode Street Development Corporation              |  | (C | ) |  | Maryland |  | 1981 |  | Real EstateFinance/Development  
|                                                      |  |    |   | 
|Old Chapel Corporation                                |  | (C | ) |  | Maryland |  | 1992 |  | REO                             
|                                                      |  |    |   | 
|Primrose Development Corporation (sold property 8/02) |  | (C | ) |  | Maryland |  | 1990 |  | Inactive                        
|                                                      |  |    |   | 
|Ronam Corporation Inc. (sold property 12/00)          |  | (B | ) |  | Maryland |  | 1986 |  | Inactive                        

---

|(A) | Subsidiary of Chevy Chase Asset Management (Virginia) LLC
|--- | ---------------------------------------------------------

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

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

|(D) | Subsidiary of Manor Investment LLC
|--- | ----------------------------------

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

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

|(G) | Subsidiary of Manor Holding (Virginia) LLC
|--- | ------------------------------------------