Ed Bentzen
About Ed Bentzen
Chief Financial Officer of Presidio Property Trust (SQFT). Joined as Chief Accounting Officer in March 2021 and promoted to CFO in September 2023; age 48; education includes B.S. in Hotel Administration (Gaming emphasis) and M.S. in Accountancy from UNLV; Certified Internal Auditor (inactive) . Company TSR per pay-versus-performance was $31.14 (2022), $108.83 (2023), and $71.43 (2024) on an initial $100 investment, while Core FFO was $(1.98)M in 2024, $(0.90)M in 2023, and $0.87M in 2022 . Revenues grew to $18.5M in FY2024 from $17.4M in FY2023 and $17.2M in FY2022, with EBITDA* of $5.1M (2024), $4.9M (2023), and $5.7M (2022) .
SQFT performance (annual)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $17,203,310 | $17,392,397 | $18,523,813 |
| EBITDA ($USD) | $5,704,179* | $4,877,290* | $5,137,882* |
Values with * retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Presidio Property Trust | Chief Accounting Officer | 2021–2023 | Built controllership and reporting foundation pre- and post-public listing . |
| Presidio Property Trust | Chief Financial Officer | 2023–present | Led SOX certifications and capital markets execution (ATM), CFO signatory on filings . |
| Crystal View Capital Management | CFO & COO | 2020 | Ran finance/operations for real estate investment manager . |
| Non-traded REIT (unnamed) | CFO | 2016–2018 | Led REIT financial operations and reporting . |
| Ameristar Casinos (NASDAQ: ASCA) | Senior Internal Auditor | Prior | Strengthened controls and audit rigor . |
| Western Funding; local CPA firm (Las Vegas) | Senior/accounting roles | Prior | Credit/real estate lending and public accounting experience . |
External Roles
No public company directorships or external board roles disclosed for Bentzen .
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($USD) | $192,122 | $230,000 |
| Target Bonus (% of Base) | Up to 100% (per employment agreement) | Up to 100% (per employment agreement) |
| Actual Bonus (Non-Equity Incentive) ($USD) | $30,000 | $40,000 |
| All Other Compensation ($USD) | $34,287 | $27,586 |
| Total Reported Compensation ($USD) | $342,066 | $477,586 |
All other compensation components (401k match, insurance, medical) for 2024 totaled $27,586; for 2023 totaled $34,287 .
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual/Payout | Vesting/Terms |
|---|---|---|---|---|
| Annual Cash Bonus | Not disclosed by metric/weight | Up to 100% of base | $40,000 (2024); $30,000 (2023) | Paid in cash; executives could elect stock in lieu (none elected in 2024 for Bentzen) . |
| Restricted Stock (2024 grant) | Time-based (no disclosed performance condition) | N/A | 100,000 shares; grant-date fair value $80,000 | 1/3 vests on 12/31/2024; 1/3 on 12/31/2025; 1/3 on 12/31/2026 . |
| Restricted Stock (2023 grant) | Time-based | N/A | 27,720 shares; grant-date fair value $22,176 | 1/3 vests annually on 12/31 of each year starting grant year . |
| Company incentive design | Committee focus areas | Core FFO; asset growth; NOI; leasing metrics (no per-exec weighting disclosed) | Used to inform equity/cash awards | Dividends paid on entire grant regardless of vesting . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 240,499 shares (includes warrants) . |
| Ownership % of Outstanding | 1.5% (based on 14,154,032 shares outstanding as of 3/31/2025) . |
| Unvested Shares | 127,720 restricted shares (as of 3/31/2025) . |
| Warrants | 27,431 shares issuable upon exercise of outstanding warrants . |
| Stock Ownership Guidelines | Not disclosed in proxy . |
| Pledging/Hedging | No pledging disclosed; Insider Trading Policy restricts trading windows and MNPI usage . |
Employment Terms
| Term | Bentzen Employment Agreement (Feb 6, 2024) |
|---|---|
| Term & Renewal | 3-year term; auto-renews for 1-year periods unless 3 months’ notice . |
| Base Salary | $230,000 (subject to annual review) . |
| Target Bonus | Up to 100% of base . |
| Severance (Good Reason) | Cash equal to 1× base salary (current or prior year, whichever higher) + average cash bonus over prior 2 years; 12 months healthcare; vested benefits; 100% acceleration of outstanding unvested equity awards (excluding performance-vested) . |
| Clawback | Company-wide clawback adopted to comply with SEC Rule 10D-1/Nasdaq . |
| Change-in-Control (Plan) | If awards are not assumed/substituted, outstanding awards become fully vested/exercisable in connection with transaction (plan-level) . |
| Non-compete/Non-solicit | Not disclosed . |
Performance & Track Record
- CFO certifications: Signed SOX 302 and 906 certifications for Q3 2025 Form 10-Q, confirming fair presentation and controls .
- Capital markets: CFO signed ATM Sales Agreement with The Benchmark Company (3.5% fee), enabling share placements; executive officer certificate procedures documented .
- Recent filings: CFO signatory on 8-K filings including earnings exhibits and press releases .
- Say-on-pay: Prior advisory vote in 2022 approved with ~90% support; next votes held in 2025 .
Compensation Committee Analysis
- Committee and independence: Compensation Committee chaired by James R. Durfey; independent members (Durfey/Hager); no external compensation consultant used .
- Philosophy and metrics: Emphasizes Core FFO, asset growth, NOI/leasing metrics, and strategic execution; balances cash vs equity with time-based vesting for alignment .
- Equity plan design: 2017 Incentive Award Plan includes an evergreen feature and allows multiple equity instruments; time-based restricted stock most common; change-in-control acceleration if not assumed .
Related Party Transactions and Governance Red Flags
- Related party transactions: Reimbursements and rent with CEO-affiliated entities (Centurion Counsel, Puppy Toes) at cost; amounts disclosed; no Bentzen-specific related party transactions noted .
- Insider trading compliance: Company reports directors/officers in compliance with Section 16 reporting for 2024; no Form 4 details for Bentzen in proxy materials .
- Governance changes that may affect dilution: Plan amendment proposed in 2025 to increase shares under equity plan to 4.5M and revise evergreen; preferred stock authorization increase proposed; both potentially expand equity capacity .
Investment Implications
- Pay-for-performance alignment: Bentzen’s cash bonus is modest ($40k in 2024) vs base ($230k), with equity primarily time-based restricted stock; company’s incentive focus (Core FFO and leasing/NOI) aligns with REIT value creation but per-executive weighting/targets are not disclosed, reducing transparency on pay outcomes .
- Retention and change-of-control economics: Good-reason severance at 1× salary plus average bonus and full acceleration of unvested equity suggests moderate retention incentives; plan-level single-trigger acceleration on change-in-control if awards aren’t assumed increases potential executive exit economics .
- Insider selling pressure: Material unvested restricted stock (127,720 shares) creates scheduled vesting supply; ATM program and increased plan share authorization could add broader equity issuance overhang; monitor Form 4s for Bentzen to assess near-term selling (proxy confirms compliance but not transactions) .
- Ownership alignment: Bentzen’s 1.5% beneficial ownership (including warrants) indicates meaningful skin-in-the-game, with no pledging disclosed and a compliant clawback policy in place .