What was the compound annual total return of Crown Castle's equity market capitalization during the last 10 years 
and our future growth opportunity as 5G is deployed our equity market capitalization has increased from less than $10 billion to over $60 billion generating a compound annual total return of greater than 18% for our shareholders during the last 10 years.
And the combination of the market dynamics and our unique portfolio of assets sets us up for a long runway of continued growth as the wireless industry embarks on an investment cycle to deploy 5G. This has the potential to make the next 10 years look a lot like the last 10. The current demand environment that is generating the highest levels of tower leasing activity in more than a decade is largely tied to our customers investing heavily in their 4G networks to keep pace with the 30% to 40% annual data demand growth. On top of that continued investment we anticipate significant long-term demand for our infrastructure as 5G becomes a reality and wireless networks expand from connecting everyone to connecting everything. Adding to my optimism I believe recent industry developments will help to accelerate the deployment of 5G in the U.S. We believe the new T-Mobile along with AT&T and Verizon are in a great position to leverage their scale and valuable spectrum assets ultimately promoting more investment across the industry.
Adding to the opportunity this is the first time in more than a decade that we have had visibility into a potential new customer entering the wireless market at scale with DISH networks looking to deploy nearly 100 megahertz of spectrum over the next several years in order to compete with the established operators and meet significant build-out requirement. And finally there are several large spectrum auctions on the horizon that we believe will bode well for the future tower and small cell demand. With our unmatched asset base and expertise operating in the best market in the world for communications infrastructure ownership I believe Crown Castle is in a great position to capture these substantial long-term opportunities and consistently deliver a return of capital to our shareholders through a high-quality dividend that we expect to grow 7% to 8% annually. And with that I'll turn the call over to Dan to go through some of the more specifics of the quarter and the last year.
Daniel K. Schlanger -- Senior Vice President and Chief Financial Officer
Thanks Jay and good morning everyone. We delivered another great year of financial performance in 2019 with several highlights. We grew dividends per share by approximately 7% reflecting the underlying growth in our business and our commitment to returning capital to our shareholders. We generated the highest level of tower leasing in more than a decade. We accelerated the deployment of small cell nodes by delivering approximately 10000 small cells last year the highest annual production in our history and we continued to improve our financial flexibility by increasing commitments under our revolving credit facility to $5 billion while also lowering our weighted average borrowing cost and increasing the average maturity on our debt by refinancing $1.9 billion of debt at attractive long-term rates. As I walk through our full year 2019 results and our updated outlook for 2020 please note that where applicable all financial figures reflect the impact of the restatement we disclosed in our earnings release yesterday which I will discuss shortly.
Turning to our full year 2019 results on slide three of the presentation. Relative to the midpoint of our prior outlook the outperformance in site rental revenues was primarily offset at the adjusted EBITDA and AFFO lines by lower contribution from services tied to a slowdown in activity during the quarter fourth quarter. As Jay mentioned uncertainty around the outcome of the pending merger between T-Mobile and Sprint led to lower activity levels in late 2019 that we believe will continue through early 2020 before rebounding later this year. As a result we expect our financial performance in 2020 to be more back-end loaded than we previously anticipated particularly in o
and our future growth opportunity as 5G is deployed our equity market capitalization has increased from less than $10 billion to over $60 billion generating a compound annual total return of greater than 18% for our shareholders during the last 10 years.
And the combination of the market dynamics and our unique portfolio of assets sets us up for a long runway of continued growth as the wireless industry embarks on an investment cycle to deploy 5G. This has the potential to make the next 10 years look a lot like the last 10. The current demand environment that is generating the highest levels of tower leasing activity in more than a decade is largely tied to our customers investing heavily in their 4G networks to keep pace with the 30% to 40% annual data demand growth. On top of that continued investment we anticipate significant long-term demand for our infrastructure as 5G becomes a reality and wireless networks expand from connecting everyone to connecting everything. Adding to my optimism I believe recent industry developments will help to accelerate the deployment of 5G in the U.S. We believe the new T-Mobile along with AT&T and Verizon are in a great position to leverage their scale and valuable spectrum assets ultimately promoting more investment across the industry.
Adding to the opportunity this is the first time in more than a decade that we have had visibility into a potential new customer entering the wireless market at scale with DISH networks looking to deploy nearly 100 megahertz of spectrum over the next several years in order to compete with the established operators and meet significant build-out requirement. And finally there are several large spectrum auctions on the horizon that we believe will bode well for the future tower and small cell demand. With our unmatched asset base and expertise operating in the best market in the world for communications infrastructure ownership I believe Crown Castle is in a great position to capture these substantial long-term opportunities and consistently deliver a return of capital to our shareholders through a high-quality dividend that we expect to grow 7% to 8% annually. And with that I'll turn the call over to Dan to go through some of the more specifics of the quarter and the last year.
Daniel K. Schlanger -- Senior Vice President and Chief Financial Officer
 Thanks Jay and good morning everyone. We delivered another great year of financial performance in 2019 with several highlights. We grew dividends per share by approximately 7% reflecting the underlying growth in our business and our commitment to returning capital to our shareholders. We generated the highest level of tower leasing in more than a decade. We accelerated the deployment of small cell nodes by delivering approximately 10000 small cells last year the highest annual production in our history and we continued to improve our financial flexibility by increasing commitments under our revolving credit facility to $5 billion while also lowering our weighted average borrowing cost and increasing the average maturity on our debt by refinancing $1.9 billion of debt at attractive long-term rates. As I walk through our full year 2019 results and our updated outlook for 2020 please note that where applicable all financial figures reflect the impact of the restatement we disclosed in our earnings release yesterday which I will discuss shortly.
Turning to our full year 2019 results on slide three of the presentation. Relative to the midpoint of our prior outlook the outperformance in site rental revenues was primarily offset at the adjusted EBITDA and AFFO lines by lower contribution from services tied to a slowdown in activity during the quarter fourth quarter. As Jay mentioned uncertainty around the outcome of the pending merger between T-Mobile and Sprint led to lower activity levels in late 2019 that we believe will continue through early 2020 before rebounding later this year. As a result we expect our financial performance in 2020 to be more back-end loaded than we previously anticipated particularly in o