Keith D. Taylor
Chief Financial Officer at Equinix
Great. Thanks Charles and good afternoon to everyone. Let me start by saying I hope you and your families are doing well.
Now, notwithstanding these complex and difficult times, we continue to remain bullish about our business and the opportunities ahead as we work hard to expand our strategic and preferential position in the marketplace. As you all know, one of the core tenets of our strategy revolves around long-term shareholder value creation. With that in mind, we continue to build capacity in markets that will enhance our platform positioning and differentiate our offerings into the future. Also, we continue to work diligently to maintain rigor with our pricing strategies while closely overseeing our spending decisions.
As it relates to our capital structure, we've been able to maintain a highly advantaged balance sheet with ample liquidity and lower leverage. This gives us the flexibility to opportunistically access the capital markets under terms and conditions that are beneficial to us. In addition, we're actively working to support other strategic operating goals, including how and where we source our supply chain, including energy costs, while increasing our investments in and around our future first sustainability initiatives, both highly important matters for our customers. Lastly, we remain pleased with our efforts to manage our derivative risks, including our exposure to foreign currencies and interest rates.
Moving on to the business, we continue to perform well. In Q3, we had solid gross and net bookings with strong customer demand. Our pricing dynamics are very positive. MRR churn is well within our targeted range. Also, given the tight supply environment across many of our metros, we and our customers continue to look for ways to optimize deployment, including increasing the power density of the cabinets sold. This drives improved bottom line profitability and higher return on invested capital. Global MRR per cabinet was up $57 quarter-over-quarter to $2,214 per cabinet, a 12% increase on our yield year-on-year on a constant currency basis.
With respect to our net cabinets billing metric, it remains flat compared to Q2, largely due to the meaningful increase in density of cabinet and the timing of bookings and churn at the end of the quarter. We have a solid backlog of booked but not yet installed cabinets and the depth of our pipeline and the related coverage ratios support an expected strong bookings performance to close out our year.
Now, let me cover the highlights from the quarter. Know that all comments in this section are on a normalized and constant currency basis. As depicted on Slide 4, global Q3 revenues were $2.061 billion, up 14% over the same quarter last year due to strong recurring revenue growth and power price increases.
Non-recurring revenues remained flat compared to the prior quarter. Although it was not before non-recurring revenues, particularly those attributable to our xScale business are inherently lumpy, for Q4, our guide implies a meaningful step-up on non-recurring revenues attributed to a number of deals expected to close across different markets this quarter. Q3 revenues net of our FX hedges included a $1 million headwind when compared to our prior guidance rates. Global Q3 adjusted EBITDA was $936 million or 45% of revenues, up 9% over the same quarter last year due to strong operating performance.
Looking forward, our Q4 adjusted EBITDA is expected to remain roughly flat due to the timing of our spend and specific one-time costs attributed to corporate real estate activities. Q3 adjusted EBITDA, net of our FX hedges, includes a $1 million FX headwind when compared to our prior guidance rates and $2 million of integration costs.
Global Q3 AFFO was $772 million, above our expectations due to strong business performance and timing of recurring capex spend. Q3 AFFO included minimal FX impact when compared to our prior guidance rates. Global Q3 MR turned step down to 2.2%, and we expect Q4 MR churn to remain consistent with our Q3 levels in the lower half of our 2% to 2.5% quarterly guidance range.
Turning to our regional highlights, whose full results are covered on Slides 5 through 7. On a year-over-year normalized and constant currency basis, EMEA and APAC were our fastest-growing regions at 26% and 10%, respectively, followed by our Americas region at 7% year-over-year growth. The Americas region had a solid quarter across many of our key metros, and we experienced strong public sector activity. As it relates to AI, sales activity discussed in Charles' remarks, the vast majority of the demand is destined for Americas footprint. And as highlighted by Charles, this quarter, we won a mix of AI training, inference and networking deployments with the pipeline of anticipated deals to follow.
Our EMEA business had a strong quarter led by our UK and Dutch markets and record digital services bookings. In EMEA, as highlighted previously, we continue to lean into our future-first sustainability strategy, including implementing heat export initiatives into Frankfurt, Helsinki, and Paris communities while supporting other innovative environmental initiatives to support many other communities in where we operate. And finally, the Asia-Pacific region saw a solid performance led by our Hong Kong, India, and Singapore markets.
Capacity constraints exist across a number of our markets, particularly Singapore. These supply constraints will help drive strong deal discipline and pricing power in these markets. During 2024, we'll be opening new markets in India, Indonesia, and Malaysia, expanding our APAC platform and ecosystems in pursuit of larger opportunities given the demand for digital infrastructure. And now looking at our capital structure. Please refer to Slide 8. Our net leverage remains low relative to our peers at 3.5 times our annualized adjusted EBITDA. Our balance sheet increased slightly to approximately $31.7 billion including an unrestricted cash balance of over $2.3 billion.
Our cash balance remained flat quarter-over-quarter as our strong operating cash flow and financing activity was offset by our investment in growth capex and the quarterly cash dividend. As I've previously noted, we've been opportunistically looking to raise additional debt capital in reduced rate environments. To that end, in September, we raised $337 million of Swiss Franc denominated five-year paper at an attractive 2.875% rate.
Additionally, during the quarter, we executed an incremental $230 million of ATM forward equity sales, which we expect to settle alongside our Q2 ATM forward contract in late 2023. These financing transactions will help fund our 2024 growth initiatives, alongside other sources of capital while allowing us to maintain our strategic flexibility. Also in September, we published our 2023 green bond allocation report. As highlighted in the report, we have now fully allocated the net proceeds from our green bonds aligning our financing efforts with our commitment to create a more environmentally friendly data center footprint.
Turning to Slide 9, for the quarter, capital expenditures were $618 million, including recurring capex of $52 million. Since our last earnings call, we opened six new retail projects, including two new data centers in Dubai and Montreal. We also purchased our Dublin 1 and Montreal 1 IBX assets and land for development in Manchester in Washington, D.C. Revenue from owned assets were 64% of recurring revenues for the quarter.
Our capital investments delivered strong returns as shown on Slide 10. Our 174 stabilized assets increased revenues by 9% year-over-year on a constant currency basis. Our stabilized assets are collectively 85% utilized and generated a 27% cash-on-cash return on the gross PP&E invested. And finally, please refer to Slides 11 through 15 for our updated summary of 2023 guidance and bridges. Do note, all growth rates are on a normalized and constant currency basis. For the full year 2023, we're maintaining our underlying revenue outlook with expected top line growth of 14% to 15% or approximately 9% growth, excluding the impact of power costs passed through to our customers, a reflection of our continued strong execution.
We are raising our underlying 2023 adjusted EBITDA guidance by $17 million due to favorable operating costs and lower integration spend and we're raising our underlying AFFO guidance by $27 million to now grow between 12% and 14% compared to the previous year. AFFO per share is now expected to grow between 10% and 11%.
Capex is expected to remain in the $2.7 billion to $2.9 billion range, including approximately $215 million of on-balance sheet xScale spend, which we expect to be reimbursed for when these assets are transferred to JVs early next year and about $225 million of recurring capex spend, an increase over the prior quarter as we accelerate costs into Q4. Lastly, given our strong operating performance and our historically low AFFO payout ratio, we've accelerated the timing of our cash dividend increase into Q4 of this year from Q1 of next year. As a result, the quarterly cash dividend will increase by 25% to $4.26 per share this quarter. Looking forward, we expect our annual cash dividend growth rate will track at or above our AFFO per share growth rate for a number of years.
So, let me stop here and turn the call back to Charles.
