Address custom fields are not edited correctly inline or on contact edit screen

Editing an address custom field correctly saves the value.

However if you edit that address & custom field again, the previously saved value does not reload. Instead a new custom field values are created (check the SQL table shows a new row created in the custom field table).

This was verified in the current drupal.demo.civicrm.com. Steps:

1. Create a new custom field set of type address. I added one field with name "status" of type alphanumeric/select with two values (valid/invalid). I also tested it with a plain text field.
2. Edit a contact, add an address, choose a value "valid" and save the address. (Either inline or edit the contact both work the same.) On saving the address the value is saved and displays correctly.
3. Now re-edit the address (either inline or via contact edit). The previously saved value for the custom address field is not present.