In conjunction with the acquisition, DDR also closed on a jointventure with TIAA-CREF for 66 of the Inland shopping center forabout $3 billion. The company also issued about 5.7 million DDRcommon shares to Inland Retail shareholders at $69.54 per share,and completed other financial obligations as part of theacquisition.

Scott A. Wolstein, DDR chairman and CEO, says the purchaseallows the company to gain retail dominance in several markets. "Wewill…exercise capital discipline to improve portfolio qualitythrough joint venture and asset sales," Wolstein said in a companystatement. "We can leverage our dominant position in these growingmarkets to drive rental growth." Daniel B. Hurwitz, senior EVP andCIO with DDR, said in the statement that the company will enactinitiatives with some properties in the new portfolio that willinclude redevelopment, expansion and re-leasing projects.

Officials at DDR say the company now owns and manages 162million sf, with 800 retail operating and development properties in45 states, plus Puerto Rico and Brazil. The company said it alsoplans to sell off another portfolio of 60 to 70 non-core assetsowned by both Inland and DDR. That deal, which is expected togenerate between $600 million