Security National Financial Corporation Announces Leasing Update for Its Center 53 Development in Murray, Utah

Rhea-AI Summary

Security National Financial Corporation (NASDAQ-SNFCA) announced a significant lease expansion by Finicity Corporation to 43,598 square feet at Center 53 Development in Murray, Utah. This expansion positions Finicity as the largest tenant in the Center, which has now achieved 93% occupancy following its certificate of occupancy in 2017. Finicity, a leader in financial data-sharing services, is set to be acquired by Mastercard for $825 million, marking a notable milestone for both companies.

Positive

• Finicity's expansion enhances the occupancy rate of Center 53 to 93%.
• Finicity is now the largest tenant in the Center 53 Development.
• The acquisition of Finicity by Mastercard for $825 million signals strong market confidence.

Negative

• None.

SALT LAKE CITY, July 13, 2020 (GLOBE NEWSWIRE) -- Security National Financial Corporation (NASDAQ-SNFCA) is pleased to announce the lease expansion by Finicity Corporation to 43,598 square feet in Security National’s Center 53 Development Project in Murray, Utah.  Center 53 is Finicity’s corporate headquarters and this expansion has made Finicity the largest tenant in the Center 53 Development.

Upon Phase 1 of Center 53 receiving its certificate of occupancy in 2017, Finicity became its first tenant, occupying the second floor of the new building.  As Finicity’s growth has continued, its need for additional space has been apparent, resulting in this second expansion.  With Finicity’s latest expansion, Phase 1 of Center 53 has now achieved 93% occupancy.

Founded in 1999, Finicity provides secure, inclusive and innovative financial data-sharing services.  Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning.  Mastercard (NYSE:MA) has recently announced that it has entered into an agreement to acquire Finicity for $825 million.

Scott Quist, President and Chief Executive Officer of the company stated, “Having our first tenant select Center 53 as its headquarters to accomplish its great success and now expand its presence is a major compliment.  It speaks to the quality of Center 53 and the commitment of its tenants.”  

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: Brian Nelsen
or Garrett S. Sill
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
(Telephone) (801) 264-1060
(Fax) (801) 265-9882
Website:  www.securitynational.com

FAQ

What was announced by Security National Financial Corporation regarding Finicity?

Security National Financial Corporation announced that Finicity Corporation expanded its lease to 43,598 square feet at Center 53 Development.

What is the significance of Finicity's expansion for Center 53?

Finicity's expansion makes it the largest tenant and increases Center 53's occupancy to 93%.

What is the value of Mastercard's acquisition of Finicity?

Mastercard has agreed to acquire Finicity for $825 million.

When did Finicity become the first tenant of Center 53?

Finicity became the first tenant of Center 53 upon its completion and receiving a certificate of occupancy in 2017.