Cim Commercial Trust Corporation (NASDAQ: CMCT) was a top gainer in Friday’s session. The stock rallied to close the day with gains of 39.85%. A few days earlier, the company had announced strong Q4 and 2019 full-year results.

The company announced that its annualized rent per square foot rose by 9.7% to stand at $48.18 in Dec 2019. This was a significant increase compared to $43.91 in December of 2018. The company also announced that in Q4 of 2019, they executed 27,956 square feet of leases for one year or more. This represented a per square foot rent increase of 7.1% compared to a similar period a year earlier.

However, the company noted that net loss in the quarter increased to $0.79 compared to a net loss of $0.34 in a similar quarter a year earlier. It also reported that same-store office net operating income dropped by 12.4% in Q4, while same-store office cash net operating income dropped by 15.2% in Q4. The company attributed this drop to a repositioning of office space in L.A, California. The company further announced that funds from operations stood at $0.42 per share, compared to $0.58 in Q4 of 2018.

Commenting on the results, CEO David Thompson stated that, 2019 was transformational for the company. He added that the company took steps to increase value for shareholders through its real estate portfolio. He also stated that the company’s focus at the moment was on executing three projects that have a potential for high returns. These projects, he said, will start generating cash flows for the company in 2021.

From its price action, the stock is in a reversal. It opened the day at $6.86 and traded between a low of $6.61 and a high of $10, before closing at $9.44. Volumes in the day stood at 1.05 million.

About CIM Commercial Trust Corporation

CIM Commercial Trust Corporation is a real estate company that owns and operates Class A office assets in high-value areas in the U.S.