UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

 Information to be included in Statements filed pursuant to Rules 13d-1(b), (c)
         and (d) and amendments thereto filed pursuant to Rule 13d-2(b)

                               (Amendment No.___)

                           Regency Centers Corporation
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                                (Name of Issuer)

                                  Common Stock
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                         (Title of Class of Securities)

                                    758849103
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                                 (CUSIP Number)

                                December 31, 2003
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             (Date of Event That Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

/x / Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)
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1. Names of Reporting Persons and I.R.S. Identification No.

UBS AG
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2. Check the Appropriate Box if a Member of a Group

a   / /
b   / / See Item 8 of attached schedule
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3. SEC USE ONLY

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4. Citizenship or Place of Organization

Switzerland
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Number of       5.  Sole Voting Power         4,311,335
Shares Bene-    6.  Shared Voting Power       0
ficially        7.  Sole Dispositive Power    4,311,335
Owned by Each   8.  Shared Dispositive Power  0
Reporting
Person With:
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:

4,311,335 shares
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10. Check if the Aggregate Amount in Row 9 Excludes Certain Shares / /

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11. Percent of Class Represented by Amount in Row 9

7.14%

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12. Type of Reporting Person

BK

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Item 1(a) Name of Issuer

Regency Centers Corporation
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Item 1(b) Address of Issuer's Principal Executive Offices:

Regency Centers Corporation
121 West Forsyth St.
Jacksonville, FL 32202

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Item 2(a) Name of Person Filing:

UBS AG

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Item 2(b) Address of Principal Business Office:

UBS AG's principal business office is:
Bahnhofstrasse 45
PO Box CH-8021
Zurich, Switzerland

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Item 2(c) Citizenship

Switzerland

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Item 2(d) Title of Class of Securities

Common Stock

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Item 2(e) CUSIP Number: 758849103

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Item 3.  Type of Person Filing:

UBS AG is classified as a Bank as defined in section 3(a)(6) of the Act pursuant
to no action relief granted by the staff of the Securities and Exchange
Commission.

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Item 4 (a)-(c)(iv). Ownership:


Items 5-11 of the cover pages are incorporated by reference.
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Item 5.  Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following / /.
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Item 6.  Ownership of More than Five Percent on Behalf of Another Person:

Not applicable
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Item 7. Identification and Classification of the Subsidiary That Acquired the
Security Being Reported on By the Parent Holding Company:

Not applicable
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Item 8.  Identification and Classification of Members of the Group:

Not applicable
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Item 9 Notice of Dissolution of Group:

Not Applicable
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Item 10.  Certification:

By signing below, the undersigned certify that, to the best of their knowledge
and belief, the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.



                                   SIGNATURES

         After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.

                                              UBS AG

                                              By: /s/ Robert C. Dinerstein
                                              Robert C. Dinerstein
                                              Managing Director

                                              By: /s/ Per Dyrvik
                                              Per Dyrvik
                                              Managing Director

Date: February 18, 2004