property and equipment expense of $89 million for the three months ended March 31, 2020 was for the impairment of fresh water delivery assets in the Utica Shale region.
Depreciation expense. Total depreciation expense decreased by 11%, from $31 million for the three months ended March 31, 2019 to $27 million for the three months ended March 31, 2020 primarily due to assets impaired during the third quarter of 2019, partially offset by additional gathering, compression and water handling assets placed in service.
Accretion and change in fair value of contingent acquisition consideration. Accretion of contingent acquisition consideration decreased from $3 million for the three months ended March 31, 2019 to none for the three months ended March 31, 2020 as contingent consideration was paid in January 2020. No additional contingent consideration is expected to be paid.
Interest expense. Interest expense increased by 43%, from $26 million for the three months ended March 31, 2019 to $38 million for the three months ended March 31, 2020 primarily due to (i) an increase in interest expense incurred on increased borrowings under the Credit Facility during the period, (ii) the issuance of $650 million of 5.75% senior unsecured notes on February 25, 2019, and (iii) the issuance of $650 million of 5.75% senior unsecured notes on June 28, 2019.
Operating income (loss). Total operating income for the three months ended March 31, 2019 was $113 million. Total operating loss for the three months ended March 31, 2020 was $519 million. Gathering and processing operating income was $113 million for the three months ended March 31, 2019. Gathering and processing operating loss was $456 million for the three months ended March 31, 2020, primarily due to an impairment of goodwill. Water handling operating income was $19 million for the three months ended March 31, 2019. Water handling operating loss was $61 million for the three months ended March 31, 2020, primarily due to the impairment of fresh water delivery assets.
Equity in earnings of unconsolidated affiliates. Equity in earnings in unconsolidated affiliates increased by 35%, from $14 million for the three months ended March 31, 2019 to $19 million for the three months ended March 31, 2020 primarily attributable to an increase in the level of operations at the Joint Venture in the three months ended March 31, 2020.
Net income (loss). Net income was $79 million for the three months ended March 31, 2019. Net loss was $393 million for the three months ended March 31, 2020 primarily due to a $575 million impairment of goodwill expense for our gathering system and an $89 million impairment of freshwater delivery assets.
Adjusted EBITDA. Adjusted EBITDA increased by 7%, from $202 million for the three months ended March 31, 2019 to $217 million for the three months ended March 31, 2020. The increase was primarily due to increased throughput and decreased direct operating expenses. For a discussion of the non-GAAP financial measure Adjusted EBITDA, including a reconciliation to its most directly comparable financial measure calculated and presented in accordance with GAAP, read “—Non-GAAP Financial Measures” below.
Capital Resources and Liquidity as Reported
Sources and Uses of Cash
Capital resources and liquidity are provided by operating cash flow, cash on our balance sheet and borrowings under the Credit Facility. We expect that the combination of these capital resources will be adequate to meet our working capital requirements, capital expenditures program, expected quarterly cash dividends and share repurchases under our share repurchases program for at least the next twelve months.
Our Board of Directors declared a cash dividend on the shares of AM common stock of $0.3075 per share for the quarter ended March 31, 2020. The dividend will be payable on May 12, 2020 to stockholders of record as of April 30, 2020. Our Board of Directors also declared a cash dividend of $138,000 on the shares of Series A Preferred Stock, which will be paid on May 15, 2020 in accordance with their terms, which are discussed in Note 13—Equity and Earnings Per Common Share. As of March 31, 2020, there were dividends in the amount of $69,000 accumulated in arrears on our Series A Preferred Stock.
We expect our future cash requirements relating to working capital, maintenance capital expenditures and quarterly cash dividends to our stockholders will be funded from cash flows internally generated from our operations. Our expansion capital expenditures will be funded by a combination of cash flows from operations or borrowings under the Credit Facility.