Three reports show that REITs are outperforming real estate funds. Morningstar reports that REITs posted an annualized rate of return of 9.3% from 1989 to 2009. That performance compares with a 4.4% return for private-equity core funds, 3.7% for value-added funds and 6.1% for opportunistic funds for the same time span. Cohen & Steers compared the returns of REITs and core real estate funds through Dec. 31, 2010, and found that REITs outperformed by 487 basis points per year. Deloitte's annual Commercial Real Estate Outlook also found that REITs outperformed other publicly traded asset classes but that REIT returns lagged the NCREIF Property index.