EXHIBIT 21



SUBSIDIARIES OF THE REGISTRANT



|                                                                                          |  |                      
|----------------------------------------------------------------------------------------- |  | ---------------------
|Name of Corporation                                                                       |  | State ofIncorporation
|SPIAPT, Inc. (has 15 subsidiaries engaged in the Apartment business in the United States) |  | Alabama              
|SPICOM, Inc. (has 6 subsidiaries engaged in the Retail business in the United States)     |  | Alabama              
|SPIMALL, Inc. (has 5 subsidiaries engaged in the Retail business in the United States)    |  | Alabama              
|SPIPOWER, Inc. (has 2 subsidiaries engaged in the Retail business in the United States)   |  | Alabama              
|SPIALA Corporation                                                                        |  | Delaware             
|SPILAND, Inc.                                                                             |  | Alabama              
|SPITON, Inc.                                                                              |  | Alabama              
|SPITOWN Corporation                                                                       |  | Delaware             
|SPILAF, Inc.                                                                              |  | Alabama              
|SPINAP, Inc.                                                                              |  | Delaware             
|SPIBILE, Inc.                                                                             |  | Alabama              
|SPICLIFF, Inc.                                                                            |  | Delaware             
|SPILAKE, Inc.                                                                             |  | Delaware             
|Clearwater Acquisition Corp.                                                              |  | Delaware             
|Lafayette Acquisition Corp.                                                               |  | Louisiana            
|Pensacola Acquisition Corp.                                                               |  | Florida              
|Realty Acquisition Corporation                                                            |  | Delaware             
|SPIGOV I, Inc.                                                                            |  | Florida              
|SPIDELA, Inc.                                                                             |  | Delaware             
|Slidell Acquisition Corp.                                                                 |  | Delaware             
|DEVGROUP, Inc.                                                                            |  | Maryland             
|SPINO, Inc.                                                                               |  | Delaware             
|SPIANTONIO, Inc.                                                                          |  | Delaware             
|SPINELLON, Inc.                                                                           |  | Delaware             
|SPIPAL, Inc.                                                                              |  | Delaware             
|SPIWACHEE, Inc.                                                                           |  | Delaware             
|FAGALA, Inc.                                                                              |  | Louisiana            
|SPILAN, Inc.                                                                              |  | Delaware             
|SPIWARD, Inc.                                                                             |  | Delaware             
|Sizeler Real Estate Management Co., Inc.                                                  |  | Louisiana