SECURITIES AND EXCHANGE COMMISSION
                                 UNITED STATES
                            Washington, DC   20549

                                   FORM 8-K

                               CURRENT REPORT

        Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


    Date of Report (Date of earliest event reported)        February 2, 1999
                             REGENCY REALTY CORPORATION
              (Exact name of registrant as specified in its charter)



      Florida                            1-12298                   59-3191743
(State or other jurisdiction            Commission              (IRS Employer
     of incorporation)                 File Number)         Identification No.)


  121 West Forsyth Street, Suite 200
           Jacksonville, Florida                                      32202
(Address of principal executive offices)                          (Zip Code)


Registrant's telephone number including area code:            (904)-356-7000



                                        Not Applicable
            (Former name or former address, if changed since last report)


Item 5.  Other Information


                      Regency Realty Corporation
                          Press Release


            FOR IMMEDIATE RELEASE       CONTACT: BRUCE M. JOHNSON
                                                 (904) 351-0604


                    REGENCY REALTY REPORTS 14.1% INCREASE IN
                    FUNDS FROM OPERATIONS TO $2.25 PER SHARE;
                       INCREASES ANNUAL DIVIDEND TO $1.84

Jacksonville,  Fla. (February 2, 1999) -- Regency Realty Corporation  (NYSE:REG)
today announced its financial results for the year ended, December 31, 1998. All
per-share  amounts are diluted.  For the year ended  December 31, 1998,  FFO was
$67,121,154  or $2.25 per share,  compared to  $44,663,380 or $1.97 per share in
1997,  a  per-share  increase  of 14.1% year over year.  For the  quarter  ended
December  31, 1998,  FFO was  $17,580,848  or $.58 cents per share,  a per share
increase of 14.3% compared to $14,290,317 or $.51 cents per share,  for the same
period last year.

For the year ended  December 31, 1998,  net income for common  stockholders  was
$50,590,074 or $1.75 per share, compared to $27,401,655 or $1.23 cents per share
in 1997.  For the  quarter  ended  December  31,  1998,  net  income  for common
stockholders  was $10,175,098 or $.34 per share,  compared to $9,894,607 or $.35
cents per share, for the same period last year.

At December 31, 1998, the Company's investment in real estate was $1.25 billion,
an increase  of $416  million  over  year-end  1997.  During  1998,  the Company
invested  $384  million  in  43  shopping  center  acquisitions,  including  its
acquisition of the operating and development  properties of Midland. The Company
currently has 12 shopping centers under  development or redevelopment  that are,
on average, 71% complete. Once completed,  the total investment in these centers
of  $161  million  will  yield  10.6%  upon   stabilization.   These  in-process
developments  are currently 82% pre-leased.  The Company,  currently the largest
developer  for Kroger and  Publix,  also has six  development  properties  under
contract which when complete will represent a $62 million investment.

On September 24, 1998,  the Company  announced  that it had agreed to merge with
Pacific Retail Trust (PRT), a Dallas-based private real estate investment trust.
A special meeting of  shareholders  will be held on February 26, 1999 to approve
the merger.  At December 31, 1998,  PRT had an investment in real estate of $1.1
billion in 71 shopping  centers  containing  8.4  million SF of gross  leaseable
area. Martin Stein, Chairman and CEO stated, "The merger unquestionably  creates
enormous  benefits  from an  operating  standpoint,  and will  have a  favorable
financial impact on Regency."  Operating and financial synergies are expected to
exceed  $5  million  annually  by the year 2000 -  resulting  in  immediate  and
long-term accretion, according to Mr. Stein.

The  Company  reported  same  property  growth  for the  fourth  quarter of 3.7%
primarily related to higher base rents and percentage rents from its tenants. In
addition,  during 1998, the Company  completed  several other  transactions that
strengthened Regency's capital structure.  The Company sold the remainder of its
office portfolio during 1998 at a cap rate of 8.4% generating  proceeds of $30.9
million.  The Company also  completed an $80 million  perpetual  preferred  unit
offering in June at 8.125%,  and a $100 million  unsecured debt offering in July
at 7.125%.

On February 1, 1999,  the Board of Directors  declared the regular  quarterly
cash  dividend  increasing it by 4.6% to $.46 per share,payable on February 26,
1999, to shareholders of record on February 12, 1999.

Regency  is  dedicated  to being  the  leading  national  operator,  owner,  and
developer of grocery-anchored neighborhood infill retail centers. Currently, the
company owns 129 retail properties  operating or under development totaling 14.7
million square feet of retail space in 16 states.  Upon completion of the merger
with Pacific Retail Trust, the company will own 200 retail  properties  totaling
23.1  million  square feet of retail  space in 20 states.  Operating  as a fully
integrated real estate company,  Regency Realty  Corporation is a qualified real
estate investment trust that is self administered and self managed.

                       Supplemental Financial Information

A copy of the Company's 1998  Supplemental  Financial Report is available to all
interested parties upon written request to Lesley Stocker,  Investor  Relations,
Regency Realty Corporation,  121 West Forsyth Street,  Suite 200,  Jacksonville,
Florida, 32202 or on the Company's web site at www.RegencyRealty.com.