Keith D. Taylor
Chief Financial Officer at Equinix
Great. Thanks, Adaire. Now let me first say, I look forward to the next phase of the Equinix journey alongside you and I know it's going to be a very exciting time for all of us at Equinix. And also good afternoon to all those that are on the call today or who might be listening later.
So to start, we had a great second quarter as the team continued to execute against our plans. We had record gross bookings, closing more than 4,000 deals with more than 3,000 customers. We continued our trend of net positive pricing actions and we ended the quarter with solid net bookings. Our forward-looking pipeline remains deep, which we expect will drive momentum in the second half of the year and we're delivering profitability ahead of our expectations.
As a result, we're again raising our full-year adjusted EBITDA and AFFO guidance and therefore AFFO per share too, our lighthouse metric. Also, as Adaire highlighted, I'm excited about the next phase of our xScale initiative. We plan to lean into this program as we've seen strong demand from this offering -- for this offering as evidenced by both our cloud and AI bookings momentum. We continue to believe this off-balance sheet JV structure with our equity partners is the right model to pursue this significant opportunity, which also drives durable value on a per share basis.
To date, through the xScale JVs, we've invested about $4.7 billion in the program. Since our last earnings call, we leased an incremental 17 megawatts of capacity in our Silicon Valley 12 and Paris 13 assets. This brings our total global xScale leasing to 365 megawatts, representing nearly $6 billion of total contract value and more than $700 million of annualized revenue once these assets are fully ramped. Looking forward, we have a strong funnel of additional xScale opportunities and we look forward to updating you on our future JV partnerships in the near term.
For our non-financial metrics, MR per cabinet is rising, increasing 7% year-over-year on a normalized and constant-currency basis to $2,287 per cabinet, driven by favorable pricing environments, solid interconnection attach rates, and increasing power densities. As discussed on our last earnings call, as expected, we saw continued pressure on our unadjusted net cabinet spending metric due to capacity constraints in certain key markets, increasing power density, and timing of churn.
StackPath unexpectedly announced their immediate liquidation in June, resulting in 300 cabinets churning at quarter-end as an example. Related to cabinet density, the Q2 cabinets churn were at an average density of 4 kilowatts per cabinet, while the new cabinets booked were an average density of 5.9 kilowatts per cabinet.
In Q2, non-xScale net megawatts sold increased meaningfully compared to the prior six quarters. As we look forward, given our strong gross bookings and as a result, the rising backlog of cabinets sold, but not yet installed, we expect billable cabinets to improve in the second half of the year. On the sustainability front, we continue to advance our bold Future First agenda, implementing innovative ways to integrate into the communities in which we operate. This includes new Heat Export programs across Europe and the Americas, including our new Paris 10 IBX, which helps heat a portion of the aquatic center at the Paris Olympics. This is one example of a sustainability initiative that we believe will become commonplace in the markets we serve in the future.
Now let me cover the highlights from the quarter. Note that all growth rates in this section are on a normalized and constant currency basis. As depicted on Slide 4, global Q2 revenues were $2.159 billion, up 8% over the same quarter last year and in the upper half of our guidance range on a constant currency basis, including the impact of a one-off charge against recurring revenues. As expected, non-recurring revenue stepped up sequentially due to strong xScale leasing activity in the quarter. Q2 revenues, net of our FX hedges included a $6 million headwind when compared to our prior guidance rates due to the weaker Brazilian real and the Japanese yen in the quarter.
Global Q2 adjusted EBITDA was $1.036 billion or 48% of revenues, up 17% over the same quarter last year and above the $1 billion quarterly threshold for the very first time. Relative to our expectations, adjusted EBITDA was at the top end of our guidance range due to strong operating profits and timing of spend. Q2 adjusted EBITDA, net of our FX hedges included a $3 million FX headwind when compared to our prior guidance rates and $4 million of integration cost.
Global Q2 AFFO was $877 million, up 17% over the same quarter last year, better than our expectations due to strong operating performance and the timing of the land lease payment related to our upcoming Singapore 6 build. Q2 AFFO included a $3 million FX headwinds when compared to our prior guidance rates. Global Q2 MR churn was 2.3%. For the balance of the year, we expect MR churn to remain in the 2% to 2.5% quarterly guidance range.
Turning to our regional highlights, the results, which are covered on slides 5 through 7. On a year-over-year normalized basis, APAC was our fastest-growing region at 11%, followed by the Americas and EMEA regions growing at 9% and 5%, respectively. The Americas region had a great quarter with record gross bookings led by strong financial services activity, firm pricing, and a higher mix of medium and large footprint deals. We saw particular strength in our Tier 1 markets, including Dallas, New York, Washington DC.
Our EMEA business delivered a solid quarter with healthy bookings activity and strong pricing. The team did an excellent job selling our global platform with record exports and strong intra-region activity, including intra growth in emerging markets such as Abu Dhabi, Istanbul, and Warsaw. And finally, the Asia-Pacific region had a strong quarter with momentum in our largest markets in the region, including Hong Kong, Singapore, and Tokyo, as well as strong customer interest in our new ASEAN metros. Encouragingly, we saw strong intra-region activity driven by customers deploying AI workloads in both Japan and Malaysia.
And now looking at our capital structure, please refer to Slide 8. Our balance sheet increased to approximately $33 billion, including an unrestricted cash balance of $2 billion. Our cash balance increased quarter-over-quarter due to strong operating cash flow and the debt raised in the quarter, offset by our growth investments and the cash dividend. In May, we raised $750 million of senior U.S. dollar notes due in 2034 and we immediately swapped these notes into euros at an effective interest rate of 3.9%.
Our net leverage remains low relative to our peers at 3.5 times our annualized adjusted EBITDA. Our blended debt borrowing rate is now 2.4%, the lowest in our industry. As noted previously, given the global nature of our business, we plan to opportunistically raise additional debt capital in low-rate markets where we intend to expand, creating both incremental debt capital to fund our growth, but also placing a natural hedge into these markets.
Turning to Slide 9 for the quarter. Capital expenditures were $648 million, including recurring capex of $45 million. We continue to invest across our platform with 54 major projects currently underway in 36 markets and 24 countries, including 15 xScale projects. Since our last earnings call, we opened 10 projects across eight metros, including new data centers in Johor, Osaka, Silicon Valley, and Warsaw. We also purchased our Helsinki 5 and Madrid 2 assets and land for development in Atlanta, Dallas, and Milan. Revenues from owned assets increased to 69% of our recurring revenues and more than 80% of our current retail expansion will be on our own land or own buildings with long-term ground leases.
Our capital investments deliver strong returns as shown on Slide 10. Our 180 stabilized assets increased recurring revenues by 4% year-over-year on a constant currency basis. Stabilized assets were collectively 83% utilized and generated a 26% cash-on-cash return on the gross PPE invested. And finally, please refer to slides 11 through 15 for our updated summary of 2024 guidance and bridges. Do note all growth rates are on a normalized and constant currency basis.
For the full year 2024, we're maintaining our underlying revenue outlook with expected top-line growth of 7% to 8%. This reflects our solid execution in the first half of the year and a strong pipeline to drive momentum in the second half of the year. We're raising our underlying 2024 adjusted EBITDA guidance by another $15 million due to strong operating performance and lower integration costs. We're raising our underlying 2024 AFFO guidance by $15 million, an 11% to 13% increase over the previous year. AFFO per share is expected to grow between 9% and 11% at or above the top end of our long-term plan as we continue to compound value for our shareholders. And finally, 2024 capex is expected to range between $2.8 billion and $3.1 billion, including about $240 million of recurring capex.
So let me stop here. I will turn the call back to Adaire.
