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) APRIL 21, 1999



                          FRANKLIN SELECT REALTY TRUST
             (Exact Name of Registrant as Specified in its Charter)



      CALIFORNIA               1-12709               94-3095938
    State or other      Commission File Number      IRS Employer
    jurisdiction of                             Identification Number
     incorporation



                2000 ALAMEDA DE LAS PULGAS, 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 April 21, 1999, Tanon Manufacturing,  Inc. ("TMI"), the sole tenant of
a building (the "Property")  located in Fremont,  California owned by F.S.R.T.,
L.P.  ("FSRT"),  a limited  partnership in which  Franklin  Select Realty Trust
(the  "Company")  is the  general  partner  and owner of a  majority  interest,
notified the Company that TMI was  rejecting  its lease under Chapter 11 of the
United  States  Bankruptcy  Code.  TMI filed a bankruptcy  petition on December
3,  1998.  The  Company's  rental  income  from TMI  pursuant  to the lease was
approximately  $98,000 per month,  including operating expense  reimbursements.
Based on the Company's  financial  statements  for the year ended  December 31,
1998,  rental income from TMI represented  approximately  seven percent (7%) of
the Company's  gross  revenues,  approximately  sixteen  percent (16%) of funds
from  operations  and  approximately  twenty-four  percent  (24%) of net income
during 1998.

      The base  rental  rate  that was paid by TMI  pursuant  to the  lease was
approximately  $8.16  per  square  foot per year on a net  lease  basis.  As of
this date,  the  Company  believes  that the market  base  rental  rate for the
Property  may be  between  $12 and  $14.40  per  square  foot per year on a net
lease  basis.  Based on the  most  recently  available  reports  from  Colliers
Parrish  International,   the  vacancy  rate  in  the  Fremont  R&D  market  is
currently  13% and rental rates have leveled off after  increasing  for several
years in a row. Upon  re-leasing  the property,  the Company is likely to incur
costs for tenant  improvements  and  leasing  commissions  but the  amounts are
unknown at this time.

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:  April 23, 1999                    FRANKLIN SELECT REALTY TRUST


                                    By: /S/ DAVID P. GOSS
                                            David P. Goss
                                            President