Further, delayed implementation of the DESH Bill along with fresh exit notices for FY24 by a few large tenants in January-March 2023 period has dampened the mood further. "As a result, all the office REIT managers - Embassy, Mindspace and Brookfield - have refrained from giving distribution guidance for FY24 given the uncertain near-term outlook. While REITs may underperform in near term, the very factors which are driving this underperformance may reverse from FY25," ICICI securities has said in the report.