<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
FRANKLIN SELECT REALTY TRUST
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Series A
- --------------------------------------------------------------------------------
(Title of Class of Securities)
354638-10-8
-------------------------------------------
(CUSIP Number)
N. Keith McKey
300 One Jackson Place, 188 East Capitol Street
Jackson, Mississippi 39201; (601) 354-3555
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 29, 1998
-------------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box |_|.
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. See Section 240.13d-7(b) for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
This Document contains 5 Pages.
<PAGE> 2
CUSIP No. 354638-10-8 SCHEDULE 13D Page 2 of 5 Pages
--------------------- -------- --------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
EastGroup Properties, Inc.
---------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC Use Only
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
WC
---------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) Citizenship or Place of Organization
Maryland
---------------------------------------------------------------------
(7) Sole Voting Power
Number of 736,000
Shares --------------------------------------------------------
Beneficially (8) Shared Voting Power
Owned by 0
Each --------------------------------------------------------
Reporting (9) Sole Dispositive Power
Person With 736,000
--------------------------------------------------------
(10) Shared Dispositive Power
0
--------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
736,000
---------------------------------------------------------------------
(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares* [ ]
6.0%
---------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
---------------------------------------------------------------------
(14) Type of Reporting Person*
CO
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE> 3
AMENDMENT NO. 1
TO
SCHEDULE 13D
The Statement on Schedule 13D (the "Schedule 13D") relating to
the shares of Common Stock, Series A, without par value, stated value $10.00 per
share ("Shares") of Franklin Select Realty Trust (the "Issuer") filed with the
Securities and Exchange Commission on June 11, 1998 by EastGroup Properties,
Inc. ("EastGroup"), is hereby amended as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Schedule 13D is amended to read in its entirety
as follows:
As of the date hereof, EastGroup has used approximately
$4,340,000 to acquire its Shares. The source of the funds was
EastGroup's working capital. EastGroup's working capital
includes funds obtained under a line of credit with Deposit
Guaranty National Bank, Jackson, Mississippi, which matures on
September 30, 1998 and bears interest at LIBOR plus 1.40%.
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
Item 5 of the Schedule 13D is amended by the addition of the
following:
(i) Share Ownership. As of the date hereof, EastGroup
beneficially owns 736,000 Shares, or 6.0% of the
outstanding Shares. The percentage is based upon the
number of Shares indicated as outstanding in the
Issuer's Form 10-Q for the quarter ended March 31,
1998 (12,250,374). No other Reporting Person
beneficially owns Shares.
(ii) Recent Transactions. EastGroup made the following
purchases of Shares in open market transactions on
the American Stock Exchange since the date of the
Schedule 13D.
Purchase Price Per
Date Number of Shares Share(1)
---- ---------------- --------
7/8/98 7,100 $7.7623
7/8/98 900 7.8750
7/9/98 7,600 7.7845
7/10/98 20,600 7.9369
Page 3 of 5 Pages
<PAGE> 4
Purchase Price Per
Date Number of Shares Share(1)
---- ---------------- --------
7/14/98 12,000 7.9948
7/20/98 8,500 7.5000
7/21/98 1,000 7.6250
7/22/98 12,500 7.5925
7/24/98 5,000 7.6187
7/27/98 5,000 7.5000
7/28/98 10,000 7.7031
7/29/98 33,200 7.5324
----------------
(1) Price per share does not include brokerage commissions.
Page 4 of 5 Pages
<PAGE> 5
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
DATED: July 30, 1998
EASTGROUP PROPERTIES, INC.
By: /s/ DAVID H. HOSTER II
---------------------------------
David H. Hoster II
Chief Executive Officer and President
Page 5 of 5 Pages