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Hydrolyzes glycerol-phospholipids at the terminal phosphodiesteric bond to generate phosphatidic acids (PA). Plays an important role in various cellular processes, including phytohormone action, vesicular trafficking, secretion, cytoskeletal arrangement, meiosis, tumor promotion, pathogenesis, membrane deterioration and senescence. Can use phosphatidylserine but prefers ethanolamine-containing lipids as substrates.
Found mainly associated with intracellular membranes but also with mitochondrial membranes, nuclei and clathrin-coated vesicles. Not found in chloroplast.