Ryman Healthcare may not be the only player in the sector facing headwinds

The retirement company anticipates earnings up to 285-million-dollars this year -- down from a November forecast of about 330-million.

It's also had to sell two sites and deferred work on three late last year.

Herald property editor Anne Gibson says other retirement companies' property portfolios could also fall, matching with market conditions.

She says they don't own the properties, but sell a license to occupy them -- which get revalued and sometimes in a bad market like right now.