Alexandria Real Estate Equities (NYSE: ARE) is one of the highest flying real estate investment trusts (REITs) on the market. With revenue of $2.5 billion in the trailing 12 months, close to a billion dollars more than it generated as recently as 2019, it's unquestionable that the REIT provides crucial spaces for a high-growth and vastly important industry. Two Fool.com contributors present their cases: the bull case that the company is a fast-growth, dividend-paying, high-quality business, and the bear case that the stock is just too expensive right now.