<ARTICLE> 5
<CIK> 0000099249
<NAME> REGENCY AFFILIATES
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
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<PREFERRED>                                  1,052,988
<OTHER-SE>                                 (1,142,779)
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<EXTRAORDINARY>                                      0
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<EPS-PRIMARY>                                      .04
<EPS-DILUTED>                                      .03