"curious to understand why ARF's P/E is around 4"
As you will note from the following table, the P/E is calculated using the statutory net profit which incorporates the annual property revaluations which can just as easily fall the other way from time to time so it's not as important with this REIT as it is with non RElT stocks. If you were to take the disposable or useable profit (Net Operating Profit of $68,534) and divide it by the issued shares you'd get a P/E of around 18.
You would need to perform the same exercise with VAP to get a comparable result.
I hope this addresses the question.
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