April 22 (Reuters) - Wireless tower operator Crown Castle CCI.N beat Wall Street estimates for first-quarter site rental revenue on Wednesday, signaling solid leasing momentum as wireless carriers and service providers expand network capacity.

Growing data consumption is driving wireless carriers to expand their leasing of tower infrastructure from operators like Crown Castle, with rapid growth of AI applications seen as a further catalyst.

The real estate investment trust is looking to transition into a pure-play tower operator, following the sale of its fiber and small cell assets, which are now largely completed and expected to close in the first half of 2026.

Crown Castle has over 40,000 cellular towers across the U.S., with its largest tenants T-Mobile TMUS.O, AT&T T.N and Verizon VZ.N collectively accounting for nearly 90% of its 2025 site rental revenues.

Here are some details:

• The company reported site rental revenue of $961 million for the quarter ended March 31, compared with an estimate of $947.1 million, according to data compiled by LSEG.

• "With a clear standalone tower strategy, a disciplined capital allocation framework, and an investment‑grade balance sheet, we are well-positioned to deliver attractive and sustainable shareholder returns," CEO Chris Hillabrant said in a statement.

• Crown Castle reaffirmed its 2026 forecast.

• In February, Crown Castle said it would reduce its tower and corporate workforce by around 20%, which, along with other cost reductions, would result in around $65 million in annualized operating cost savings.