Glycerophosphodiester phosphodiesterase that promotes cell cycle exit and drives spinal motor neuron differentiation (PubMed:16195461, PubMed:19766572, PubMed:23329048). Mediates the cleavage of glycosylphosphatidylinositol (GPI) anchor of target proteins: removes the GPI-anchor of RECK, leading to release RECK from the plasma membrane (PubMed:23329048). May contribute to the osmotic regulation of cellular glycerophosphocholine (By similarity). a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-4,5-bisphosphate) + H2O = 1D-myo-inositol 1,4,5-trisphosphate + a 1,2-diacyl-sn-glycerol + H(+) H2O + sn-glycerol 3-phosphocholine = choline + H(+) + sn-glycerol 3-phosphate Activated by PRDX1 by reduction of an intramolecular disulfide bond. Interacts with PRDX1; forms a mixed-disulfide with PRDX1, leading to disrupt intramolecular disulfide bond between Cys-25 and Cys-576. Detected in mature motor neurons. Expression started in the intermediate zone of spinal motor neurons as they differentiate into postmitotic motor neurons. Intramolecular disulfide bond between Cys-25 and Cys-576 is reduced by PRDX1. Belongs to the glycerophosphoryl diester phosphodiesterase family.