_______________________________________________________________
EPS of $1.23 for Full Year
FFO per Share, as Adjusted for
Comparability, of $2.57
Increased 6.2% Over 2023 Results
Total Portfolio 93.6% Occupied and 95.1%
Leased
Defense/IT Portfolio 95.6% Occupied and 96.8%
Leased
For the year, Same Property Cash NOI Increased
9.1%
The Company’s Highest Increase Ever
Reported
_______________________________________________________________
Exceeded Leasing Goals in 2024
Total Leasing of 3.2 million SF
500,000 SF of Vacancy Leasing
Exceeded Annual Target of 400,000 SF
Tenant Retention of 86%
Highest Annual Retention Rate in Over 20
Years
_______________________________________________________________
Solid Investment Activity
Committed $212 million of Capital to New
Investments
124,000 SF of Investment Leasing
_______________________________________________________________
COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE:
CDP) announced results for the fourth quarter and full year ended
December 31, 2024.
Management Comments
Stephen E. Budorick, COPT Defense’s President & Chief
Executive Officer, commented, “Our Defense/IT investment strategy,
which concentrates our portfolio near priority U.S. defense
installations, continued to generate excellent results in 2024. The
success of our differentiated strategy is evident in our occupancy
rate of 93.6%, which is roughly 700 basis points higher than the
Office sector, while occupancy in our Defense/IT Portfolio is even
higher at 95.6%. We generated FFO per share growth of 6.2%, our
second highest annual growth rate since 2015, which was driven by
record performance in our Same Property portfolio, placing highly
leased developments into service, and achieving our highest tenant
retention rate in over 20 years of 86%.
We achieved a milestone in 2024 as we executed on our first
acquisitions since 2015. We leveraged our investment-grade rated
balance sheet to execute on several strategic and opportunistic
investments, which serve to strengthen our relationship with the
U.S. Government and top defense contractors, and will be accretive
to shareholder value. The operating assets were acquired at
significant discounts to replacement cost and provide strong
going-in cash yields, while the development land provides an
opportunity to expand our data center shell portfolio over the
medium to long term.
We have generated FFO per share growth in each of the past six
years, which amounts to a compound annual growth rate of 4.8%
between 2019 to 2024. Looking forward, our guidance implies
continued growth in 2025, with FFO per share growth of 3.5% at the
midpoint, generated by continued strong performance of our
portfolio.”
Financial Highlights
4th Quarter Financial Results:
> Diluted earnings per share (“EPS”) was
$0.31 for the quarter ended December 31, 2024, compared to $0.30
for the quarter ended December 31, 2023.
> Diluted funds from operations per share
(“FFOPS”), as calculated in accordance with Nareit’s definition was
$0.64 for the quarter ended December 31, 2024, compared to $0.62
for the quarter ended December 31, 2023.
> FFOPS, as adjusted for comparability,
was $0.65 for the quarter ended December 31, 2024, compared to
$0.62 for the quarter ended December 31, 2023.
Full Year 2024 Financial Results:
> EPS for the year ended December 31, 2024
was $1.23 as compared to $(0.67) for 2023.
> Per Nareit’s definition, FFOPS for 2024
was $2.57 as compared to $2.41 for 2023.
> FFOPS, as adjusted for comparability,
for 2024 was $2.57 as compared to $2.42 for 2023.
Operating Performance
Highlights
Operating Portfolio Summary:
> At December 31, 2024, the Company’s 24.5
million square foot total portfolio was 93.6% occupied and 95.1%
leased, which includes the 22.4 million square foot Defense/IT
Portfolio that was 95.6% occupied and 96.8% leased.
> During the quarter and year ended
December 31, 2024, the Company placed into service 225,000 and
399,000 square feet, respectively, of developments that were 100%
and 83% leased, respectively, as of year end.
Same Property Performance:
> At December 31, 2024, the Company’s 22.2
million square foot Same Property portfolio was 94.1% occupied and
95.4% leased.
> The Company’s Same Property cash NOI
increased 10.0% and 9.1% for the three months and year ended
December 31, 2024, respectively, compared to the same periods in
2023.
Leasing:
> Total Square Feet
Leased: For the quarter ended December 31, 2024, the Company
leased 709,000 square feet, including 561,000 square feet of
renewals, 114,000 square feet of vacancy leasing, and 34,000 square
feet of investment leasing. For the year ended December 31, 2024,
the Company executed 3.2 million square feet of total leasing,
including 2.6 million square feet of renewals, 500,000 square feet
of vacancy leasing, and 124,000 square feet of investment
leasing.
> Tenant Retention
Rates: During the quarter and year ended December 31, 2024,
the Company renewed 93.0% and 86.0%, respectively, of expiring
square feet in its total portfolio and renewed 95.9% and 88.6%,
respectively, of expiring square feet in its Defense/IT
Portfolio.
> Rent Spreads and
Average Escalations on Renewing Leases: For the quarter and
year ended December 31, 2024, straight-line rents on renewals
increased 5.5% and 8.6%, respectively, and cash rents on renewed
space decreased 0.2% and increased 0.6%, respectively, while annual
escalations on renewing leases averaged 2.7% and 2.4%,
respectively.
> Lease
Terms: In the quarter ended December 31, 2024, lease terms
averaged 3.5 years on renewing leases, 7.4 years on vacancy
leasing, and 5.9 years on investment leasing. For the year ended
December 31, 2024, lease terms averaged 3.9 years on renewing
leases, 7.7 years on vacancy leasing, and 8.2 years on investment
leasing.
Investment Activity
Highlights
> Development Pipeline: The Company’s
development pipeline consists of four properties totaling 606,000
square feet that were 75% leased as of December 31, 2024. These
projects represent a total estimated investment of $252.9 million,
of which $67.4 million was spent.
Balance Sheet and Capital Transaction
Highlights
> For the quarter ended December 31, 2024,
the Company’s adjusted EBITDA fixed charge coverage ratio was
4.7x.
> At December 31, 2024, the Company’s net
debt to in-place adjusted EBITDA ratio was 6.0x and its net debt
adjusted for fully-leased investment properties to in-place
adjusted EBITDA ratio was 5.9x.
> At December 31, 2024, and including the
effect of interest rate swaps, the Company’s weighted average
effective interest rate on its consolidated debt portfolio was 3.3%
with a weighted average maturity of 4.7 years, and 100% of the
Company’s debt was subject to fixed interest rates.
Associated Supplemental
Presentation
Prior to the call, the Company will post a slide presentation to
accompany management’s prepared remarks for its fourth quarter and
full year 2024 conference call; the presentation can be viewed and
downloaded from the ‘Financial Info – Financial Results’ section of
COPT Defense’s Investors website:
https://investors.copt.com/financial-information/financial-results
2025 Guidance
The Company details its initial full year and first quarter
guidance, with supporting assumptions, in a separate press release
issued concurrently with this press release; that release can be
found in the ‘News & Events – Press Releases’ section of COPT
Defense’s Investors website:
https://investors.copt.com/news-events/press-releases
Conference Call
Information
Management will discuss fourth quarter and full year 2024
results on its conference call tomorrow at 12:00 p.m. Eastern Time,
details of which are listed below:
Conference Call Date:
Friday, February 7, 2025
Time:
12:00 p.m. Eastern Time
Participants must register for the conference call at the link
below to receive the dial-in number and personal pin. Registering
only takes a few moments and provides direct access to the
conference call without waiting for an operator. You may register
at any time, including up to and after the call start time:
https://register.vevent.com/register/BI959f6e09b0064c679a6d9d437eec49c7
The conference call will also be available via live webcast in
the ‘News & Events – IR Calendar’ section of COPT Defense’s
Investors website:
https://investors.copt.com/news-events/ir-calendar
Replay Information
A replay of the conference call will be immediately available
via webcast only on COPT Defense’s Investors website and will be
maintained on the website for approximately 90 days after the
conference call.
Definitions
For definitions of certain terms used in this press release,
please refer to the information furnished in the Company’s
Supplemental Information Package furnished on a Form 8-K which can
be found on its website (www.copt.com). Reconciliations of non-GAAP
measures to the most directly comparable GAAP measures are included
in the attached tables.
About COPT Defense
COPT Defense, an S&P MidCap 400 Company, is a self-managed
REIT focused on owning, operating and developing properties in
locations proximate to, or sometimes containing, key U.S.
Government (“USG”) defense installations and missions (referred to
as its Defense/IT Portfolio). The Company’s tenants include the USG
and their defense contractors, who are primarily engaged in
priority national security activities, and who generally require
mission-critical and high security property enhancements. As of
December 31, 2024, the Company’s Defense/IT Portfolio of 195
properties, including 24 owned through unconsolidated joint
ventures, encompassed 22.4 million square feet and was 96.8%
leased.
Forward-Looking
Information
This press release may contain “forward-looking” statements, as
defined in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, that are based on the
Company’s current expectations, estimates and projections about
future events and financial trends affecting the Company.
Forward-looking statements can be identified by the use of words
such as “may,” “will,” “should,” “could,” “believe,” “anticipate,”
“expect,” “estimate,” “plan” or other comparable terminology.
Forward-looking statements are inherently subject to risks and
uncertainties, many of which the Company cannot predict with
accuracy and some of which the Company might not even anticipate.
Although the Company believes that the expectations, estimates and
projections reflected in such forward-looking statements are based
on reasonable assumptions at the time made, the Company can give no
assurance that these expectations, estimates and projections will
be achieved. Future events and actual results may differ materially
from those discussed in the forward-looking statements and the
Company undertakes no obligation to update or supplement any
forward-looking statements.
The areas of risk that may affect these expectations, estimates
and projections include, but are not limited to, those risks
described in Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023.
Source: COPT Defense Properties
COPT Defense Properties
Summary Financial Data
(unaudited)
(dollars and shares in thousands,
except per share data)
For the Three Months Ended
December 31,
For the Years Ended December
31,
2024
2023
2024
2023
Revenues
Lease revenue
$
169,765
$
160,337
$
671,366
$
619,847
Other property revenue
1,641
1,225
6,351
4,956
Construction contract and other service
revenues
12,027
18,167
75,550
60,179
Total revenues
183,433
179,729
753,267
684,982
Operating expenses
Property operating expenses
66,964
64,577
266,001
247,385
Depreciation and amortization associated
with real estate operations
38,821
36,735
153,640
148,950
Construction contract and other service
expenses
11,519
17,167
73,265
57,416
Impairment losses
—
—
—
252,797
General and administrative expenses
8,429
8,240
33,555
31,105
Leasing expenses
2,243
2,308
9,233
8,932
Business development expenses and land
carry costs
1,171
797
4,250
2,732
Total operating expenses
129,147
129,824
539,944
749,317
Interest expense
(20,391
)
(20,383
)
(82,151
)
(71,142
)
Interest and other income, net
2,331
5,659
12,661
12,587
Gain on sales of real estate
—
—
—
49,392
Income (loss) before equity in income
(loss) of unconsolidated entities and income taxes
36,226
35,181
143,833
(73,498
)
Equity in income (loss) of unconsolidated
entities
217
(240
)
397
(261
)
Income tax benefit (expense)
24
(121
)
(288
)
(588
)
Net income (loss)
36,467
34,820
143,942
(74,347
)
Net (income) loss attributable to
noncontrolling interests:
Common units in the Operating Partnership
(“OP”)
(681
)
(576
)
(2,694
)
1,306
Other consolidated entities
(665
)
(592
)
(2,319
)
(428
)
Net income (loss) attributable to common
shareholders
$
35,121
$
33,652
$
138,929
$
(73,469
)
Earnings per share (“EPS”)
computation:
Numerator for diluted EPS:
Net income (loss) attributable to common
shareholders
$
35,121
$
33,652
$
138,929
$
(73,469
)
Amount allocable to share-based
compensation awards
(103
)
(100
)
(421
)
(1,199
)
Numerator for diluted EPS
$
35,018
$
33,552
$
138,508
$
(74,668
)
Denominator:
Weighted average common shares - basic
112,347
112,199
112,296
112,178
Dilutive effect of share-based
compensation awards
711
432
603
—
Dilutive exchangeable debt
664
—
—
—
Weighted average common shares -
diluted
113,722
112,631
112,899
112,178
Diluted EPS
$
0.31
$
0.30
$
1.23
$
(0.67
)
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands, except per share
data)
For the Three Months Ended
December 31,
For the Years Ended December
31,
2024
2023
2024
2023
Net income (loss)
$
36,467
$
34,820
$
143,942
$
(74,347
)
Real estate-related depreciation and
amortization
38,821
36,735
153,640
148,950
Impairment losses on real estate
—
—
—
252,797
Gain on sales of real estate
—
—
—
(49,392
)
Depreciation and amortization on
unconsolidated real estate JVs
745
805
3,056
3,217
Funds from operations (“FFO”)
76,033
72,360
300,638
281,225
FFO allocable to other noncontrolling
interests
(1,050
)
(972
)
(3,855
)
(3,978
)
Basic FFO allocable to share-based
compensation awards
(614
)
(513
)
(2,417
)
(1,940
)
Basic FFO available to common share and
common unit holders (“Basic FFO”)
74,369
70,875
294,366
275,307
Redeemable noncontrolling interests
—
—
1,963
(58
)
Diluted FFO adjustments allocable to
share-based compensation awards
47
38
188
150
Diluted FFO available to common share and
common unit holders (“Diluted FFO”)
74,416
70,913
296,517
275,399
Executive transition costs
58
188
285
518
Diluted FFO comparability adjustments
allocable to share-based compensation awards
(1
)
(1
)
(2
)
(4
)
Diluted FFO available to common share and
common unit holders, as adjusted for comparability
74,473
71,100
296,800
275,913
Straight line rent adjustments and lease
incentive amortization
2,950
313
10,824
6,518
Amortization of intangibles and other
assets included in net operating income (“NOI”)
211
26
755
50
Share-based compensation, net of amounts
capitalized
2,617
2,318
10,443
8,544
Amortization of deferred financing
costs
671
681
2,708
2,580
Amortization of net debt discounts, net of
amounts capitalized
1,041
1,004
4,110
2,994
Replacement capital expenditures
(34,134
)
(21,498
)
(103,984
)
(93,494
)
Other
73
336
566
(84
)
Diluted adjusted funds from operations
available to common share and common unit holders (“Diluted
AFFO”)
$
47,902
$
54,280
$
222,222
$
203,021
Diluted FFO per share
$
0.64
$
0.62
$
2.57
$
2.41
Diluted FFO per share, as adjusted for
comparability
$
0.65
$
0.62
$
2.57
$
2.42
Dividends/distributions per common
share/unit
$
0.295
$
0.285
$
1.18
$
1.14
COPT Defense Properties
Summary Financial Data
(unaudited)
(Dollars and shares in thousands,
except per share data)
December 31,
2024
December 31,
2023
Balance Sheet Data
Properties, net of accumulated
depreciation
$
3,630,526
$
3,503,678
Total assets
$
4,254,191
$
4,246,966
Debt per balance sheet
$
2,391,755
$
2,416,287
Total liabilities
$
2,693,624
$
2,699,631
Redeemable noncontrolling interests
$
23,974
$
23,580
Total equity
$
1,536,593
$
1,523,755
Debt to assets
56.2
%
56.9
%
Net debt to adjusted book
40.4
%
40.6
%
Defense/IT Portfolio Data (as of period
end)
Number of operating properties
195
190
Total operational square feet (in
thousands)
22,391
21,719
% Occupied
95.6
%
96.2
%
% Leased
96.8
%
97.2
%
For the Three Months Ended
December 31,
For the Years Ended December
31,
2024
2023
2024
2023
GAAP
Payout ratio:
Net income
93.0
%
93.7
%
94.2
%
N/A
Debt ratios:
Net income to interest expense ratio
1.8x
1.7x
1.8x
N/A
Debt to net income ratio
16.4x
17.3x
N/A
N/A
Non-GAAP
Payout ratios:
Diluted FFO
45.2
%
45.7
%
45.4
%
47.1
%
Diluted FFO, as adjusted for
comparability
45.2
%
45.6
%
45.4
%
47.0
%
Diluted AFFO
70.3
%
59.7
%
60.6
%
63.9
%
Debt ratios:
Adjusted EBITDA fixed charge coverage
ratio
4.7x
4.4x
4.7x
4.7x
Net debt to in-place adjusted EBITDA
ratio
6.0x
6.1x
N/A
N/A
Net debt adj. for fully-leased investment
properties to in-place adj. EBITDA ratio
5.9x
6.0x
N/A
N/A
Reconciliation of denominators for per
share measures
Denominator for diluted EPS
113,722
112,631
112,899
112,178
Weighted average common units
1,664
1,514
1,672
1,509
Dilutive effect of additional share-based
compensation awards
—
—
—
424
Redeemable noncontrolling interests
—
—
842
38
Denominator for diluted FFO per share and
as adjusted for comparability
115,386
114,145
115,413
114,149
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended
December 31,
For the Years Ended December
31,
2024
2023
2024
2023
Numerators for Payout Ratios
Dividends on unrestricted common and
deferred shares
$
33,167
$
31,998
$
132,628
$
127,978
Distributions on unrestricted common
units
491
430
1,987
1,725
Dividends and distributions on restricted
shares and units
248
209
1,000
828
Total dividends and distributions for GAAP
payout ratio
33,906
32,637
135,615
130,531
Dividends and distributions on
antidilutive shares and units
(250
)
(212
)
(1,006
)
(835
)
Dividends and distributions for non-GAAP
payout ratios
$
33,656
$
32,425
$
134,609
$
129,696
Reconciliation of net income (loss) to
earnings before interest, income taxes, depreciation and
amortization for real estate (“EBITDAre”), adjusted EBITDA and
in-place adjusted EBITDA
Net income (loss)
$
36,467
$
34,820
$
143,942
$
(74,347
)
Interest expense
20,391
20,383
82,151
71,142
Income tax (benefit) expense
(24
)
121
288
588
Real estate-related depreciation and
amortization
38,821
36,735
153,640
148,950
Other depreciation and amortization
589
619
2,375
2,445
Impairment losses on real estate
—
—
—
252,797
Gain on sales of real estate
—
—
—
(49,392
)
Adjustments from unconsolidated real
estate JVs
1,681
1,911
6,820
6,917
EBITDAre
97,925
94,589
389,216
359,100
Credit loss (recoveries) expense
(113
)
(1,288
)
383
(611
)
Business development expenses
758
445
2,548
1,393
Executive transition costs
58
188
638
824
Net gain on other investments
—
—
(488
)
(25
)
Adjusted EBITDA
98,628
93,934
$
392,297
$
360,681
Pro forma NOI adjustment for property
changes within period
528
1,341
Change in collectability of deferred
rental revenue
1,646
(198
)
In-place adjusted EBITDA
$
100,802
$
95,077
Reconciliations of tenant improvements
and incentives, building improvements and leasing costs for
operating properties to replacement capital expenditures
Tenant improvements and incentives
$
22,912
$
7,850
$
69,505
$
74,912
Building improvements
10,942
14,762
28,294
25,976
Leasing costs
2,629
2,440
12,342
9,634
Net exclusions from tenant improvements
and incentives
(7
)
(189
)
(3
)
(12,170
)
Excluded building improvements and leasing
costs
(2,342
)
(3,365
)
(6,154
)
(4,858
)
Replacement capital expenditures
$
34,134
$
21,498
$
103,984
$
93,494
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended
December 31,
For the Years Ended December
31,
2024
2023
2024
2023
Reconciliation of interest expense to
the denominator for fixed charge coverage-Adjusted EBITDA
Interest expense
$
20,391
$
20,383
$
82,151
$
71,142
Less: Amortization of deferred financing
costs
(671
)
(681
)
(2,708
)
(2,580
)
Less: Amortization of net debt discounts,
net of amounts capitalized
(1,041
)
(1,004
)
(4,110
)
(2,994
)
COPT Defense’s share of interest expense
of unconsolidated real estate JVs, excluding amortization of
deferred financing costs and net debt premium and gain or loss on
interest rate derivatives
872
819
3,305
3,188
Scheduled principal amortization
455
763
2,334
3,052
Capitalized interest
928
1,028
2,872
4,479
Denominator for fixed charge
coverage-Adjusted EBITDA
$
20,934
$
21,308
$
83,844
$
76,287
Reconciliation of net income (loss) to
NOI from real estate operations, same property NOI from real estate
operations and same property cash NOI from real estate
operations
Net income (loss)
$
36,467
$
34,820
$
143,942
$
(74,347
)
Construction contract and other service
revenues
(12,027
)
(18,167
)
(75,550
)
(60,179
)
Depreciation and other amortization
associated with real estate operations
38,821
36,735
153,640
148,950
Construction contract and other service
expenses
11,519
17,167
73,265
57,416
Impairment losses
—
—
—
252,797
General and administrative expenses
8,429
8,240
33,555
31,105
Leasing expenses
2,243
2,308
9,233
8,932
Business development expenses and land
carry costs
1,171
797
4,250
2,732
Interest expense
20,391
20,383
82,151
71,142
Interest and other income, net
(2,331
)
(5,659
)
(12,661
)
(12,587
)
Gain on sales of real estate
—
—
—
(49,392
)
Equity in (income) loss of unconsolidated
entities
(217
)
240
(397
)
261
Unconsolidated real estate JVs NOI
allocable to COPT Defense included in equity in income (loss) of
unconsolidated entities
1,898
1,671
7,217
6,659
Income tax (benefit) expense
(24
)
121
288
588
NOI from real estate operations
106,340
98,656
418,933
384,077
Non-Same Property NOI from real estate
operations
(7,997
)
(3,802
)
(27,864
)
(7,238
)
Same Property NOI from real estate
operations
98,343
94,854
391,069
376,839
Straight line rent adjustments and lease
incentive amortization
7,093
3,142
16,492
7,030
Amortization of acquired above- and
below-market rents
(69
)
(121
)
(276
)
(536
)
Lease termination fees, net
(864
)
(717
)
(3,451
)
(3,745
)
Tenant funded landlord assets and lease
incentives
(5,871
)
(7,541
)
(18,501
)
(26,378
)
Cash NOI adjustments in unconsolidated
real estate JVs
(147
)
(124
)
(511
)
(544
)
Same Property Cash NOI from real estate
operations
$
98,485
$
89,493
$
384,822
$
352,666
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
December 31,
2024
December 31,
2023
Reconciliation of total assets to
adjusted book
Total assets
$
4,254,191
$
4,246,966
Accumulated depreciation
1,537,293
1,400,162
Accumulated amortization of intangibles on
property acquisitions and deferred leasing costs
228,154
228,484
COPT Defense’s share of liabilities of
unconsolidated real estate JVs
61,294
60,583
COPT Defense’s share of accumulated
depreciation and amortization of unconsolidated real estate JVs
12,817
9,528
Less: Property - operating lease
liabilities
(49,240
)
(33,931
)
Less: Property - finance lease
liabilities
(391
)
(415
)
Less: Cash and cash equivalents
(38,284
)
(167,820
)
Less: COPT Defense’s share of cash of
unconsolidated real estate JVs
(2,053
)
(852
)
Adjusted book
$
6,003,781
$
5,742,705
December 31,
2024
December 31,
2023
Reconciliation of debt to net debt and
net debt adjusted for fully-leased investment properties
Debt per balance sheet
$
2,391,755
$
2,416,287
Net discounts and deferred financing
costs
23,262
28,713
COPT Defense’s share of unconsolidated JV
gross debt
53,750
52,613
Gross debt
2,468,767
2,497,613
Less: Cash and cash equivalents
(38,284
)
(167,820
)
Less: COPT Defense’s share of cash of
unconsolidated real estate JVs
(2,053
)
(852
)
Net debt
2,428,430
2,328,941
Costs incurred on fully-leased development
properties
(18,774
)
(53,914
)
Costs incurred on fully-leased operating
property acquisitions
(17,034
)
—
Net debt adjusted for fully-leased
investment properties
$
2,392,622
$
2,275,027
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250206735525/en/
IR Contacts: Venkat Kommineni, CFA
443.285.5587 venkat.kommineni@copt.com
Michelle Layne 443.285.5452
michelle.layne@copt.com
COPT Defense Properties (NYSE:CDP)
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부터 1월(1) 2025 으로 2월(2) 2025
COPT Defense Properties (NYSE:CDP)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
