EXHIBIT 99.1

Contact: Michelle M. Dawson                   Dione McConnell
         Vice President of Investor Relations Director of Investor Relations
         Developers Diversified               Inland Retail
         Ph: 216.755.5500                     Ph: 630.368.2234
         Email: mdawson@ddr.com               Email: mcconnell@inland-retail.com

              DEVELOPERS DIVERSIFIED TO ACQUIRE INLAND RETAIL REAL
                      ESTATE TRUST, INC. FOR $6.2 BILLION

Cleveland, Ohio - October 23, 2006 - Developers Diversified (NYSE: DDR), the
leading owner, operator and developer of market-dominant community centers in
the U.S., and Inland Retail Real Estate Trust, Inc. ("IRRETI") announced today
they have entered into a definitive merger agreement. Developers Diversified
will conduct a conference call and an audio webcast on October 23, 2006 at 1
p.m. ET to discuss additional details regarding the transaction. The conference
call will be webcast and can be accessed via the Developers Diversified web
site, www.ddr.com. An accompanying powerpoint presentation will be available via
the webcast at the time of the call.

Under the terms of the agreement, Developers Diversified will acquire all of the
outstanding shares of IRRETI for a total merger consideration of $14.00 per
share in cash. Developers Diversified may elect to issue up to $4.00 per share
of the total merger consideration in the form of Developers Diversified common
stock to be based upon the ten day average closing price of Developers
Diversified shares two trading days prior to the IRRETI stockholders' meeting to
approve the transaction. The election to issue Developers Diversified common
stock may be made up to 15 calendar days prior to the IRRETI stockholders'
meeting and may be revoked by Developers Diversified at any time if the
revocation would not delay the stockholders' meeting for more than ten business
days.

The transaction has a total enterprise value of approximately $6.2 billion. This
amount includes approximately $2.3 billion of existing debt, a significant
portion of which is expected to be prepaid at closing. IRRETI's real estate
portfolio aggregates 307 community center, neighborhood shopping centers and
single tenant/net leased retail properties, comprising 43.6 million square feet
of total GLA.

Developers Diversified has reached agreement with a major U.S. institutional
investor on a joint venture which will acquire 67 of IRRETI's community center
assets for approximately $3.0 billion of total asset value. The joint venture
will be leveraged up to 60% loan to value and Developers Diversified will
contribute 15% of the equity. Developers Diversified will leverage its
co-investment with fees for asset management, leasing, property management,
development/tenant coordination and acquisitions. Developers Diversified will
also earn a promoted interest equal to 20% of the cash flow of the joint venture
after the partners have received an internal rate of return equal to 10% on
their equity investment. Additionally, Developers Diversified has received
financing commitments totaling in excess of $3.0 billion, which it may use to
fund all or a portion of the total merger consideration.

Scott A. Wolstein, Developers Diversified's Chairman and Chief Executive
Officer, commented, "This is an exciting transaction that strengthens our
industry position through control of some of the



highest quality, market-dominant community centers in the Southeast. We're
especially pleased to co-invest in this opportunity with a new strategic
institutional joint venture relationship. We are excited to add these
outstanding properties to our platform and to apply our leasing and management
skills to enhance value both for the benefit of our shareholders and for the
benefit of our new capital partner."

IRRETI's portfolio of properties is a high quality institutional retail
portfolio which has dominant market positions in several key growth-oriented
Southeast U.S. markets. The properties are well-leased at 95% occupancy.
Deferred maintenance is minimal, as the portfolio averages seven years of age
and the properties have been well maintained. As illustrated below, the
portfolio is comprised primarily of community shopping center properties, which
will enhance Developers Diversified's position as the leading owner and operator
of market-dominant community centers in the U.S.



                                                       TOTAL GLA
ASSET TYPE                        NO. PROPERTIES         (MSF)           % TOTAL GLA
- ----------                        --------------       ---------         -----------
                                                                
Community Centers                        116              30.6              70.1%
Neighborhood Shopping Centers             97               8.0              18.3%
Single Tenant Assets                      91               3.3               7.6%
Lifestyle/Hybrid Centers                   3               1.7               4.0%
                                         ---              ----             -----
TOTAL                                    307              43.6             100.0%


Daniel B. Hurwitz, Developers Diversified's Senior Executive Vice President and
Chief Investment Officer, added, "We're pleased with the opportunity to expand
our footprint in such key markets as Atlanta, Charlotte, Miami and Orlando.
Additionally, we strengthen our relationships with numerous national retailers
such as Target, Wal-Mart, Lowe's, Home Depot and Kohl's. The combination of
outstanding locations coupled with strong co-tenancy makes the Inland portfolio
a natural fit with the Developers Diversified operating platform."

Over 70% of the portfolio is located in the following growth-oriented
southeastern states:



                                                                                                      2006-2011
                                                       NO.        TOTAL GLA                       POPULATION GROWTH
STATE                                              PROPERTIES       (MSF)        % TOTAL GLA             (1)
- -----                                              ----------     ---------      -----------      -----------------
                                                                                      
Georgia                                                53           11.2           25.7%                8.3%
Florida                                                68            8.7           19.9%                9.7%
North Carolina                                         41            6.6           15.1%                6.7%
South Carolina                                         25            2.7            6.2%                5.3%
Virginia                                               14            2.5            5.7%                6.0%
                                                      ---           ----           ----                 ---
SUBTOTAL/WTD. AVG.                                    201           31.7           72.7%                7.9%
   U.S. AVERAGE 2006-2011 POPULATION GROWTH                                                             4.8%


(1)   Source: Claritas.




The portfolio is tenanted by the leading retailers in their respective
categories in the Southeast U.S. A summary of the portfolio's top five tenants
by total GLA is presented below.



                                                   OWNED     % TOTAL     TOTAL
                                  TOTAL UNITS      GLA       OWNED       GLA      % TOTAL
TENANT                          (OWNED/UNOWNED)    (MSF)       GLA       (MSF)       GLA
- ------                          ---------------    -----     -------     -----     -------
                                                                    
Target                                27            0.0        0.0%       3.7        8.5%
Wal-Mart                              19            1.8        5.1%       3.5        8.1%
Publix                                53            2.4        6.7%       2.4        5.5%
Lowe's Home Imp.                      13            0.9        2.5%       1.5        3.3%
Kroger                                24            1.3        3.6%       1.3        3.0%
                                     ---            ---       ----       ----       ----
SUBTOTAL - TOP 5 TENANTS             136            6.3       17.8%      12.4       28.4%


In addition to the portfolio of operating properties, Developers Diversified
will acquire a development pipeline of five projects and numerous potential
expansion and redevelopment projects. Developers Diversified plans to generate
additional value by implementing its proactive leasing, development,
redevelopment and property management systems. In addition, the Company intends,
immediately upon closing, to incorporate the IRRETI assets in its highly
successful ancillary income program, which will result in additional value
creation.

Barry Lazarus, President and CEO of Inland Retail, noted, "We are extremely
gratified to present this exciting liquidity event to our stockholders. This
transaction offers very attractive returns to our investors who initially
acquired our stock at $10 a share. We are delighted to be able to offer our
investors an outstanding return on their initial investments while delivering
our extremely high quality portfolio to one of the premier owner/operators in
our sector. We look forward to working closely with Developers Diversified's
management throughout the transition process."

Following the merger, Developers Diversified will own or manage over 800
shopping centers in 45 states, plus Puerto Rico and Brazil, comprising 162
million square feet.

Completion of the transaction, which is expected to occur in the first quarter
of 2007, is subject to approval of the merger agreement by IRRETI shareholders
and other customary closing conditions described in the merger agreement. The
merger was unanimously approved by Developers Diversified's Board of Directors.
The merger was unanimously approved by IRRETI's Board of Directors, with two
related party directors recusing themselves.

Macquarie Capital Partners LLC is acting as exclusive financial advisor to
Developers Diversified. Banc of America Securities LLC is acting as exclusive
financial advisor to IRRETI. Baker & Hostetler LLP is serving as Developers
Diversified's legal advisers. Houlihan Lokey Howard & Zukin provided a fairness
opinion to the Board of Directors of IRRETI. Duane Morris LLP is serving as
IRRETI's legal advisers.




CONFERENCE CALL

Developers Diversified will conduct a conference call and an audio webcast on
October 23, 2006 at 1 p.m. ET to discuss additional details regarding the
transaction. To access the conference call, dial 866.202.0886 at least ten
minutes prior to the scheduled start of the call. When prompted, provide the
passcode: 34072641. The conference call will be recorded and available for
replay beginning at 4:30 p.m., October 23, 2006 and will be available until
11:59 p.m., November 22, 2006. To access the conference call recording, please
call 888.286.8010 and use the passcode: 37011230. The conference call will be
webcast and can be accessed via the Developers Diversified web site,
www.ddr.com. An accompanying powerpoint presentation will be available via the
webcast at the time of the call.

DEVELOPERS DIVERSIFIED

Developers Diversified currently owns and manages over 500 retail operating and
development properties in 44 states, plus Puerto Rico and Brazil, totaling 118
million square feet. The Company is a self-administered and self-managed real
estate investment trust (REIT) operating as a fully integrated real estate
company which acquires, develops and leases shopping centers. Additional
information about Developers Diversified is available on the Internet at
http://www.ddr.com.

INLAND RETAIL REAL ESTATE TRUST, INC.

Inland Retail Real Estate Trust, Inc. is a self-administered and self-managed
real estate investment trust (REIT) primarily focused on acquiring, developing
and managing community and neighborhood shopping centers in the eastern United
States. The Company is a public, non-listed REIT.

This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of historical facts
included in this press release are forward-looking statements. All
forward-looking statements speak only as of the date of this press release. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance, achievements or
transactions of Developers Diversified, IRRETI and their affiliates or industry
results or the benefits of the proposed merger to be materially different from
any future results, performance, achievements or transactions expressed or
implied by such forward-looking statements. Such risks, uncertainties and other
factors relate to, among others, approval of the transaction by the shareholders
of IRRETI, the satisfaction of closing conditions to the transaction,
difficulties encountered in integrating the companies, the marketing and sale of
non-core assets, and the effects of general and local economic and real estate
conditions. Additional information or factors which could impact the companies
and the forward-looking statements contained herein are included in each
company's filings with the Securities and Exchange Commission. The companies
assume no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release does not constitute an offer of any securities for sale. In
connection with the proposed transaction, Developers Diversified and IRRETI
expect to file a proxy statement/ prospectus as part of a registration statement
regarding the proposed merger with the Securities and Exchange Commission.
Investors and security holders are urged to read the proxy statement/prospectus
because it will contain important information about Developers Diversified and
IRRETI and the proposed merger. Investors and security holders may obtain a free
copy of the definitive proxy statement/prospectus and other documents filed by
Developers Diversified and




IRRETI with the SEC at the SEC's website at www.sec.gov. The definitive proxy
statement/prospectus and other relevant documents may also be obtained free of
charge from Developers Diversified and IRRETI by directing such request to:
Developers Diversified Realty Corporation, Attention: Investor Relations, 3300
Enterprise Parkway, Beachwood, Ohio 44122 or Inland Retail Real Estate Trust,
Inc., Attention: Investor Relations, 2901 Butterfield Road, Oak Brook, IL 60523.
Investors and security holders are urged to read the proxy statement, prospectus
and other relevant material when they become available before making any voting
or investment decisions with respect to the merger.

Developers Diversified and IRRETI and their respective directors and executive
officers may be deemed to be participants in the solicitation of proxies from
the shareholders of IRRETI in connection with the merger. Information about
Developers Diversified and its directors and executive officers, and their
ownership of Developers Diversified securities, is set forth in the proxy
statement for the 2006 Annual Meeting of Stockholders of Developers Diversified,
which was filed with the SEC on April 3, 2006. Information about IRRETI and its
directors and executive officers, and their ownership of IRRETI securities, is
set forth in the proxy statement for the 2006 Annual Meeting of Stockholders of
IRRETI, which was filed with the SEC on October 14, 2006. Additional information
regarding the interests of those persons may be obtained by reading the proxy
statement/prospectus when it becomes available. As a result of this transaction,
IRRETI does not intend to hold an annual stockholder meeting and instead will
hold a special meeting to vote on the proposed merger.