Contributes to the degradation of bradykinin. Catalyzes the removal of a penultimate prolyl residue from the N-termini of peptides, such as Arg-Pro-Pro. Release of any N-terminal amino acid, including proline, that is linked to proline, even from a dipeptide or tripeptide. Binds 2 manganese ions per subunit. Inhibited by apstatin and the metal ion chelators EDTA and 1,10-phenanthroline. Partially inhibited by dithiothreitol. Not inhibited by enalaprilat or amastatin. Optimum pH is 8.2. Homodimer. Expressed in all tissues tested, including pancreas, heart, muscle, kidney, liver, lung and brain. Highest levels in pancreas. Belongs to the peptidase M24B family. Extended N-terminus.