JACKSONVILLE, Fla., Jan. 28 /PRNewswire/ -- The Board of Directors of
Regency Realty Corporation (NYSE: REG), yesterday declared and increased its
quarterly cash dividend to $.42 per share, ($1.68 on an annualized basis)
payable on February 26, 1997, to shareholders of record on February 12, 1997.
The 4th quarter dividend pay out ratio of Funds From Operations ("FFO") is
78% vs. 83% in the comparable prior year quarter.
    The Company also announced its 1996 financial results.  For the quarters
ended December 31, 1996 and 1995, FFO was $5,677,366 or $.52 cents per share
vs. $3,302,884 or $.48 cents per share, respectively.  For the year ended
December 31, 1996 and 1995, FFO was $20,770,430 or $2.01 per share vs.
$12,300,736 or $1.86 per share, respectively.  Net income for common
stockholders for the year ended December 31, 1996 and 1995 was $9,907,145 or
$.96 per share vs. $4,993,799 or $.75 cents per share, respectively.
    The real estate portfolio containing 5.5 million SF of primarily grocery
anchored shopping centers was 95.4% leased at December 31, 1996.  During 1996,
the Company acquired 13 grocery anchored shopping centers for approximately
$107.1 million representing 1.5 million SF.
    Regency Realty Corporation is dedicated to being the leading investor,
operator, and developer of grocery anchored neighborhood shopping centers in
targeted infill markets in the Southeast.  The Company headquartered in
Jacksonville, Florida, currently owns and manages approximately 5.5 million
square feet in 50 properties.  Operating as a fully integrated real estate
company, Regency Realty Corporation is a qualified real estate investment
trust which is self administered and self managed.

    Supplemental Financial Report
    A copy of the Company's 1996 supplemental financial report for the quarter
ended December 31, 1996 is available to all interested parties upon written
request to Brenda Paradise, Investor Relations, Regency Realty Corporation,
121 West Forsyth Street, Suite 200, Jacksonville, Florida, 32202.  Previously
issued press releases are also available through PR Newswire's fax service at
800-758-5804 ext. 738469 or on the Internet at http://www.prnewswire.com.

                          REGENCY REALTY CORPORATION
                Summary Consolidated Statements of Operations
               For the Periods Ended December 31, 1996 and 1995
              (in thousands, except per share data - unaudited)

                                      Three Months Ended   Twelve Months Ended
                                          1996      1995      1996        1995
                                        Actual    Actual    Actual      Actual
    Real estate operation revenues     $13,464    $9,451   $46,948    $33,985
    Real estate operation expenses       8,538     5,815    26,872     20,014
    Net interest expense                 3,217     2,203    10,111      8,386
      Net income                         1,709     1,433     9,965      5,585
    Preferred stock dividends                0       306        58        591
      Net income for common
         stockholders                   $1,709    $1,127    $9,907     $4,994
    Property net operating income        8,812     6,338    31,506     23,112
    Funds from operations (FFO)          5,677     3,303    20,770     12,301
    Weighted average shares outstanding 10,943     6,940    10,341      6,630
    Net income per common share          $0.16     $0.16     $0.96      $0.75
    FFO per share                        $0.52     $0.48     $2.01      $1.86

                          REGENCY REALTY CORPORATION
                      Summary Consolidated Balance Sheet
                          December 31, 1996 and 1995
                                (in thousands)

     Assets:                                  1996         1995
     Investments in real estate,
         at cost net of
         accumulated depreciation         $367,190     $260,415
     Cash and cash equivalents               8,293        3,402
     Accounts receivable, net                5,281        2,621
     Deferred costs and other assets         5,760        4,567
         Total Assets                     $386,524     $271,005

     Liabilities and Stockholders' Equity:
     Mortgage loans and acquisition
         line of credit                   $171,607     $115,617
     Other liabilities                       7,133        8,382
       Total Liabilities                   179,290      123,999
     Convertible Partnership Units             508           --
     Stockholders' Equity                  206,726      147,006
     Total Liabilities and
         Stockholders' Equity             $386,524     $271,005

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