An operating company/property company (opco/propco) deal is a business arrangement in which a subsidiary company (i.e., the property company or "propco") owns all of the revenue-generating properties instead of the main company (the operating company or "opco.")

Opco/propco deals allow all financing and credit rating-related issues for both companies to remain separate. This business structure is common in real estate deals and in the structuring of real estate investment trusts (REITs).