Hydrolyzes the phosphodiester bond of glycerophosphodiesters such as glycerophosphoinositol (GroPIns) and glycerophosphoethanolamine (GroPEth), to yield a glycerol phosphate and an alcohol (PubMed:18227059, PubMed:21801852, PubMed:25596343). Hydrolyzes glycerophospho-N-acylethanolamines to N-acylethanolamines in the brain and participates in bioactive N-acylethanolamine biosynthesis such as anandamide (an endocannabinoid), N-palmitoylethanolamine (an anti-inflammatory), and N-oleoylethanolamine (an anorexic) (PubMed:18227059). In addition, has a lysophospholipase D activity by hydrolyzing N-acyl-lysoplasmenylethanolamine (N-acyl-lysoPlsEt) to N-acylethanolamine (PubMed:21801852, PubMed:25596343). However lysophospholipase D activity is lower than glycerophosphodiester phosphodiesterase activity (PubMed:21801852, PubMed:25596343). Has little or no activity towards glycerophosphocholine (By similarity). H2O + sn-glycero-3-phospho-1D-myo-inositol = H(+) + myo-inositol + sn-glycerol 3-phosphate 1-O-(1Z-octadecenyl)-sn-glycero-3-phospho-(N-5Z,8Z,11Z,14Z-eicosatetraenoyl)-ethanolamine + H2O = 1-O-(1Z-octadecenyl)-sn-glycero-3-phosphate + H(+) + N-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-ethanolamine 1-O-(1Z-octadecenyl)-sn-glycero-3-phospho-(N-9Z-octadecenoyl)-ethanolamine + H2O = 1-O-(1Z-octadecenyl)-sn-glycero-3-phosphate + H(+) + N-(9Z-octadecenoyl) ethanolamine 1-O-(1Z-octadecenyl)-sn-glycero-3-phospho-N-hexadecanoyl-ethanolamine + H2O = 1-O-(1Z-octadecenyl)-sn-glycero-3-phosphate + H(+) + N-hexadecanoylethanolamine H2O + N-(4Z,7Z,10Z,13Z,16Z,19Z)-docosahexaenoyl-sn-glycero-3-phosphoethanolamine = H(+) + N-(4Z,7Z,10Z,13Z,16Z,19Z)-docosahexaenoyl ethanolamine + sn-glycerol 3-phosphate H2O + N-eicosanoyl-sn-glycero-3-phosphoethanolamine = H(+) + N-eicosanoyl ethanolamine + sn-glycerol 3-phosphate H2O + N-hexadecanoyl-sn-glycero-3-phosphoethanolamine = H(+) + N-hexadecanoylethanolamine + sn-glycerol 3-phosphate H2O + N-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine = H(+) + N-(9Z-octadecenoyl) ethanolamine + sn-glycerol 3-phosphate H2O + N-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-sn-glycero-3-phosphoethanolamine = H(+) + N-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-ethanolamine + sn-glycerol 3-phosphate Inhibited by EDTA, calcium chloride, and zinc chloride (PubMed:18227059, PubMed:25596343). Enhanced by magnesium chloride (PubMed:18227059, PubMed:25596343). Glycerophosphodiester phosphodiesterase activity can be modulated by G-protein signaling pathways (By similarity). Optimum pH is 7.4. Interacts with PRAF2 (By similarity). Interacts with RGS16 (By similarity). Perinuclear vesicles and cell membrane. Widely expressed (PubMed:10760272). Highly expressed in the brain and spinal cord, followed by kidney, liver, and testis. In contrast, little or no expression is detected in the heart or spleen (PubMed:18227059). N-glycosylated. Belongs to the glycerophosphoryl diester phosphodiesterase family.