Newton-based Five Star Quality Care Inc. has reported net income of $25.4 million for the first quarter, compared to net income of $1.6 million for the same period last year.

Net income from continuing operations for the first quarter of 2009 included several items that, in aggregate, resulted in a positive impact of $22.2 million, the REIT said in a statement.

These items included a $3.5 million unrealized gain on the trust’s holdings of auction rate securities; a $2.9 million loss due to the impairment of investments in certain marketable securities held by the company’s captive insurance companies; a $25.1 million gain due to early extinguishment of debt and a $3.5 million loss related to auction-rate securities.

The trust reported that senior living occupancy for the first quarter of 2009 was 86.5 percent, compared with 89.6 percent for the same period last year. Senior living average daily rate for the first quarter of 2009 increased by 3.1 percent to $146.69, up from $142.30 in the same period last year.