Controls the level of cAMP in yeast cells, together with the low-affinity cAMP phosphodiesterase (PDE1). 3',5'-cyclic AMP + H2O = AMP + H(+) Binds 2 divalent metal cations per subunit. Site 1 may preferentially bind zinc ions, while site 2 has a preference for magnesium and/or manganese ions. Monomer. Present with 6510 molecules/cell in log phase SD medium. Belongs to the cyclic nucleotide phosphodiesterase family.