A painful end to a long relationship with What’s Cooking

No one is more disappointed than we are about the closure of What’s

Cooking. For many years, the restaurant successfully filled a unique

niche in the Newport Beach community. Our employees were among its

regular customers and supporters.

Unfortunately, in recent times, What’s Cooking faced financial

challenges. The restaurant’s sales were declining while the center’s

sales were increasing. On numerous occasions, What’s Cooking, owned

by the Luhan family, was unable to pay its rent. As a result, the

Irvine Co. and What’s Cooking reached a constructive agreement to

tear up the lease, which had three years remaining. Under this

agreement, What’s Cooking paid its back rent in full and, in return,

was relieved of substantial future obligations on the lease. This was

a difficult decision designed to help the Luhans out of a difficult

financial situation and avoid further losses.

We want all of our retailers to succeed. Their success is our

success. It always is painful when one of our retail establishments

can’t continue -- particularly a popular one run by decent,

hard-working members of the community.

In the near future, we will be introducing a new restaurant, Taco

Rosa, to the center. Locally owned by the Calderon family, Taco Rosa

is a new concept that will serve healthy, authentic Mexican food in a

cantina-style setting. We look forward to welcoming Taco Rosa and we

wish the Luhan family well in their future endeavors.

KEITH C. EYRICH

President, Retail Properties

The Irvine Co.