Text box not displaying text as specified

[DClint]

I have two files with the same title settings, but one does not display the same - Instead the text is shifted above the text box.

Paragraph Spacing = 0 pt before, 0 pt after, line spacing exactly 16 pt.
Vertical Alignment = Middle
Text Direction = Horizontal


Do not Autofit
Internal margins all "0" except for 0.05" top margin.
Wrap Text in shape is checked.
Font Calibri (Headings) 22, not bold

In one file the text wraps within the text box as expected. In the other file the text is shifted up, with half of the first row outside the text box.

What am I doing wrong??