The Most Trusted Leader in Texas Land Development

1960’s thru mid 1980’s Harry Patten recognized that urban and suburban people wanted to own land. He could also see that the realities of jobs and families required many people to live in areas where demand and population density drove real estate prices out of reach. He formed Patten Realty Corp, a Company that purchased large parcels of land, divided it into smaller parcels, and offered it, with financing, for resale in parcels averaging 10 to 20 acres in size.

The Company’s philosophy of providing country land to the small investor at a price he could afford proved to be more successful than the Company’s most optimistic expectations. Harry believed the potential for the Company’s success was virtually limitless.

Left to right: Willard A. Rhodes, Herman E. Anstatt, Robert E Dustin, Harry S. Patten, John M. Cornish, Esq, Barbara B. Billings, Donald R. Dion, Esq

Patten Realty Corp changes name to PATTEN CORPORATION and goes public on NASDAQ. Transitions from privately held to publicly held.

PATTEN CORPORATION grew to include seven sales subsidiaries, plus New England Advertising and Patten Receivables.

Patten increased sales 12-fold, and net income increased 21 times.

June 26 - Patten shareholders gather for FIRST ANNUAL MEETING

Announcement of PATTEN ENVIRONMENTAL TRUST - a non-profit organization established by Patten Corporation to preserve and protect natural and historic sites by means of deeds or easements.

December 8 - BUSINESS WEEK MAGAZINE article “LANDING A BARGAIN WITH PATTEN”.

“Nobody has really retailed raw land the way Patten has. It puts very little cash up front for the land, goes through the planning and zoning stages speedily, and disposes of the properties in 8 to 12 weeks at minimum risk.”

FORTUNE MAGAZINE, “THE YEAR’S 50 MOST FASCINATING BUSINESS PEOPLE” with an article on Harry Patten, “EX-HICK SELLS STICKS, IS MARKET PICK”.

Major expansion into the midwest - Ohio, Michigan, Illinois, Wisconsin.

BOD approves first Quarterly Cash Dividend.

Record 4th Quarter completes Company’s best year ever.

WALL STREET JOURNAL, front-page article (“AMERICAN DREAM”) Patten Corporation eclipsing $100 Million in Sales.

Results of Operations

Sales of real estate increased by $30.6 million or 40%, from$76.9 million to $107.5 million. Rising costs of the subdivision and approval process and compliance with environmental regulations increased the retail value of the Company’s value.

Net income increased $5.7 million, or 61%, from $9.4 million to $15.1 million.

New offices opened in Georgia, Iowa, Washington State, and Ontario, Canada. By year-end, PATTEN CORPORATION had offices in 22 States and one Canadian province. (ME, NH, VT, MA, CT, NY, VA, WV, MD, GA, FL, TX, MI, IL, NC, MT, WA, IA, WS, OH, PA, TN, Province of Ontario)

All Patten offices began incorporating a FULL-DISCLOSURE form into each sales agreement. The document, signed by the salesperson and customer, provides property usage restrictions, approved septic designs and approximate costs, availability of water, electricity, and other utilities, approximate hook-up costs, property taxes, assessments, other annual fees, road access and road maintenance, and other topics. Record 4th quarter of Fiscal ’88 completes best year ever. Chairman and Chief Executive Officer, Harry Patten said, “The Company’s strong fourth quarter performance completes the most successful year in the Company’s 23-year history.”

May - Patten Corporation was listed in INC. FASTEST GROWING SMALL PUBLIC COMPANIES Magazine as #83.

The Patten Corporation Mission

We will continue to be the best at satisfying the individual’s desire and inherent right to own recreational and residential land by buying, improving, selling and financing land at affordable prices while practicing the highest standards of excellence for land-use planning and environmental enhancement. We are committed to customer satisfaction, to a meaningful and satisfying workplace, and an excellent return to our shareholders.

PATTEN ENVIRONMENTAL TRUST offers interim financing to tax-exempt environmental groups and governmental agencies, assisting them in the prompt acquisition of worthwhile and sensitive acreage. Up to and including Fiscal ’89, Patten Corporation originated over $200 million in mortgages. Stringent credit underwriting and approval policies account for the quality of the portfolio and low delinquency rate of 2.3% as of the Fiscal ’89 year-end. Our customers love their land and, therefore, pay like clockwork with almost 90% using a pre-authorized checking program. Customer financing has been key to the success of our Company.

The Company’s Common Stock is traded on the New York Stock Exchange under the symbol PAT. The Company’s Common Stock was also listed on the Midwest and Pacific Stock Exchanges.

Despite a depressed real estate market in much of the country, Patten Cor-poration fared well with $101.2 million in volume. The underlying demand for our product appears to be strong – if not stronger – than ever. During Fiscal ’90, the company received a total of 78,000 inquiries. Only four months into Fiscal ’91, the company received 50,916 inquiries – a 70% increase from the first four months of fiscal ’90.

The first customer service newsletter, THE COUNTRY LAND MESSENGER, is distributed to our customers. “Patten Corporation’s pledge to our customers is more than just words on paper – it is our way of life,” stated Mr. Patten in the November ’90 edition of LANDMARKS! GOOD NEWS ABOUT PATTEN PEOPLE, a monthly newsletter for employees. 

August 19th - Patten Corporation moves Corporate Headquarters from Stamford, Vermont, to Boca Raton, Florida

August 23rd – Patten Corporation settled into its new home, and it was “business as usual.”

October - Patten Corporation announced its third consecutive profitable quarter. The company reported $.05 per share net income for the six-month period ended 9/91 vs the first six months of FY ’91 when the company lost $.29 per share.

While many of Patten’s competitors closed up shop, Patten Corporation took a back-to-basics stance “right-sized” its business and showed modest profits in five consecutive quarters. That marked the Company’s survival through the most depressed real estate economy in its history. The Company’s profitability is evident that despite the recession and accompanying depressed real estate markets Patten remained a viable business, one that can be profitable despite lowered sales volume.

In Fiscal ’92, four new sales offices opened in the more profitable West, Southwest, and Southeast regions of the country. (Colorado Springs, Gulf Atlantic in Florida, Wimberley, Texas)

October 27 - Red Creek Ranch, Inc. was formed for the purpose of initially buying and selling real estate in Colorado.

November 1 - Harry S Patten resigned from Patten Corporation.

November 18 - Pacific Western Capital Corporation was formed to provide financing to Red Creek Ranch, Inc.’s purchases of additional projects. 25% each contributed – Harry S. Patten, James Lambert, Anthony Cersosimo, J. Stanley Walker.

Inland Management Group

March 24 - Inland Management Corporation was formed to oversee all the administrative duties of Red Creek Ranch Corporation offices, as well as corporate human resources (payroll, benefits), marketing, accounting, IT, Legal, and assistants/clerical.

September 2 - Land Partners, LLC (later named National Land Partners, LLC) was formed to be sole members to many LLCs that would be formed as single members in the future.

September 9 - HSP Management, Inc. was formed (previously named American Land Partners, Inc.) with Harry Patten as Sole Director to be a Managing Member of entities in the future.