April 30 (Reuters) - American Tower ( AMT ) raised its

forecast for annual property revenue on Tuesday as the real

estate investment trust benefits from healthy telecom and

wireless carrier spending.

Telecom companies have continued to increase spending on 5G

services to cater to the growing demand for mobile data and

other high bandwidth wireless services.

American Tower ( AMT ) is also seeing growing demand for its data

center leasing business as more firms look to expand their

digital infrastructure and take advantage of the artificial

intelligence boom.

American Tower ( AMT ) now expects full year 2024 total property

revenue between $11.08 billion and $11.26 billion, up from its

prior forecast of $11.05 billion to $11.23 billion.

The company's property segment, which comprises of its site

leasing business, accounted for nearly all of American Tower's ( AMT )

revenue last year.

American Tower ( AMT ) forecast annual adjusted funds from

operations, a key measure of cash flow, between $10.30 and

$10.53 per share, compared with its prior outlook of $10.21 to

$10.45 per share.

The company - whose customers include T-Mobile,

AT&T ( T ) and Verizon - reported first-quarter total

revenue of $2.83 billion, beating analysts' estimates of $2.80

billion, according to LSEG data.

American Tower ( AMT ) posted adjusted funds from operations of

$2.79 per share in the first quarter, compared with estimates of

$2.54.