After Prologis CEO Hamid Moghadam was robbed at gunpoint in the upscale San Francisco neighborhood of Pacific Heights in June, the real estate executive had harsh words for the city, telling Mayor London Breed and other officials that the level of crime there is "absolutely unacceptable."

“I would say, right this second, San Francisco is probably the most dysfunctional city in America,” Moghadam said in an interview with in an interview with The San Francisco Business Times, which first reported the incident, which happened on June 26. Moghadam added that if public safety doesn't improve, it wouldn't be hard for Prologis to relocate its headquarters from the city.

Moghadam told the SFBT that two men in hooded sweatshirts approached him as he returned to his home in Pacific Heights from a trip to Stanford. The robbery took about 30 seconds, he said, and the thieves got away with his Patek Philippe watch.

“Apparently, these watches have gotten very popular,” Moghadam said, adding that his wife still has nightmares about the robbery.

Despite the incident and his strong statements, Moghadam said he remains committed to the city where he started the company 40 years ago. Prologis is the world’s largest industrial landlord.

Since the onset of the pandemic, San Francisco has seen an uptick in some crimes and a broader surge in the perception of crime there. New District Attorney Brooke Jenkins promised to deal with crime after the June recall of DA Chesa Boudin.

So far this year, there have been 1,307 reported cases of robbery in the city, according to Bloomberg, citing San Francisco Police Department data. That is a 3.6% increase from the same period a year ago but fewer than the 1,554 incidents reported in the same period during 2019.

UPDATE, AUG. 2, 4:20 P.M. ET: This story has been updated to reflect that the San Francisco Business Times was the first to report the news of Moghadam's assault.