I'm happy to report that we have brought a significant number of these mountaineers back to work to serve our customers, and we now have over 90% of our employees working regularly.
Second, utilizing our global scale as well as 70 years of customer trust to deliver a differentiated data center offering.
Their old process was too manual and it could no longer support the volume of work, much less scale to meet the credit Union's 30% year-over-year growth projection.
With these changes, the credit union can now process post-close mortgage loans much faster, more than doubling their capacity while reducing their costs by 25%.
Total organic storage rental revenue growth accelerated modestly from last quarter, up 2.5%.
Total global organic volume increased 2 million cubic feet sequentially.
Contributing to this was 3 million cubic foot increase in consumer and other and fine art storage, partly offset by a decrease in records management volume.
Looking more specifically at records management organic volume, this was down 1.1 million cubic feet compared to the second quarter.
While still a decline, this is a significant improvement from the 3.9 million cubic foot decline last quarter, again, reflecting the early signs of recovery.
We continue to expect the full-year organic volume to be down 1 to 1.5% and up 2.5% in terms of organic revenue based on current visibility.
In Q3, we leased 12.3 megawatts, bringing the year-to-date total to just over 51 megawatts.
The strong leasing this year, particularly among smaller deployments, has resulted in increase in our utilization by more than seven points to nearly 92%.
Given the need for additional capacity, we have increased our development pipeline to approximately 50 megawatts, consisting of both greenfield development and further build out of existing facilities.
Moreover, in excess of 50% of our development is pre-leased, resulting in a strong backlog.
Our transformation program is progressing well, and we are on track to realize our permanent structural cost savings of $375 million per year exiting next year.
I am proud to say we achieved a perfect score of 100 on the Human Rights Campaign Foundation's 2020 Corporate Equality Index.
Revenue of $1.04 billion declined 2.4% on a reported basis year on year, which includes a 30 basis point impact from foreign exchange.
Total organic revenue declined 3.4%.
Organic service revenue declined 13.5%, reflecting the continued COVID impact on our activity levels.
Despite the macro headwinds, total organic storage rental revenue grew 2.5%, driven by three points of revenue management and data center growth partially offset by a 30-basis-point decline in global organic volume on a trailing 12-month basis.
Adjusted EBITDA was $370 million.
Adjusted EBITDA margin expanded 30 basis points year on year to 35.7%.
Adjusted earnings per share was $0.31, down $0.01 from last year.
AFFO declined 5.4% to $213 million.
This was partially offset by storage volume growth in our faster-growing markets and revenue management, which led to a total organic revenue decline of 3.9%.
Back, together with better than planned project Summit benefits resulted in adjusted EBITDA margin expansion of 110 basis points.
In the service business, we experienced year-on-year declines of approximately 31% for new boxes inbounded and 39% for retrievals and refiles.
We also continue to see a slowdown on the outgoing side as permanent withdrawals declined to 28% and destructions were down 22%.
In our thread business, activity declined approximately 17%.
For the third quarter, our average realized paper price was 20% higher than the prior year, which was more than offset by a decline in paper tonnage, leading to a net $3 million reduction in adjusted EBITDA.
The business delivered organic revenue growth of 12.1%, driven by prior period leasing and strong service revenue growth.
This was partially offset by a moderate churn of 160 basis points, in line with our target of 1 to 2% per quarter.
In the quarter, we booked a nonrecurring revenue adjustment of $1.8 million.
Adjusted EBITDA margin of 45.8% was consistent with our first half trend.
As Bill noted, our data center team continued to deliver strong bookings momentum, signing over 12 megawatts of new and expansion leases, bringing year-to-date bookings of 51 megawatts.
For the full year, we expect to deliver more than 55 megawatts of new and expansion leasing, representing bookings growth of 45%.
And excluding that, we would expect bookings growth of about 23%.
This compares to our original guidance of 15 to 20 megawatts or mid-teens bookings growth.
We believe we can lease in excess of 20 megawatts next year, which would result in mid-teens annual bookings growth.
In October, we announced the formation of our joint venture with AGC Equity partners, a greater than EUR 300 million partnership for our fully pre-leased data center in Frankfurt.
In the third quarter, we recognized $48 million of restructuring charges as well as an adjusted EBITDA benefit of $48 million.
Through the first nine months, we have delivered $113 million of benefit.
As Bill referred to, we now expect the program to deliver adjusted EBITDA benefits of $165 million in 2020, approximately $150 million more in 2021 with the full program generating $375 million exiting 2021.
In terms of costs related to Project Summit, we now expect to spend closer to $200 million in 2020.
We continue to expect the cost to implement the full program to be approximately $450 million.
In August, the team executed another successful bond refinancing, issuing $1.1 billion to redeem our most restrictive outstanding debt and pay down a portion of the outstanding balance under our revolving credit facility.
Taken together with our bond offerings in CIN, we issued $3.5 billion of new debt on a leverage-neutral basis, increased our weighted average maturity by over two years to nearly eight years, while only modestly increasing our weighted average cost of debt.
At quarter end, we had $1.7 billion of liquidity.
We paid off the notes in early July, leaving us with a cash balance at September 30 $152 million.
We ended the quarter with net lease-adjusted leverage of 5.3 times, which takes into account adjustments as described in our credit facility.
Looking ahead, we expect to end the year with leverage of approximately 5.3 times, which would represent an improvement year on year as we made progress toward our long-term leverage range.
With our strong financial position, our board of directors declared our quarterly dividend of $0.62 per share to be paid in early January Turning to capital expenditures.
Our full-year expectation is now approximately $450 million, or a decrease of $75 million, reflecting development capital for our FIFO data center that will now be a part of our venture with AGC.
With that, in the third quarter, our team accessed the market and monetized two facilities for proceeds of approximately $110 million.
This brings our year-to-date proceeds to nearly $120 million, ahead of our full-year target of $100 million.
This outlook includes a full-year headwind from foreign exchange rates approaching $60 million for revenue and $20 million for adjusted EBITDA.
Our full-year expectations for tax rate and shares outstanding remain unchanged from our prior commentary.

Summary:
Our transformation program is progressing well, and we are on track to realize our permanent structural cost savings of $375 million per year exiting next year.
Revenue of $1.04 billion declined 2.4% on a reported basis year on year, which includes a 30 basis point impact from foreign exchange.
Adjusted earnings per share was $0.31, down $0.01 from last year.
As Bill referred to, we now expect the program to deliver adjusted EBITDA benefits of $165 million in 2020, approximately $150 million more in 2021 with the full program generating $375 million exiting 2021.
Our full-year expectations for tax rate and shares outstanding remain unchanged from our prior commentary.