I am using MS Office 2013 and Acrobat XI Pro. OS is Windows 8.1 Enterprise and have also tried on Windows 7 (with same MS Office and Adobe versions). I tried this with another Excel file and it did the same thing (both are saved as .xslx files). Here is an example:
Let's say this line was in Excel in (as a single cell with wrapped text)just like
this
With another Heading here
When it converts to Adobe it would be like this:
Let's say this line was in Excel just like this
With another Heading here
It would bring the word "this" up one line and leave a blank like in it's place, which throws the spacing off on the report.