Exhibit 99.1

TIAA-CREF Global Real Estate and Developers Diversified to Form a Joint Venture to Acquire 67
Community Retail Center Properties for $3 Billion

NEW YORK and CLEVELAND, Nov. 3 /PRNewswire/ -- TIAA-CREF, the financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields, and Developers Diversified (NYSE: DDR - News), the nation's leading owner, manager and developer of market-dominant community centers, announced today a joint venture to purchase a portfolio of 67 community retail centers for approximately $3.0 billion of total asset value.

"We believe that this joint venture shows that TIAA-CREF Global Real Estate can move nimbly on large and complex transactions and forge strong relationships with expert operators, such as Developers Diversified," said Tom Garbutt, managing director and head of TIAA-CREF's Global Real Estate unit. "As a long-term investor, we believe the purchase of high quality properties such as the 67 community retail centers will be an attractive way to bring value to our clients."

The properties that this joint venture intends to acquire represent a portion of the assets that will be acquired by Developers Diversified upon the consummation of its merger with Inland Retail Real Estate Trust, Inc. ("Inland"). The execution of this merger agreement was announced on October 23, 2006 and the merger is expected to be completed in the first quarter of 2007. The purchase by the joint venture of these 67 properties is conditioned upon the consummation of Developers Diversified's merger with Inland and other closing conditions.

Scott Wolstein, Developers Diversified's Chairman and Chief Executive Officer, commented, "We're delighted to establish this strategic partnership with TIAA-CREF, which we consider to be a leader among institutional real estate investors. TIAA-CREF's early commitment to this portfolio acquisition underscores both their recognition of the quality of the real estate and our ability to create value through aggressive asset management."

Mr. Garbutt further stated, "We believe that the attractive pricing and terms of this venture are a direct result of TIAA-CREF Global Real Estate's early participation in this transaction. We have been looking to strategically increase our retail exposure and we believe this purchase represents a unique opportunity to do so while focusing on opportunities for attractive rates of return for our investors."

Given Developers Diversified's size and experience, TIAA-CREF expects to receive added value from Developers Diversified's management through enhanced operating proficiency and strong tenant relationships.

An affiliate of TIAA will contribute 85% of the equity in the joint venture, and an affiliate of Developers Diversified will contribute 15% of the equity in the joint venture. The parties expect that leverage will not exceed 60% of the aggregate value of the properties.

The properties in this portfolio are located predominately in Southeastern U.S. markets and are currently anchored by leading discount and specialty retailers.

With an approximately $68 billion global portfolio of direct and indirect investments, TIAA-CREF is one of the largest institutional real estate investors in the nation. TIAA-CREF Global Real Estate through the accounts it manages directly owns over $20 billion in real estate assets made up of primarily high quality