Apartment Investment and Management Co. disclosed stockholder elections regarding the receipt of the company's recently declared special dividend of $2.02 per common share.

The multifamily real estate investment trust said holders of 5.4 million shares who elected to receive the dividend in cash were selected in a lottery and will receive the entire amount in cash.

Holders of 127.8 million shares who made no election, or opted to receive the dividend in cash but were not selected in the lottery, will receive 44 cents per share in cash and $1.58 per share in common stock, while holders of 11 million shares who elected to receive the dividend in common shares will be paid accordingly.

Apartment Investment will pay the special dividend March 22.