SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1943
Date of Report (date of earliest event reported) JULY 9, 1999
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FRANKLIN SELECT REALTY TRUST
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(Exact Name of Registrant as Specified in its Charter)
CALIFORNIA 1-12708 94-3095938
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State or other Commission File Number IRS Employer
jurisdiction of Identification Number
incorporation
2000 ALAMEDA DE LAS PULGAS, SAN MATEO, CA 94404
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 650/312 3000
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ITEM 5. OTHER EVENTS.
On July 9, 1999, Franklin Select Realty Trust (the "Company") executed a new
lease covering 108,600 square feet of space at the Company's industrial
research and development building located at 46360 Fremont Blvd., Fremont,
California. The space was vacated in May of this year when the prior tenant,
Tanon Manufacturing, Inc., ("TMI") rejected its lease under Chapter 11 of
United States Bankruptcy Code. The term of the new lease, with Sybron
Laboratory Products Corporation, will be for ten years and three months.
Base monthly rental payments under the lease of $124,890 will commence on the
earlier of October 1, 1999, or the completion of tenant improvements. The
Tenant is also responsible to pay all operating expenses of the property
including property taxes, maintenance, and insurance. The base rental payment
will increase approximately 4% annually. The lease also provides the Tenant
with one five-year renewal option at fair market rent. The lease requires
the Company to provide tenant improvements to the property totaling
approximately $1.7 million of which the Tenant is required to repay up to
$1,080,000 in monthly installments, including 10% annual interest, during the
term of the lease. The Company will also pay leasing commissions related to
the lease totaling approximately $707,000 including $93,000 to Continental
Property Management Co., an affiliate of the Company's advisor, Franklin
Properties, Inc.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned heretofore duly authorized.
Dated: July 19, 1999 FRANKLIN SELECT REALTY TRUST
By: /S/ DAVID P. GOSS
David P. Goss
President
