Keith Taylor
Chief Financial Officer at Equinix
Thanks, Adaire, and good afternoon to everyone. Let me start by saying we once again delivered another strong quarter. The business continues to execute against its short-term goals, another step in our journey while setting the stage for the years ahead. We finished the quarter with record gross bookings with each of our regions at or very near their all-time highs. Our net bookings were also very strong with net megawatts sold in our core business up 60% over the previous quarter, a reflection of the growth and density of our bookings activity.
Additionally, we presold a meaningful amount of future capacity, which is neither included in our bookings nor our backlog metrics. We closed more than 4,100 deals with more than 3,200 customers. And our adjusted EBITDA and AFFO were at the high end of our expectations, the result of solid revenue growth and disciplined cost management.
As it relates to our nonfinancial metrics, we saw meaningful improvements across net billable cabinets and interconnections and higher NRR per cabinet. Net billable cabinets stepped up by 3,100 globally, driven by strong bookings and capacity openings in certain key markets. Given our record Q3 gross bookings and our elevated backlog of cabinets sold but not yet installed, we expect our net billable cabinet additions to remain strong through the end of the year. Net interconnection additions had a healthy step-up as our gross interconnection activity remains at its highest level.
Interconnection revenues increased to 19% of recurring revenues. Our MRR per cabinet metric continues to trend favorably, increasing 6% year-over-year on a normalized and constant currency basis to over $2,300 per cabinet, driven by favorable pricing environment and increasing power densities. In the quarter, the average cabinet booked had an average density of 6.2 kilowatts per cabinet, while the density of our churn cabinets was four kilowatts per cabinet.
As Adaire highlighted, we're excited about the next phase of our xScale initiative. The announcement of our greater than $15 billion joint venture with CPPIB and GIC is another milestone for Equinix. We continue to believe this off-balance sheet joint venture structure will enable us to serve the significant needs of our largest customers for both traditional cloud and emerging AI workloads while delivering significant value to our investors on a per share basis. Bottom line, given the strength of our balance sheet, including our low debt leverage and strategic and operational liquidity alongside the xScale partnerships, we believe that Equinix represents the best opportunity to create value in the digital infrastructure space.
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 four, global Q3 revenues were $2.201 billion, up 7% over the same quarter last year, at the midpoint of our guidance range due to the deferral of planned xScale fees into 2025. For Q4, our revenue guidance implies a meaningful step-up in nonrecurring revenues related to xScale fit-out activities and other sales activity. Net of our FX hedges, there was a minimal FX impact when compared to our prior guidance rates.
Global Q3 adjusted EBITDA was $1.048 billion or approximately 48% of revenues, up 12% over the same quarter last year, at the top end of our guidance range due to strong operating performance. Q3 adjusted EBITDA net of our FX hedges included a $1 million FX headwind when compared to our prior guidance rates and included $2 million of integration costs.
Global Q3 FFO was $866 million, up 12% over the same quarter last year, better than our expectations due to strong operating performance, favorable net interest expense and the timing of our Singapore land lease payment. Q3 AFFO included a minimal FX impact when compared to our prior guidance rates. Global Q3 MRR churn was lower than planned due to the deferral of forecasted MRR churn from late September into early October. As such, when we average the expected quarterly churn over the second half of the year, we expect MRR churn to be in the middle of our 2% to 2.5% quarterly guidance range.
Turning to our regional highlights, whose full results are covered on slide s five through seven. On a year-over-year normalized basis, APAC was our fastest-growing region at 15%, followed by the Americas and EMEA regions growing at 6% and 3%, respectively. Excluding the impact of power price actions, APAC grew 17% and EMEA grew 5%.
The Americas region delivered very strong bookings across many of our Tier one metros, including Dallas, New York, Silicon Valley and Washington, D.C. Demand continues to outpace supply in top markets, driving a favorable pricing environment.
Our EMEA business also delivered a great quarter with record gross bookings activity, firm pricing and robust AI deal activity led by our Dubai, Frankfurt, London and Paris metros. We also had healthy activity in our growth in emerging market metros as global scale and reach continue to be a point of differentiation for our business.
And finally, the Asia Pacific region had a great quarter with near record gross bookings and strong in-region activity resulting in quarterly revenues reaching the $500 million milestone for the very first time. We experienced continued momentum in our Hong Kong, Osaka, Singapore and Tokyo markets, including significant AI demand in Japan for service provider, enterprise and government use cases.
And now looking at our capital structure, please refer to slide eight. Our balance sheet increased to approximately $35.4 billion, including elevated cash and short-term investments of $3.2 billion, ahead of our $1 billion maturing bond payment in November. In the quarter, we issued more than $750 million in senior green bonds across our euro and Swiss franc offerings as we continue to align our financings across our investing markets while supporting our Future First sustainability strategy. To date, Equinix has issued approximately $5.6 billion of green bonds, making our company one of the top 10 largest U.S. investment-grade corporate issuers in the green bond market.
Additionally, we settled both forward and spot ATM activity of approximately $975 million in the quarter. We plan to continue to take a balanced and opportunistic approach to accessing the capital markets as and when market conditions are favorable to fund our future growth, including future capital commitment purchases.
Turning to slide nine. For the quarter, capital expenditures were $724 million, including recurring capex of $69 million, a $24 million increase over the prior quarter as planned.
We have 57 major projects underway in 35 markets across 22 countries, including 13 xScale projects. This represents more than 22,000 cabinets of retail and more than 100 megawatts of xScale capacity to be delivered through 2025. We opened seven major projects in the quarter across seven metros, including new data centers in Johannesburg, Istanbul, New York and Tokyo. We also purchased land for development in Amsterdam and Bangkok as we continue to expand our footprint across Southeast Asia. More than 85% of our current retail expansion spend is on our own land or own buildings with long-term ground leases.
Our capital investments delivered strong returns, as shown on slide 10. Our 180 stabilized assets increased revenues by 4% year-over-year on a constant currency basis, excluding the impact of prior price actions. Stabilized assets were collectively 84% utilized and generated a 26% cash-on-cash return on the gross PP&E invested.
And finally, please refer to slide s 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, we're raising our revenue guidance by $36 million and our adjusted EBITDA guidance by $10 million due to strong bookings performance and favorable FX rates. This guidance implies a top line growth rate of 7% to 8%. Adjusted EBITDA margins are expected to be about 47%, which includes the acceleration of certain costs into Q3 and Q4.
We're also raising our full year AFFO guidance by $18 million and now 11% to 13% increase over the previous year, primarily due to operating performance and favorable net interest expense and does include the acceleration of costs into Q3 and Q4. AFFO per share is expected to now grow between 9% and 10% at the top end of our guidance range. And finally, our full year capex is expected to range between $2.8 billion and $3.1 billion, including about $240 million of recurring capex spend.
So let me stop here, and I'm going to turn the call back to Adaire.
