adobe illustrator - Align text in exact center (vertically and horizontally) without creating outlines?

In Illustrator, how do you align text in the exact center of a shape for example without creating outlines. If I go to center text using the align palette, Illustrator aligns the text to it's bounding box.

I know you can create outlines, but I want the text to remain editable in case I need to make changes later.

Any thoughts?