<PAGE>
EXHIBIT 21
B. F. SAUL REAL ESTATE INVESTMENT TRUST
LIST OF SUBSIDIARIES
<TABLE>
Date of Current
Site of Acquisition/ Principal Business
100% OWNED SUBSIDIARIES Incorporation Formation Activity
------------------------------------------------ ---------------------- ------------------- ---------------------------------------
<S> <C> <C> <C>
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 1987 Real Estate Investor
Avenel IV Inc. Maryland 2000 Inactive
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 Corp. 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
Crystal City Hospitality Corp. Virginia 1989 Hotel Owner
Dallas San Simeon Incorporated Texas 1993 Inactive
Dearborn Corporation Delaware 1992 Land Owner
Dulles Airport Hotel Corporation Virginia 1986 Inactive
Dulles Hospitality Corp. Virginia 1997 Hotel 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 Eight, Corp. Virginia 2000 Inactive
Dulles North Nine, Corp. Virginia 2000 Inactive
Dulles North Office Park II Corporation Virginia 1998 Office Bldg Owner
Flagship Centre Corporation Maryland 1985 Land Owner
Ft. Lauderdale Hotel Corp. Florida 1998 Hotel Owner
Gaithersburg Hospitality Corp. Maryland 1998 Hotel Owner
Herndon Hotel Corporation Virginia 1996 Hotel Owner
LT One Corp. Virginia 1999 Office Bldg Owner
LT Two Corp. Virginia 1999 Office Bldg Owner
Metairie Office Tower, Inc. (a) Louisiana 1995 Office Bldg Owner
MHC Airport Inn, Inc. (b) New York 1980/1976 Hotel Operator
MHC Corporation Maryland 1980/1974 Hotel Operator
NVA Development Corporation Virginia 1979 Office Bldg Owner
Peachtree/Northeast Corp. Georgia 1979 Land Owner
Pueblo Hotel Corp. Colorado 1985 Hotel Owner
Rochester Airport Hotel Corporation New York 1986 Inactive
Scope Hospitality Corp. Virginia 1989 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 Corp. Maryland 2000 Inactive
Tysons Corner Hospitality Corp. Virginia 1989 Inactive
Tysons Park, Inc. Virginia 1999 Office Bldg Owner
Tysons Park II, Inc. Virginia 2000 Inactive
Wheeler Road, Inc. Maryland 1992 Inactive
900 Corporation Georgia 1981 Office Bldg Owner
1000 Corporation Georgia 2000 Office Bldg Owner
1100 Corporation Georgia 1979 Office Bldg Owner
1113 Corporation Florida 1984 Inactive
(a) Subsidiary of Dearborn Corporation
(b) Subsidiary off MHC Corporation
</TABLE>
<PAGE>
EXHIBIT 21
B. F. SAUL REAL ESTATE INVESTMENT TRUST
LIST OF SUBSIDIARIES (Continued)
CURRENT
DATE OF PRINCIPAL
SITE OF ACQUISITION/ BUSINESS
NAME NOTE INCORPORATION FORMATION ACTIVITY
-------------------------------- ---- ------------- ----------- --------
ASB Capital Management, Inc. (A) Maryland 2000 Investment
Adviser
Ashburn Village Development (C) Maryland 1991 Real Estate
Corporation Owned (REO)
Bailey's Corporation (C) Maryland 1993 Inactive
(sold property 11/95)
Balmoral Golf Corporation (D) Maryland 1992 Inactive
Bondy Way Development (C) Maryland 1990 REO
Corporation
Brambleton Land Corporation (C) Maryland 1977 Inactive
(sold property 3/99)
Brooke Manor Land Corporation (C) Maryland 1990 Inactive
(sold property 8/96)
B.F. Saul Mortgage Company (B) Maryland 1984 Residential
Loan
Origination
CCRE, Inc. (E) Maryland 1984 Inactive
Cherrytree Corporation (C) Maryland 1993 Inactive
(sold property 11/97)
Chevy Chase Asset Management (B) Virginia 2000 Holding
Corporation Company
Chevy Chase Financial (B) Virginia 1996 Holding
Services Corporation Company
Chevy Chase Insurance Agency, (F) Maryland 1985/1971 Insurance
Inc. ("CCIA") Agency
Chevy Chase Mortgage Company (G) Maryland 1972 Inactive
Chevy Chase Mortgage Company (B) Virginia 1996 Inactive
of Virginia
Chevy Chase Preferred Capital (B) Maryland 1996 Real Estate
Corporation Investment
Trust
Chevy Chase Real Estate (B) Virginia 1996 Holding
Corporation Company
Chevy Chase Securities, Inc. (F) Maryland 1984 Securities
("CCS")
Chevy Chase Trust Company (B) Maryland 2000 Fiduciary
Services
CFC-Consumer Finance Corporation (B) Virginia 1994 Consumer Loan
Origination
Duvall Village Corporation (C) Maryland 1992 Inactive
(sold property 12/97)
First Balmoral Corporation (C) Maryland 1991 REO
Great Seneca Development (C) Maryland 1991 REO
Corporation
Hamlets at Brambleton, Inc. (I) Virginia 1997 REO
Inglewood Corporation (C) Maryland 1990 Inactive
(sold property 11/95)
Manor Holding Corporation (B) Virginia 1996 Holding
Company
Manor Investment Company (H) Maryland 1971 Real Estate
Ownership/
Development
Marbury I Corporation (C) Maryland 1991 Inactive
(sold property 1/00)
Marbury II Corporation (C) Maryland 1991 Inactive
(sold property 9/99)
NML Corporation (C) Maryland 1992 REO
North Ode Street Development (E) Maryland 1981 Real Estate
Corporation Finance/
Development
Oak Den, Inc. (sold remaining (C) Maryland 1991 Inactive
lots 10/94)
Old Chapel Corporation (C) Maryland 1992 REO
Presley Corporation (C) Maryland 1993 Inactive
(sold property 5/94)
Primrose Development (C) Maryland 1990 REO
Corporation
Ridgeview Centre Corporation (C) Maryland 1992 Inactive
(sold property 3/99)
Ronam Corporation (C) Maryland 1986 Real Estate
Finance/
Development
Sully Park Corporation (C) Maryland 1990 Inactive
(sold property 6/96)
Sully Station Corporation (C) Maryland 1990 Inactive
(sold property 9/97)
Sycolin-Leesburg Corporation (C) Maryland 1992 REO
Terminal Drive Properties (C) Maryland 1991 REO
Corporation
------------------
(A) Subsidiary of Chevy Chase Asset Management Corporation
(B) Subsidiary of Chevy Chase Bank, F.S.B.
(C) Subsidiary of Chevy Chase Real Estate Corporation
(D) Subsidiary of First Balmoral Corporation
(E) Subsidiary of Manor Investment Company
(F) Subsidiary of Chevy Chase Financial Services Corporation
(G) Subsidiary of Chevy Chase Mortgage Company of Virginia
(H) Subsidiary of Manor Holding Corporation
(I) Subsidiary of Brambleton Land Corporation
