What is the weighted average tenor of debt for American Tower Corporation 
us optimally to drive value from accelerating 5G deployments and next-generation technology evolutions, as Tom laid out earlier.
We are also allocating capital toward higher growth earlier-stage markets that are typically at least five years behind the U.S. and Europe in their network deployments. Taken together, we believe that our global footprint positions us to capture multiple waves of investments across the globe over a sustained period of time. Finally, you can see that more than a quarter or around $9.5 billion of our deployed capital in the last five years has been distributed to shareholders in the form of dividends and share repurchases.
We continue to view these components as critical to total shareholder returns. Moving to the right side of the chart. Supporting this phase of significant investment and growth has been our investment-grade balance sheet. We believe that our access to low-cost, diversified sources of financing has been a key differentiator and are proactively working to extend this critical competitive advantage into the future.
In fact, incorporating our latest financing efforts, we now have a weighted average cost of debt of around 2.4%, a weighted average tenor of debt of approximately seven years, and over 85% of our balance sheet locked into fixed rate instruments. Finally, on Slide 13, and in summary, in Q3, we continue to capitalize on a strong global demand backdrop, delivering our highest quarter of consolidated AFFO per share on record. This was driven by solid organic growth, record-setting services volumes, disciplined cost controls, strategic balance sheet management, and accretive portfolio expansion. As we look ahead, we believe our existing global real estate portfolio is well positioned to drive long-term recurring growth as carriers augment and extend their networks.
And with the strength of our investment-grade balance sheet and diversified pool of funding sources, we expect to continue to deploy capital toward accretive investments that can enhance our growth path and enable us to create additional value. Given our positioning at the intersection of real estate and technology in an ever more interconnected world, we are excited to continue to deliver connectivity to billions of people worldwide in a sustainable way while driving compelling total returns for our shareholders. With that, I'll turn the call back over to the operator for Q&A.
Questions & Answers:
Operator
Thank you. [Operator instructions]. And we have a question from Michael Rollins with Citi. Please go ahead.
Michael Rollins -- Citi -- Analyst
Thank you. Good morning. Two questions, if I could. The first question is on the domestic environment.
Just curious if you can give us an update on U.S. leasing, how it compared to your prior expectations entering into this year and what that means for the average organic tenant billings growth guidance that you provided. I think the average for '21 and '22 was about 2% on a reported basis and about 5% on a normalized basis. And then just, Tom, to follow up on your comments on the edge and data centers, is it inevitable that American Tower needs to either partner with a larger data center portfolio or directly own a larger data center portfolio? Thanks.
Tom Bartlett -- President and Chief Executive Officer
Yes. Thanks, Michael. Maybe, Rod, why don't you take the first part of the question and then I'll fill in on the second piece?
Rod Smith -- Executive Vice President, Chief Financial Officer, and Treasurer
OK, great. Good morning, Michael. Thanks for the question. So in terms of the U.S.
leasing environment, we're seeing a very strong environment. Certainly, all the major carriers have been active. You've seen that show up most notably in our services environment. We've seen a tick-up in the contribution from colocation and amendment activity into our organic tenant billings growth.
So that's been accelerating through each of the last three quarters, just as we expected from the outset in the year. So in terms of our expectations, everything really is right in line wit
us optimally to drive value from accelerating 5G deployments and next-generation technology evolutions, as Tom laid out earlier.
We are also allocating capital toward higher growth earlier-stage markets that are typically at least five years behind the U.S. and Europe in their network deployments. Taken together, we believe that our global footprint positions us to capture multiple waves of investments across the globe over a sustained period of time. Finally, you can see that more than a quarter or around $9.5 billion of our deployed capital in the last five years has been distributed to shareholders in the form of dividends and share repurchases.
We continue to view these components as critical to total shareholder returns. Moving to the right side of the chart. Supporting this phase of significant investment and growth has been our investment-grade balance sheet. We believe that our access to low-cost, diversified sources of financing has been a key differentiator and are proactively working to extend this critical competitive advantage into the future.
In fact, incorporating our latest financing efforts, we now have a weighted average cost of debt of around 2.4%, a weighted average tenor of debt of approximately seven years, and over 85% of our balance sheet locked into fixed rate instruments. Finally, on Slide 13, and in summary, in Q3, we continue to capitalize on a strong global demand backdrop, delivering our highest quarter of consolidated AFFO per share on record. This was driven by solid organic growth, record-setting services volumes, disciplined cost controls, strategic balance sheet management, and accretive portfolio expansion. As we look ahead, we believe our existing global real estate portfolio is well positioned to drive long-term recurring growth as carriers augment and extend their networks.
And with the strength of our investment-grade balance sheet and diversified pool of funding sources, we expect to continue to deploy capital toward accretive investments that can enhance our growth path and enable us to create additional value. Given our positioning at the intersection of real estate and technology in an ever more interconnected world, we are excited to continue to deliver connectivity to billions of people worldwide in a sustainable way while driving compelling total returns for our shareholders. With that, I'll turn the call back over to the operator for Q&A.
Questions & Answers:
Operator
Thank you. [Operator instructions]. And we have a question from Michael Rollins with Citi. Please go ahead.
Michael Rollins -- Citi -- Analyst
Thank you. Good morning. Two questions, if I could. The first question is on the domestic environment.
 Just curious if you can give us an update on U.S. leasing, how it compared to your prior expectations entering into this year and what that means for the average organic tenant billings growth guidance that you provided. I think the average for '21 and '22 was about 2% on a reported basis and about 5% on a normalized basis. And then just, Tom, to follow up on your comments on the edge and data centers, is it inevitable that American Tower needs to either partner with a larger data center portfolio or directly own a larger data center portfolio? Thanks.
Tom Bartlett -- President and Chief Executive Officer
Yes. Thanks, Michael. Maybe, Rod, why don't you take the first part of the question and then I'll fill in on the second piece?
Rod Smith -- Executive Vice President, Chief Financial Officer, and Treasurer
OK, great. Good morning, Michael. Thanks for the question. So in terms of the U.S.
leasing environment, we're seeing a very strong environment. Certainly, all the major carriers have been active. You've seen that show up most notably in our services environment. We've seen a tick-up in the contribution from colocation and amendment activity into our organic tenant billings growth.
So that's been accelerating through each of the last three quarters, just as we expected from the outset in the year. So in terms of our expectations, everything really is right in line wit