You will be given a definition of a task first, then some input of the task.
This task is about writing a correct answer for the reading comprehension task. Based on the information provided in a given passage, you should identify the shortest continuous text span from the passage that serves as an answer to the given question. Avoid answers that are incorrect or provides incomplete justification for the question.

Passage: The Duchy of Lancaster is one of two royal duchies in England. It has landholdings throughout the region and elsewhere, operating as a property company, but also exercising the right of the Crown in the County Palatine of Lancaster. While the administrative boundaries changed in the 1970s, the county palatine boundaries remain the same as the historic boundaries. As a result, the High Sheriffs for Lancashire, Greater Manchester and Merseyside are appointed "within the Duchy and County Palatine of Lancaster". Question: What does the Duchy of Lancaster operate as?
Output:
a property company