I'm having an issue with an annotation feature in ArcGIS desktop 10.5 where the character spacing is not being applied to the last word in multi-word features (see "ocean" in Pacific Ocean below) when exported to pdf (displays fine in layout view). Other multi-word features don't have this issue. Only features where character spacing <> 0. Any ideas on troubleshooting this issue?
I had the same problem working with feature class annotation in ArcGIS Desktop 10.5. I have found that by using the context menu from the "edit annotation tool", you can convert the annotation to multiple parts. The object of this excercise is simply split a text string into single words. Once the annotation is converted to parts, it seems to maintain character spacing when the file is exported to PDF.