Membrane-bound metalloprotease which catalyzes the removal of a penultimate prolyl residue from the N-termini of peptides, such as Arg-Pro-Pro. May play a role in the metabolism of the vasodilator bradykinin. Release of any N-terminal amino acid, including proline, that is linked to proline, even from a dipeptide or tripeptide. Inhibited by apstatin and the chelating agent 1,10-phenanthroline. Also inhibited by high concentrations of Zn(2+). Not significantly inhibited by bestatin or phosphoramidon. Optimum pH is 7.4. Homotrimer. Expressed in kidney, lung, heart, placenta, liver, small intestine and colon. No expression in brain, skeletal muscle, pancreas, spleen, thymus, prostate, testis and ovary. N-glycosylated. Disease susceptibility is associated with variants affecting the gene represented in this entry. Belongs to the peptidase M24B family.