Mr. Tobis’ qualifications to give expert evidence were not contested. Mr. Tobis gave the
required expert’s undertaking and understood his obligations in relation to that undertaking.
 Mr. Tobis was qualified to provide an expert opinion on the change in financial
performance and position of Floriri, Niazi and Korce and their underlying real estate assets from
December 2014 to date. Mr. Tobis prepared two reports. Mr. Tobis summarized his task as
completing a comparative analysis of the three real estate holding companies between two specific
dates. He notes that the real estate assets he was comparing were approximately the same age and
located in the west region of Toronto. All were in a state of relative disrepair at the start date of
the report in 2014.
 Mr. Tobis’ first report is dated August 16, 2021 (the “first report”). The second report is
dated November 21, 2021 and is Mr. Tobis’ reply to the report of the Defendant’s expert Ernst &
Young dated October 29, 2021 (the “reply report”). The reply report responds to certain criticisms
of the first report by Ernst & Young and updates information in the first report based on additional
information received by Mr. Tobis after August 16, 2021.
 Mr. Tobis relied on appraisals for the Lakeshore property dated July 7, 2017 and May 4,
2021 and appraisals for the Jane/Heathrow property from October 23, 2015, July 25, 2017, July
24, 2020 and September 27, 2021. He also relied on financial statements, shareholder registers and
resolutions, tax returns, trial balances, general ledgers, rent logs and property tax bills provided by
the parties in relation to the Companies. He was provided copies of the pleadings, the
Renunciation, transcripts of Mr. Bleta’s examination on July 23-25, 2021 and certain affidavits of
the parties. He also relied on documents provided by the accounting firm for some of the
Companies, Crowe Soberman, and independent market research. Certain documents had been
requested from Niazi and Korce but were not provided by the time the reports were prepared. Mr.
Tobis added that it would have been helpful to have appraisals for the Niazi and Korce properties,
but none had been prepared. Mr. Tobis then gave a brief review of his understanding of the dispute
between the parties and the properties owned by each of the Companies. He was also aware that
Niazi had sold three properties and purchased one property since 2014.
 To prepare his analysis, Mr. Tobis reviewed the Companies’ Financial Statements, trial
balances, general ledgers, the appraisals of the Floriri properties, shareholders’ resolutions and
registers, and memos and documents from Crowe Soberman, Pleadings, and other legal documents
provided by counsel. By way of market research, Mr. Tobis reviewed various reports published by
the Toronto Regional Real Estate Board (“TRREB”). Mr. Tobis testified that it would have been
helpful to have appraisals of the Niazi and Korce properties at or near the start and end dates, but
none were provided to him.
 Mr. Tobis examined four sources of information in doing his overall analysis; real estate
appraisals (there were none provided for Niazi or Korce), changes in rental income and relevant
expenditures, return on capital expenditures, and payments to non-arms length individuals, and
discretionary and personal expenses.
 After completing his analysis, Mr. Tobis concluded that “Flori[ri]’s rental revenue
increased at rates that significantly exceeded the growth rates of Niazi, Korce and comparable