Opco is an abbreviation for “operating company”, commonly used to describe the main operating company involved in the opco/propco deal that structures the REIT.
In the opco/propco transaction strategy, companies are divided into at least an operating company and a real estate company in order to improve the financial situation of both potential clients.
There are functional and strategic differences between property management companies and REITs, but REITs are not required to manage properties.