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                         



139



---

|                                 |  |          |  |           |  |                  
|-------------------------------- |  | -------- |  | --------- |  | -----------------
|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
|--- | -----------------------------



140



---

CHEVY CHASE BANK, F.S.B. LIST OF SUBSIDIARIES



|                                                       |  |      |  |                          |  |                              |  |                                   
|------------------------------------------------------ |  | ---- |  | ------------------------ |  | ---------------------------- |  | ----------------------------------
|NAME                                                   |  | NOTE |  | JURISDICITONOF FORMATION |  | DATE OFACQUISITION/FORMATION |  | CURRENT PRINCIPALBUSINESS ACTIVITY
|ASB Capital Management, Inc.                           |  | (A)  |  | Maryland                 |  | 2000                         |  | Investment Advisor                
|                                                       |  |      |  |                         
|Ashburn Village Development Corporation                |  | (D)  |  | Maryland                 |  | 1991                         |  | Real Estate Owned (REO)           
|                                                       |  |      |  |                         
|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.                                             |  | (E)  |  | Maryland                 |  | 1984                         |  | Inactive                          
|                                                       |  |      |  |                         
|Chevy Chase Asset Management Company                   |  | (B)  |  | Virginia                 |  | 2000                         |  | Holding Company                   
|                                                       |  |      |  |                         
|Chevy Chase Financial Services Corporation             |  | (B)  |  | Virginia                 |  | 1996                         |  | Holding Company                   
|                                                       |  |      |  |                         
|Chevy Chase Funding LLC                                |  | (B)  |  | Delaware                 |  | 2003                         |  | Special Purpose Entity            
|                                                       |  |      |  |                         
|Chevy Chase Insurance Agency, Inc.                     |  | (F)  |  | Maryland                 |  | 1971                         |  | Insurance Agency                  
|                                                       |  |      |  |                         
|Chevy Chase LT                                         |  | (C)  |  | Delaware                 |  | 2002                         |  | Inactive                          
|                                                       |  |      |  |                         
|Chevy Chase Mortgage Company                           |  | (G)  |  | 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      



141



---

|                                                      |  |     |  |          |  |      |  |                                   
|----------------------------------------------------- |  | --- |  | -------- |  | ---- |  | ----------------------------------
|Chevy Chase Real Estate LLC                           |  | (B) |  | Virginia |  | 2001 |  | Holding Company                   
|                                                      |  |     |  |         
|Chevy Chase Securities, Inc.                          |  | (F) |  | Maryland |  | 1984 |  | Securities                        
|                                                      |  |     |  |         
|Chevy Chase Trust Company                             |  | (B) |  | Maryland |  | 1997 |  | Fiduciary Services                
|                                                      |  |     |  |         
|CFC-Consumer Finance Corporatoin                      |  | (B) |  | Virginia |  | 1994 |  | Consumer Loan Origination         
|                                                      |  |     |  |         
|First Balmoral Corporation                            |  | (D) |  | Maryland |  | 1991 |  | REO                               
|                                                      |  |     |  |         
|Great Seneca Development Corporation                  |  | (D) |  | Maryland |  | 1991 |  | REO                               
|                                                      |  |     |  |         
|Hamlets at Brambleton, Inc. (sold property 12/02)     |  | (I) |  | Virginia |  | 1997 |  | Inactive                          
|                                                      |  |     |  |         
|Manor Holding Corporation                             |  | (B) |  | Virginia |  | 1996 |  | Holding Company                   
|                                                      |  |     |  |         
|Manor Investment Company                              |  | (H) |  | Maryland |  | 1971 |  | Real Estate Ownership/ Development
|                                                      |  |     |  |         
|NML Corporation (sold property, 3/02)                 |  | (D) |  | Maryland |  | 1992 |  | Inactive                          
|                                                      |  |     |  |         
|North Ode Street Development Corporation              |  | (E) |  | Maryland |  | 1981 |  | Real Estate Finance/ Development  
|                                                      |  |     |  |         
|Old Chapel Corporation                                |  | (D) |  | Maryland |  | 1992 |  | REO                               
|                                                      |  |     |  |         
|Primrose Development Corporation (sold property 8/02) |  | (D) |  | Maryland |  | 1990 |  | Inactive                          
|                                                      |  |     |  |         
|Ronam Corporation Inc. (sold property 12/00)          |  | (D) |  | Maryland |  | 1986 |  | Inactive                          

---

|                                                         |  |                                                                
|-------------------------------------------------------- |  | ---------------------------------------------------------------
|(A)   Subsidiary of Chevy Chase Asset Management Company |  | (F)    Subsidiary of Chevy Chase Financial Services Corporation
|                                                         | 
|(B)   Subsidiary of Chevy Chase Bank, F.S.B.             |  | (G)   Subsidiary of Chevy Chase Mortgage Company of Virginia   
|                                                         | 
|(C)   A business trust formed by CCB Auto Leasing LLC    |  | (H)   Subsidiary of Manor Holding Corporation                  
|                                                         | 
|(D)   Subsidiary of Chevy Chase Real Estate LLC          |  | (I)     Subsidiary of Brambleton Land Corporation              
|                                                         | 
|(E)   Subsidiary of Manor Investment Company             |  |                                                                



142