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 JACKSONVILLE, Fla., Oct. 29 /PRNewswire/ -- Regency Realty Corporation (NYSE: REG), based in Jacksonville, Fla., announced the effectiveness of its initial public offering today. Its common stock being sold in the offering has been priced at $19.25 per share and began trading on the New York Stock Exchange today. The company's initial annual dividend rate is expected to be 7.79 percent, based on the initial public offering price.
 The company has been formed as a real estate investment trust to continue substantially all of the real estate investment, management, leasing, development and acquisition businesses of the real estate division of The Regency Group, Inc., which has been engaged in the commercial real estate business in Florida for over 30 years. The company's initial portfolio will consist of 20 neighborhood, community and power shopping centers totaling approximately 2.1 million square feet and three suburban office buildings totaling approximately 258,000 square feet, located in Florida, Alabama, Mississippi and Georgia.
 Salomon Brothers Inc., Raymond James & Associates, Inc., and The Robinson-Humphrey Company, Inc. are the managing underwriters for the offering. The company is selling 5,620,779 shares in the offering, which will raise approximately $108.2 million. The net proceeds of the offering (together with the net proceeds from a fixed rate mortgage loan of $51 million) will be used primarily to repay existing mortgage indebtedness, acquire the interests of third party investors in the properties being transferred to the company by The Regency Group, Inc., acquire properties not presently owned by The Regency Group, Inc., and increase cash reserves.
 Martin E. Stein Jr., president and chief executive officer of the company, stated that "Going public gives the company greater access to capital with which to expand our business. We are very gratified by the market response to our company and look forward to a rewarding partnership with our public shareholders."
 The company's common stock has been listed on the New York Stock Exchange under the symbol "REG."
 -0- 10/29/93
 /CONTACT: Brenda Paradise, director of shareholder relations, Regency Realty Corporation, 904-356-7000/

CO: Regency Realty Corporation ST: Florida IN: SU: OFR

JB-AW -- FL006 -- 8535 10/29/93 12:50 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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