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 1934
Date of Report (date of earliest event reported): January 28, 2000
FRANKLIN SELECT REALTY TRUST
(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
777 MARINERS ISLAND BLVD., SAN MATEO, CA 94404
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (650) 312-3000
ITEM 5. OTHER EVENTS.
On January 25, 2000, Franklin Select Realty Trust issued the press release
attached hereto as Exhibit 99.1 and incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release.
SIGNATURE
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: January 28, 2000
FRANKLIN SELECT REALTY TRUST
By: /s/ David P. Goss
David P. Goss President
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release.
EXHIBIT 99.1
Route To: Business Wire Bay Area Circuit including Minimum Disclosure,
Analyst Wires and Databases
FROM: Franklin Properties, Inc.
Tel: (650) 312-5824
Internet: http:/www.frk.com/properties
Contact: David Goss
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FOR IMMEDIATE RELEASE
FRANKLIN SELECT REALTY TRUST
ANNOUNCES SHAREHOLDER APPROVAL OF ASSET SALE
AND PLAN OF LIQUIDATION
SAN MATEO, CALIFORNIA, January 25, 2000 -- FRANKLIN SELECT REALTY TRUST
(the "Company") (AMEX:FSN) announced that at a special meeting of
shareholders held today, shareholders approved proposals to sell all of the
Company's real estate assets to Value Enhancement Fund III, LLC, and to
grant authorization to the Company's Board of Directors for the subsequent
liquidation, winding up and dissolution of the Company.
The Company expects to proceed to close the sale of its real estate
assets to the Value Enhancement Fund III, LLC within the next month. When
the asset sale closes, the Company will declare a record date for the initial
distribution of $7.11 per share. Under applicable AMEX regulations, the AMEX
will act to suspend trading in the Company's shares beginning on the next
business day after the record date for the initial distribution and to
subsequently delist the Company's shares. Accordingly the Company does not
expect that any trading market for the Company's shares will exist after the
record date for the initial distribution. It is expected that shareholders
of record for the initial distribution will also receive a final liquidating
distribution toward the end of the year.
In a separate action, the Company reported that it acted to terminate
the Dividend Reinvestment Program ("DRP") pursuant to its terms effective
immediately. Within the next two weeks, participants in the DRP should
receive a certificate for the whole share balance of their account and a
check for any fractional share balance from ChaseMellon Shareholder Services
("CMSS"), the Company's transfer agent. Any questions concerning the
termination of the DRP should be directed to CMSS at (800-851-4217).
Franklin Select Realty Trust is a publicly traded equity REIT advised by
Franklin Properties Inc., a wholly-owned subsidiary of Franklin Resources,
Inc. (NYSE:BEN). Franklin's headquarters are located at 777 Mariners Island
Blvd., San Mateo, CA 94404.
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