Security National Financial Corporation Announces Expansion Lease to R1 in its Center 53 Campus in Murray, Utah

Rhea-AI Summary

Security National Financial Corporation (NASDAQ-SNFCA) has announced a new lease of approximately 100,800 square feet in building two of its Center 53 campus in Murray, Utah. R1 RCM Inc., already a tenant in building one, will occupy space in building two, increasing its preleased occupancy to 50%. This expansion is viewed positively amidst concerns about the office market due to COVID-19, indicating confidence in the submarket. CEO Scott Quist expressed optimism for the future of their operations and the Center 53 campus.

Positive

• New lease agreement of 100,800 square feet enhances occupancy rate to 50%.
• R1 RCM's expansion signifies confidence in the office market amidst COVID-19 concerns.

Negative

• None.

MURRAY, Utah, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Security National Financial Corporation (NASDAQ-SNFCA) is pleased to announce a new lease totaling approximately 100,800 square feet in building two of its Center 53 campus located in Murray, Utah.

R1 RCM Inc. (NASDAQ-RCM), who is also a tenant in building one, has leased space in building two for its’ expansion. In 2020, Security National broke ground on its second building of the Center 53 campus. Incorporating R1 as a tenant in building two brings the preleased occupancy of that building to 50%.

R1 is the leading provider of technology-enabled RCM (Revenue Cycle Management) services for hospitals, health systems and physician groups. With a flexible engagement approach, R1 seamlessly complements a healthcare organization’s infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while reducing operating costs and enhancing the patient’s financial experience.

Scott Quist, President and Chief Executive Officer for Security National, stated, “It’s great to see R1 make a further commitment to their business operations in Salt Lake. With the COVID-19 virus still rampant, there has been worry about the office market, but we see this as a positive sign for our submarket and acceptance of the Center 53 campus. Through the first three quarters of 2020 and now with this expansion of a major tenant we are optimistic for the future.”

This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in the statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.

For Further Information Contact: Garrett S. Sill or Brian Nelsen
Security National Financial Corporation
P.O. Box 57220
Salt Lake City, Utah 84157
(Telephone) (801) 264-1060
(Fax) (801) 265-9882
Website: www.securitynational.com

FAQ

What is the significance of the new lease for SNFCA?

The new lease of 100,800 square feet increases preleased occupancy of building two to 50%, reflecting strong demand for space.

Who is the new tenant in building two of Center 53?

R1 RCM Inc. is the new tenant, expanding its operations by leasing space in building two.

How does R1 RCM's expansion affect Security National's business outlook?

R1 RCM's expansion is viewed positively, indicating confidence in the submarket, which could enhance Security National's future prospects.

What are the implications of COVID-19 on the office market and SNFCA?

Despite COVID-19 concerns, SNFCA views R1's expansion as a positive sign for the office market in their submarket.