Tax reform uncertainty in the fourth quarter of 2017 contributed to a decline in the number of publicly announced seniors housing-related acquisitions, according to Irving Levin Associates.

The quarter saw 70 acquisitions, down 5% from the 74 seen in the previous quarter, according to preliminary data. The decline in acquisitions compared with the same quarter of the previous year was even steeper, at 25%.

Several sellers postponed closings until this year in the hopes that their capital gains would be taxed at a lower rate, Irving Levin said.

The dollar volume of acquisitions also declined significantly, from $2.56 billion to $1.85 billion, or 28%, from the third to fourth quarter, according to Irving Levin. The year-over-year decline was even greater, a 71% difference from the $6.47 billion seen in the fourth quarter of 2016.

“Since the second quarter of 2017, when two transactions brought that quarter’s total to an unusual $9.7 billion, the market has been mostly dominated by smaller acquisitions,” said Steve Monroe of Irving Levin Associates.

Only six transactions had disclosed prices of more than $100 million, according to Irving Levin. The largest was Mainstreet Health Investment’s acquisition of Care Investment Trust for $425 million, announced in November.