Hydrolyzes the second messenger cAMP, which is a key regulator of many important physiological processes (PubMed:10814504, PubMed:10872825). May be involved in the control of cAMP-mediated neural activity and cAMP metabolism in the brain (PubMed:10814504). 3',5'-cyclic AMP + H2O = AMP + H(+) Binds 2 divalent metal cations per subunit (By similarity). Site 1 may preferentially bind zinc ions, while site 2 has a preference for magnesium and/or manganese ions (By similarity). Inhibited by dipyridamole, IBMX and SCH 51866 (PubMed:10814504, PubMed:10872825). Insensitive to zaprinast, rolipram, and milrinone (PubMed:10814504, PubMed:10872825). Purine metabolism; 3',5'-cyclic AMP degradation; AMP from 3',5'-cyclic AMP: step 1/1. Highly expressed in brain (PubMed:10814504). Also expressed in heart, liver, skeletal muscle and pancreas (PubMed:10814504). Composed of a C-terminal catalytic domain containing two putative divalent metal sites and an N-terminal regulatory domain. Belongs to the cyclic nucleotide phosphodiesterase family. PDE7 subfamily.