Cheap stocks are often cheap for a reason. And determining a stock's relative value is not a simple matter of evaluating its price-to-earnings ratio or checking on its dividend yield. Sure, these can be indicators, but they can also be deceptive.

One of the biggest mistakes novice investors make is choosing a laggard and ignoring a leader simply because the laggard has a lower P/E ratio or a higher dividend yield. A low P/E might be a signal that investors think future earnings will be a lot lower, while an outsized dividend yield could be too good to be true.

When looking for cheap stocks, it makes sense to pick up quality companies that are trading at a discount to their historical valuations. Here are three real estate investment trust (REIT) stocks that are in the bargain aisle but are still top-quality companies.

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Source Fool.com