President and Chief Executive Officer at Iron Mountain
Thank you, Gillian, and we appreciate everyone taking the time to join us for our third quarter results. We are pleased to share with you another outstanding quarter representing the durability and growth of our business model as we continue to navigate successfully through significant headwinds, including the strength of the U.S. dollar, COVID shutdowns in China and ongoing global tensions. Our team of 25,000 dedicated mountaineers continues to empower our customers with solutions to enable them to transform their businesses. In the third quarter, on a reported basis, we delivered revenue of $1.29 billion, representing 14% total organic revenue growth. We are pleased to have achieved all-time record adjusted EBITDA of $469 million. Since last year, the U.S. dollar has strengthened significantly, and excluding its impact on a like-for-like basis, this quarter, our revenue was approximately $1.33 billion and EBITDA was $484 million, representing growth of 18% and 16%, respectively.
These results demonstrate the inherent growth and strength of our business and are further proof of why we continue to be so encouraged by the increased demand for our services across the markets in which we operate. Positive volume and revenue management trends continue to benefit us this quarter as reflected in our Organic Storage rental revenue growth of 9.7%. As we shared with you in September at our investor event, we are executing well on our new Project Matterhorn operating model, the next transformational phase of Iron Mountain's growth journey. Building off an already solid foundation, we believe Matterhorn is a cornerstone initiative that will allow us to maintain and capitalize on the positive momentum we have seen over the last several quarters. Through our fully funded plan's ability to invest 16% of revenue over the next four years, we believe we will further strengthen Iron Mountain as a market leader across our expanded total addressable market, our diversified global footprint and our enhanced suite of innovative solutions.
Our strong double-digit organic growth is evidence of the early progress we are making on our initiatives, which gives us the momentum and confidence in our ability to deliver higher levels of profitable growth over the next several years. Now I'd like to share a few highlights of some recent customer wins, which lie beneath the top and bottom line growth. Turning to our digital solutions business, we helped a global European bank evolve to a paperless branch experience to drive enhanced customer service with 360-degree customer data, traceable and audible digital records, and reduced manual efforts for their tellers. The customer has a footprint of more than 400 branches in the U.S., with each branch storing decades worth of customer records on premises. We are partnering with the bank to digitize all customer records across the U.S. branches in under a year.
The files will be securely transferred and imaged at Iron Mountain digital supercenters' indexing and tagged with critical metadata using machine learning, and then placed into InSight, Iron Mountain's Digital repository. InSight will be provided to over 3,500 tellers across the bank to access these digitized customer records quickly and securely. This win is just one example of how we are helping our customers evolve their businesses through digitization, resulting in quicker, easier and more secure access to their most important information for years to come. Also in digital solutions, we won a contract with a state court in Brazil from an incumbent provider. To comply with the Brazilian National Council of Justice's 100% digital initiative, all state courts are required to convert active lawsuit documents from physical to digital by 2023. As such, they turned to Iron Mountain for help to implement and complete the conversion process within the mandated time frame whilst adhering to specific quality requirements. Whilst this is in and of itself a terrific win, we are currently exploring further opportunities with this customer. Moving to our Asset lifecycle management segment. I'd like to share an innovative win this quarter.
Our strong existing relationships and coordinated efforts led to a large asset life cycle management win to serve 700 locations in the United States and Canada for a large healthcare company. Prior to the deal, the customer had primarily engaged with us through our records business. The first phase of the partnership included retrieval of IT equipment and plans for a forthcoming data center refresh. We expect to process more than 13,000 assets in the first year. Moving on to the impact of COVID shutdowns in China on the ITRenew business, we see continued constraints in the downstream demand for recycled IT components. As a result, we expect to see similar levels of ITRenew sell-through in Q4 as in Q3. With the continued increase of the backlog of components, we remain bullish on the prospects of the business once the situation normalizes. In our fine arts business, we are pleased to highlight a win with an internationally-renowned art museum.
The customer turned to our team to assist them with multiple on-site projects related to renovations the museum will undergo throughout a three-year period. Lacking the internal resources to staff these projects, they were seeking a trusted partner to support them by providing additional art handling services. By leveraging our experience and successful track record of prior engagements with the customer, we were able to offer a compelling proposal that secured this very exciting initiative. In the quarter, this business grew by 17% year-over-year, which is a reflection of the strong underlying business. Shifting to the Data Center business, we are pleased to have booked seven megawatts of leasing in this quarter, bringing total bookings year-to-date to 125 megawatts. As a result, we expect to exceed our previous projection of 130 megawatts for new leases for the year.
One of the wins this quarter included a cross-sell deal with a large non-profit community health provider that needed to close down their internal data center and establish a disaster recovery site. As a long-term tape backup and records management customer of Iron Mountain, they reached out to their Account team who engaged with our Data Center team. As a result, the customer signed a co-location contract, which included Internet services in multiple cross connects within 45 days. The convenience of having a single provider for all their physical and digital storage needs was a critical selling point in addition to Iron Mountain's rigorous data center compliance program, which is essential for the customer given the highly regulated market in which they operate.
Our team's flexibility and willingness to collaborate across divisions to customize solutions for our customer provides a superior experience, and ultimately is what made us stand out as their partner of choice. From a development perspective, as discussed in September at our investor event, we have continued to build our land bank in key strategic markets to support future growth with several notable expansion deals. As previously announced, we have added buildable capacity in the Phoenix, Arizona market with the purchase of adjacent land to our existing campus. Based on current design plans, the parcel can support 36 megawatts and includes a 56 MVA substation on site. This is an important expansion in this dynamic market as our current campus of 89 megawatts is nearly fully leased and/or committed. We also expanded our footprint in India with the securing of land and power for 20 megawatts of additional capacity in Mumbai.
We remain excited about the growth potential in this strategic emerging market, both for our data center business as well as for the enterprise as a whole. In total, we currently have 52 megawatts of buildable capacity across five markets in India. Subsequent to the end of the third quarter, we acquired a data center campus in Madrid, Spain, marking our entry into the Iberian market. The asset is uniquely scaled data center campus with an existing three-megawatt building and fully-permitted expansion potential of 79 megawatts.
We view Madrid as a very important European market as it is poised to capture a significant growth from supply-constrained markets. With these additions to our portfolio, our total capacity is now nearly 670 megawatts. The wins I've shared with you today demonstrate the breadth and depth of our business, our focus on customer centricity in providing innovative, transformative solutions, and the strength of our global commercial platform driven by our Matterhorn initiative. I am very proud of our outstanding team who are the bedrock of our company, and the way in which we come together to drive and deliver our growth journey. Our business model is highly profitable, our pipeline is strong, our vision is clear, and we continue to climb on. With that, I'll turn the call over to Barry.