UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
   Security Capital Holdings S.A. 
   69 route d'Esch
   L-1470 Luxembourg   
2. Issuer Name and Ticker or Trading Symbol
   Regency Realty Corporation/REG
3. IRS or Social Security Number of Reporting Person (Voluntary)
   
4. Statement for Month/Year
   12/97
5. If Amendment, Date of Original (Month/Year)
   6/96
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   ( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
   (specify below)
   
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect | | Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership | | | | | Beneficially |(D)or | | | | | | | A/| | Owned at |Indir | | | Date |Code|V| Amount | D | Price | End of Month |ect(I)| | ___________________________________________________________________________________________________________________________________| - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |12/4/ |P | |700,000* |A |$22.125 |11,284,439 |D | | |97 | | | | | | | | | ___________________________________________________________________________________________________________________________________| Common Stock |12/4/ |P | |35,000* |A |$21.79 |11,284,439 |D | | |97 | | | | | | | | | ___________________________________________________________________________________________________________________________________|
* The transaction is more fully described in the Amendment No. 6 to Schedule 13D to be filed by Security Capital U.S. Realty and Security Capital Holdings S.A.
___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva- | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity |Date |Code|V| Amount | |ble | | | |Month |(I)| | ___________________________________________________________________________________________________________________________________| - -----------------------------------------------------------------------------------------------------------------------------------| Right to Purchase* |$22.125 |12/4/|C | |700,000 |D |var-|var- |Common |700,000|n/a |0 |D | | | |97 | | | | |ies |ies |Stock | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________|
Explanation of Responses: * The transaction is more fully described in the Amendment No. 6 to Schedule 13D to be filed by Security Capital U.S. Realty and Security Capital Holdings S.A. SIGNATURE OF REPORTING PERSON /s/ David Roth DATE 12/11/97